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By: Michael Catterall, Yan Wong, Daniel Kave, Avinesh Naidu, Brett Curtis
17 Apr 20232 min read
Grant Thornton previously discussed the ED in summary and identified a number of areas of interest and concern.
We have made submissions to Government which reflect our analysis and we believe include the views of our affected clients, and their bankers and lawyers.
In essence, our submissions aim to reasonably improve the ability of taxpayers to comply with the new rules whilst respecting the Government’s underlying policy intent. They also reflect common concerns across industry and we anticipate that a number of taxpayers and industry or professional bodies will have a similar view as to the impact of the proposed changes.
We trust that the Government will give due consideration to the weight of public opinion in areas of common concern, and we welcome any consultation that is undertaken.
Please contact us if you wish to discuss our submissions or would like further detail about the exposure draft.
The NSW Budget 2026 focuses on health and education spending, with slower growth forecasts, rising debt and targeted foreign investor duty relief measures.
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.
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.