BDO: prepare for transfer pricing crackdown
From www.accountingtimes.com.au: BDO has alerted firms to prepare for changes in ATO transfer pricing regulations, which will be implemented for income years starting January 1, 2024.… read more
Big Business
Essential insights for Multinational Enterprises
From pkf.com.au: Australia’s thin capitalisation regime introduces the Third Party Debt Test and Debt Deduction Creation Rules to limit excessive debt deductions by multinational enterprises.… read more
Mandatory Food and Grocery Code of Conduct
From www.claytonutz.com: Large grocery businesses in Australia with revenues exceeding $5 billion must comply with a new mandatory Food and Grocery Code of Conduct that came into effect on April 1, 2025.… read more
PepsiCo Case: High Court Revisits Anti-Avoidance Rule
From www.austaxpolicy.com: The High Court of Australia reserved its decision on an appeal regarding the PepsiCo case, which examines the applicability of the Income Tax General Anti-Avoidance Rule (Part IVA) in relation to payments made by Schweppes Australia for PepsiCo’s beverages.… read more
Australian M&A activity | Q3 FY2025
From hlb.com.au: Australian M&A activity in Q3 FY2025 showed a decrease in the number of transactions, with 161 deals completed compared to 228 in Q3 FY2024, a 29% decline.… read more
IRS proposes to end penalties on basis-shifting transactions
From www.accountingtoday.com: (US context) The Treasury Department and the IRS plan to withdraw regulations that classified basis-shifting transactions among partnerships and related parties as “transactions of interest,” which had previously been targeted for penalties.… read more
Developments in discrimination laws
From jws.com.au: The Workplace Gender Equality Amendment (Setting Gender Equality Targets) Act 2024 requires employers with 500 or more employees to establish and report on three gender equality targets within 12 months, achieving or improving on them within three years.… read more
Navigating new merger thresholds and forms
From gtlaw.com.au: Treasury announced draft regulations for a new merger notification regime, introducing thresholds and forms that will become mandatory by 2026.
Large supermarkets must notify regardless of thresholds, with a public register tracking notified acquisitions.… read more
ASIC sues Hollard Insurance over claim handling
From asic.gov.au: ASIC has filed a lawsuit against Hollard Insurance, alleging serious claim handling failures regarding a home insurance claim from a couple in regional Victoria that took nearly three and a half years to resolve.… read more
ASIC sues Hollard over claims handling failure
From financialnewswire.com.au: ASIC is suing Hollard Insurance for significant claims handling failures, alleging that the company breached its duty of utmost good faith regarding a home building and contents insurance claim made by a couple in Victoria.… read more
ATO overhauls local file reporting: key changes explained
From pkf.com.au: ATO’s newly introduced local file schema, effective from 1 January 2024, enhances data collection and disclosure requirements to identify high-risk international tax and transfer pricing arrangements.… read more
AusNet v FCT and back-to-back rollovers
From sladen.com.au: AusNet Services Limited sought special leave to appeal to the High Court regarding the decision from the Full Federal Court in AusNet Services Limited v FCT, focusing on the “nothing else” requirement for rollover under Division 615 of the Income Tax Assessment Act 1997.… read more
An update on the new merger regime
From allens.com.au: New merger regime implementation approaches, including notification thresholds and requirements, are under consultation in Australia.
The process involves pre-notification with the ACCC, review and approval processes, and transitional arrangements, with continuous updates and revisions expected based on feedback.… read more
Merger clearance: exposure draft
From www.claytonutz.com: The ACCC has released an exposure draft of merger notification regulations, including new thresholds requiring notifications for acquisitions above certain GST turnover levels.… read more