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Based on announcements prior to Tuesday’s federal budget, Australia’s improved economic fortunes and more rigorous tax compliance and enforcement activities are providing more revenue.
Many countries have the challenge of delivering sustainable tax revenues amid ongoing globalisation, technological change and disruption, rising energy costs and ageing populations. These influences won’t dissipate, but a review of recent history in the context of rumoured tax cuts in Tuesday’s federal budget reveals a substantial turnaround in Australia’s fortunes.
Whether the motivation is global competiveness, business strength, or individual prosperity, we know the wish list for the 2018 Federal Budget announcement looks different depending on which way you look at it.
Trustees of discretionary trusts could be contravening the Foreign Investment Review Board’s (FIRB) rules when purchasing Australian property.
You may recall in 2014 that the ATO issued guidelines (which were finalised in 2015) providing safe harbour benchmarks (30% effective tax rate, 50% individual share of income or benchmark comparable senior employee remuneration) for acceptable profit sharing arrangements involving Individual Professional Practitioners and legally effective practice entities.
Whether you are an Australian business with existing operations in the US or looking to establish a foothold there, the impact of the US tax reform agenda will warrant very close consideration. While there may well be benefits arising, there may also be some disadvantages and unintended consequences.
As the Australian Government continues to focus on the way it taxes Significant Global Entities (SGE), there’s a lot for businesses to navigate to ensure they are meeting all requirements in a coordinated and effective way.
Most employers that offer salary packaging, currently pay superannuation on the “pre-packaged” salary amount, ie. prior to the deductions for salary packaged items. This treatment, therefore, means that compulsory superannuation is based on an amount inclusive of salary packaged superannuation, so for these employers, the changes will have no impact.
Your retail baby is growing up. The retail world is changing. You aren’t as young as you used to be, but you aren’t ready to walk away.
It is clear from our 2017 survey of Australian Family Businesses that a significant number of family businesses see increased gender diversity in leadership as important.
Too often the earlier adopters of technology that incorporate new sustainable materials and/or construction practices in their projects, have found it difficult to access funding due to the perceived higher risk of not applying a ‘mainstream’ approach.
New technology can free up tax professionals to take on a strategically influential role and generate the analytical insights and real-time information to support this. So how can a tax function take advantage of the changes ahead?