From www.accountingtimes.com.au: EY tax advisors have highlighted the challenges Australian branches of multinational companies face in advocating for good tax governance, particularly to offshore stakeholders unfamiliar with the ATO’s expectations.… read more
From www.sciencedirect.com: Major corporate customers play a crucial role in deterring supplier misconduct by imposing pressure for compliance with social and environmental standards.
Firms with concentrated customer bases demonstrate significantly lower misconduct rates and penalties, especially when customers exert higher scrutiny.… read more
From www.pwc.com.au: The Australian Taxation Office has released an updated Supplementary Annual GST Return (SAGR) for large businesses and multinationals, set to take effect from the 2024-25 financial year.… read more
From www.aicd.com.au: Public companies must prioritize effective investor relations strategies to maintain shareholder confidence and attract new investors.
Key practices include having a dedicated IR function, understanding the investor base, providing transparent communication, educating investors about business strategy, ensuring good governance, committing to environmental, social, and governance factors, and clearly delineating roles within the company.… read more
From www.icaew.com: [UK context] The UK government plans to reform international tax rules, focusing on narrowing the scope of UK-UK transfer pricing rules and replacing the diverted profits tax with a new corporation tax provision for unassessed transfer pricing profits.… read more
From www.abl.com.au: James Hardie agreed to acquire Delaware company Azek by issuing 35% of its shares without seeking shareholder approval, leading to significant backlash.
This situation highlights a need for changes in the ASX Listing Rules to better balance corporate governance and investor protection.… read more
From alvarezandmarsal.com: Operational Transfer Pricing ensures compliance and strategic advantage for multinational enterprises by providing real-time control over intercompany transactions.
It aligns transfer pricing with economic substance and facilitates adaptation to tax regulations, while minimising compliance risks and year-end adjustments.… read more
From williambuck.com: On January 1, 2025, the ATO implemented stricter Country-by-Country reporting rules, significantly reducing the number of exemptions available to multinational enterprises.
MNEs must now file a local file, master file, and CbC report to comply, with limited exemptions covering specific cases like Australian-only operations or corporate restructuring.… read more
From au.investing.com: Alcoa Corporation successfully resolved a tax dispute with the Australian Taxation Office, with the Administrative Review Tribunal ruling no additional tax is owed on alumina sales.… read more
From grantthornton.com.au: Post-acquisition disputes can significantly affect transaction outcomes and business operations, highlighting the importance of proactive conflict management and financial due diligence.
The Australian M&A landscape has undergone a major transformation following the passage of the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024, marking the largest regulatory change in 50 years.… read more
From hlb.com.au: Since July 1, 2023, public companies must include a Consolidated Entity Disclosure Statement in their annual financial reports under the Corporations Act 2001.… read more
From www.tglaw.com.au: The Federal Court of Australia imposed an A$8.25 million penalty on Clorox Australia Pty Ltd for making misleading claims on its “GLAD to be Green” garbage bags, which falsely suggested they contained ocean-sourced plastic.… read more
From michaelwest.com.au: Whistleblower Tony Watson, who exposed a $300 million tax fraud by Lendlease, faces a legal battle against the construction giant and its advisors PwC, represented by 13 lawyers, while he struggles financially after losing his home.… read more
From www.sciencedirect.com: CEOs are less likely to repurchase shares when they sell equity, contradicting the idea that share repurchases are used opportunistically to inflate stock prices for personal gain.… read more
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