From cadenalegal.com.au: The ATO has been issuing non-binding web guidance, leading to concerns among tax professionals about its reliability for interpreting complex tax laws.
The guidance lacks the authority of public rulings, making it less protective for taxpayers in forming reasonably arguable positions.… read more
From cadenalegal.com.au: Small business owners in Australia may qualify for CGT concessions if they meet specific eligibility conditions, including turnover and asset values.
Additional criteria apply for trusts and companies, requiring an active business operation and specific stakeholder participation percentages.… read more
From Arnold Block Leibler: Key corporate tax developments of 2024, from ATO assurance programs and tax compliance to changes in diverted profit tax judgments, are explored.… read more
As 2024 concludes, key developments in Australia’s tax landscape for small and medium-sized accounting firms are highlighted – from www.accountantsdaily.com.au
Notable changes include the ATO’s reaffirmation regarding the deductibility of financial advice fees, a significant Federal Court decision regarding gifts from non-residents, and updates to the Tax Agent Services Act that impose new compliance obligations.… read more
Reported at colemangreig.com.au: Starting January 1, 2025, employers in Australia will face criminal liability for intentional underpayment of wages, with the offense requiring proof that the employer knowingly failed to pay owed amounts on time.… read more
The Tax Practitioners Board issued new guidance to support tax practitioners in compliance with reforms to the Code of Professional Conduct, designed to enhance ethical standards and transparency.… read more
From www.klgates.com: Australia committed AU$75 million to Singapore’s FAST-P initiative to support the clean energy transition in Southeast Asia.
The updated Cyber Security Governance Principles by the Australian Institute of Company Directors emphasize the need for organizations to address evolving cyber threats.… read more
From sladen.com.au: The new Franchising Code of Conduct will take effect on April 1, 2025, introducing significant changes that include requiring franchise agreements to provide a reasonable opportunity for franchisees to earn a return on their investment and mandating compensation for franchisees upon early termination of agreements under specific conditions.… read more
From cadenalegal.com.au: High-income earners in Australia can utilize six legal strategies to reduce their tax liabilities, including efficient business structuring, negative gearing on investments, and income splitting with family members.… read more
From hallandwilcox.com.au: The High Court of Australia awarded Mr. Elisha $1.44 million in damages after finding that Vision Australia breached his employment contract, which included a disciplinary procedure not followed during his dismissal.… read more
From www.pitcher.com.au: From 1 July 2024, the Debt Deduction Creation Rules (DDCR) will permanently deny tax deductions for certain debt payments related to transactions with associates, specifically in asset acquisitions and funding distributions.… read more
From www.khq.com.au: On December 19, 2024, Treasury published the first edition of its ‘Regulatory Initiatives Grid’ to help financial services businesses engage effectively with regulators.… read more
From www.pitcher.com.au: The Australian Accounting Standards Board is introducing changes to not-for-profit (NFP) financial reporting with new Exposure Drafts, requiring certain NFP entities to prepare general purpose financial statements instead of special purpose reports.… read more
From www.knowledgeshop.com.au: The 2024-25 Mid-Year Economic and Fiscal Outlook reveals a projected increase in the budget deficit by over $21.8 billion over four years, with government debt expected to exceed $1 trillion by 2025-26.… read more
From www.holdingredlich.com: The NSW government has been criticized for spending more public money on coal promotion than on transitioning away from coal, as revealed in a recent report.… read more