Month: March 2025 AWST
Australia’s new FIRB portal: What foreign investors need to know
From www.holdingredlich.com: On 24 February 2025, Australia launched a new Foreign Investment Review Board portal to streamline the submission and compliance process for foreign investment applications, requiring users to have a verified digital identity.… read more
Refresher: Director Penalty Notices (DPN)
From chamberlains.com.au: Tthe current status of Director Penalty Notices, describing their purpose, types, possible defences, and recommended actions for directors upon receipt.
Also highlights recent enforcement efforts by the ATO, and the increasing importance of DPNs in the recovery of corporate tax debts.… read more
No FBT for some car parking
From www.accountantsdaily.com.au: The Federal Court ruled that a Toowoomba shopping centre car park is not classified as a ‘commercial parking station’ for FBT purposes because it is not operated for profit.… read more
Why financial practices must look offshore
From www.smsfadviser.com: Financial practices face challenges in scaling efficiently while maintaining service quality, often struggling with the limitations of traditional hiring models.
By outsourcing administrative and back-office tasks offshore, firms can streamline operations, enhance productivity, and focus on client relationships, which are crucial for growth.… read more
CGT concessions – 15-year exemption
From www.smsfadviser.com: Small business owners can utilise the small business CGT concessions, particularly the 15-year exemption, to contribute sale proceeds of business assets to superannuation without these contributions counting against the non-concessional contributions cap.… read more
March 2025 Monthly Tax Update
From au.andersen.com: March 2025 saw significant tax updates in Australia, including legislative amendments to enhance powers of the Commonwealth Ombudsman and IGTO, and the establishment of tax incentives for hydrogen production.… read more
Conexa: when a pipeline is land
From allens.com.au: Conexa Sydney Holdings’ acquisition of an underground water pipeline led to a legal dispute over the pipeline’s classification for landholder duty assessment.
The court’s decision offers insights into the concept of statutory severance, the interpretation of the Water Industry Competition Act, and potential implications for future cases and legislation.… read more
The what, why and how of priority arrangements
From mcw.com.au: Priority arrangements, crucial in lending and borrowing scenarios, offer protection for lenders by setting order of security and preventing disputes during borrower default or insolvency.… read more
Five criminal charges dropped against ATO whistleblower
From www.theguardian.com: Richard Boyle, a whistleblower for the Australian Taxation Office, has had five criminal charges dropped, including three counts related to disclosing protected information.… read more
Understanding the Fair Entitlements Guarantee
From www.rsm.global: The Fair Entitlements Guarantee (FEG) provides financial assistance to employees who lose their jobs due to corporate insolvency, covering unpaid wages, annual leave, long service leave, notice pay, and redundancy pay, but not unpaid superannuation.… read more
Beyond Bendel: decoding the decision
From: www.taxinstitute.com.au: (Podcast) The Full Federal Court has ruled in Commissioner of Taxation v Bendel that a corporate beneficiary’s unpaid present entitlement is not considered a loan for Division 7A purposes.… read more