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Denial of tax deductions: cross border payments for intangibles – discontinuation of measure
Client Alert Denial of tax deductions: cross border payments for intangibles – discontinuation of measure
In the 2024-25 Federal Budget, the Government announced the discontinuation of previously announced rules to deny, from 1July 2023, tax deductions for payments made by Significant Global Entity’s (SGEs) relating to intangible assets connected with low corporate tax jurisdictions.
Brett Curtis
Yan Wong
| 2 min read | 21 May 2024
Will further funding be announced for the ATO in the upcoming Federal Budget?
Insight Will further funding be announced for the ATO in the upcoming Federal Budget?
The high level of ATO activity in the multinational space is undoubtedly underpinned by the significantly increased funding it has received from the Australian Government since 2016. What can we expect in the May 2024 Federal Budget?
Brett Curtis
Brett Curtis
| 3 min read | 15 Apr 2024
Australian “Pillar Two” multinational alternative minimum tax draft rules released
Client Alert Australian “Pillar Two” multinational alternative minimum tax draft rules released
On 21 March 2024, the Federal Treasury released a package of Exposure Draft bills and Explanatory Memoranda in respect of the OECD Pillar Two global/domestic alternative minimum tax rules.
Daniel Kave
Murat Cihanger
Brett Curtis
Yan Wong
| 3 min read | 25 Mar 2024
Amended Thin Capitalisation rules introduced into Parliament
Client alert Amended Thin Capitalisation rules introduced into Parliament
On 22 June 2023, the Federal Government introduced the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023 into the House of Representatives. This Bill has been referred to the Senate Economics Legislation Committee with its Report due 31 August 2023.
Yan Wong
Daniel Kave
Michael Catterall
Avinesh Naidu
Brett Curtis
| 6 min read | 27 Jun 2023
Improvements needed for Government changes to Thin Capitalisation regime
Client Alert Improvements needed for Government changes to Thin Capitalisation regime
Improvements are needed for Government changes to Thin Capitalisation regime’s Exposure Draft (ED) legislation which will apply mainly to multinationals with high interest deductions for income years commencing on or after 1 July 2023. Grant Thornton have identified a number of areas of interest in submissions to Government which reflect our analysis and include the views of our affected clients and their bankers and lawyers.
Michael Catterall
Yan Wong
Daniel Kave
Avinesh Naidu
Brett Curtis
| 2 min read | 17 Apr 2023
Denial of tax deductions: cross border payments for intangibles
Client alert Denial of tax deductions: cross border payments for intangibles
The Government has released anti-avoidance measures, which from 1 July 2023 will deny tax deductions to Australian Significant Global Entities (SGEs) in respect of payments for intangible assets to related party offshore group entities in low tax jurisdictions.
Brett Curtis
Yan Wong
| 3 min read | 06 Apr 2023
Major changes to Australia’s Thin Capitalisation Regime
Client alert Major changes to Australia’s Thin Capitalisation Regime
On 16 March 2023 the Federal Government released its Exposure Draft (ED) legislation, which was first announced as part of its October 2022 Federal Budget Thin Capitalisation measures.
Michael Catterall
Yan Wong
Daniel Kave
Avinesh Naidu
Brett Curtis
| 13 min read | 29 Mar 2023
Draft Thin capitalisation rules released to target multinational interest deductions
Client alert Draft Thin capitalisation rules released to target multinational interest deductions
On 16 March 2023 the Federal Government released its Exposure Draft (ED) legislation giving effect to its October 2022 Federal Budget thin capitalisation measures, which will apply mainly to multinationals with high interest deductions for income years commencing on or after 1 July 2023.
Michael Catterall
Yan Wong
Daniel Kave
Avinesh Naidu
Brett Curtis
| 3 min read | 17 Mar 2023
Global minimum 15 per cent corporate tax rate – Australia moves closer to implementation
Client alert Global minimum 15 per cent corporate tax rate – Australia moves closer to implementation
The imposition of a 15 per cent global minimum tax for multinational corporate groups appears imminent but there is still a lot of work to do to finalise details. Here’s what we know so far and how it may impact multinational businesses including pillar 2, GloBe and Safe harbour considerations.
Brett Curtis
Brett Curtis
| 7 min read | 09 Mar 2023
Federal Budget 2022-23 Tax announcements
Insight Federal Budget 2022-23 Tax announcements
Federal budget 2022-23 tax implications for business and individuals.
Vince Tropiano
Brett Curtis
Yan Wong
| 9 min read | 25 Oct 2022
Revenue measures for the Federal Budget – what levers can the Government pull?
Insight Revenue measures for the Federal Budget – what levers can the Government pull?
The OECD has been gathering momentum towards addressing perceived tax avoidance amongst multinational enterprises (MNEs), ensuring a fairer distribution of tax for all taxpayers. The Government’s proposed multinational tax integrity to rewrite certain tax laws as they apply to MNEs is consistent with that shift. They were first announced with the intent of addressing the “loopholes” available to MNEs in the Australian taxation system.
Vince Tropiano
Brett Curtis
| 6 min read | 12 Oct 2022
Consultation commenced on Treasury’s Multinational Tax Integrity and Transparency measures
Client Alert Consultation commenced on Treasury’s Multinational Tax Integrity and Transparency measures
The Labor Government has followed through on its election commitment of a multinational tax integrity package to target the tax loopholes used by multinational enterprises (MNEs) and to improve tax transparency, with the release of Treasury’s Discussion Paper on 5 August 2022.
Brett Curtis
Brett Curtis
| 2 min read | 11 Aug 2022
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