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On 31 August 2022, the Australian Taxation Office (ATO) finalised its Taxation Determinations TD 2022/12 and TD 2022/13 to reflect the Full Federal Court decision in Peter Greensill Family Co Pty Ltd (Trustee) v Commissioner of Taxation [2021] FCAFC 99 that Australian Capital Gains Tax (CGT) will apply in respect of net capital gain distributions by Australian discretionary trustees to foreign beneficiaries.

Historically, off-market share buy-backs and share reductions were an effective way for listed public companies to undertake capital management whilst returning franking credits to individual and superannuation fund shareholders in particular.

Federal budget 2022-23 tax implications for business and individuals.

On 1 August 2022, Treasury released draft legislation to prevent the taxation by Australia of Indian resident firms providing certain technical services performed outside Australia to Australian customers.

On 20 July 2022 the ATO released its Taxpayer Alert TA 2022/2 to remind taxpayers not to undertake “treaty shopping” arrangements in order to reduce Australian withholding tax (WHT) under a Double Tax Agreement (DTA) in relation to a royalty or unfranked dividend payment from Australia.

Following on from the ATO’s guide to professional services firms’ allocation of profits in PCG 2021/4, the ATO has now further tightened its compliance scrutiny of individual professionals’ ability to assign or stream income away from themselves to family members by releasing its compliance approach to so-called Everett assignments.

The ATO released its June 2022 final Legal Professional Privilege (LPP) Protocol setting out the ATO's recommended approach for taxpayers to identify LPP communications and making LPP claims to the ATO in response to a formal notice to produce documents.

The Australian Labor Party (Labor) today announced that, if elected, it will seek to introduce measures to "close tax loopholes exploited by multinational companies".

In the March 2022 Federal Budget, the Government announced two support measures for small businesses (turnover under $50m) in the form of a 20 per cent uplift of the amount deductible for expenditure incurred on external training courses and digital technology

Income Tax Assessment Amendment (Digital Games Tax Offset) Bill 2021: Measure for Consultation

The Federal Government introduced the much anticipated “patent box regime” rules into Parliament on 10 February 2022, as announced in the Federal Budget 2021-22.

Released on 16 December 2021, the ATO has finally released its final Practical Compliance Guideline PCG 2021/4 for the allocation of professional firm profits.