2024 hits and misses, and expectations for 2025
TaxVibe podcast published by The Tax Institute, where we peel back the layers of the Australian tax world.… read more
Tax – General
Clean investing boost
From www.aigroup.com.au: The Australian Government’s decision to recapitalize the Clean Energy Finance Corporation aims to facilitate broader investment in clean energy technologies.
This shows … read more
Country-by-country reporting exemptions
From bdo.com.au: ATO has tightened exemptions for country-by-country reporting, affecting Australian subsidiaries and multinational groups.
The new regulations require rigorous evidence-based scrutiny for exemption … read more
Federal election 2025: No new taxes
From www.9news.com.au: Treasurer Jim Chalmers announced that the federal government will not introduce any new taxes in the upcoming federal budget, focusing instead on … read more
The IRS Is Rescinding Job Offers
From www.goingconcern.com: (US context) President Trump signed an executive order on January 20, 2025, freezing federal hiring for vacant civilian positions, including a specific … read more
US bill to pull out of OECD global tax deal
From www.accountingtoday.com: (US context) House Republicans have introduced the Defending American Jobs and Investment Act to end U.S. participation in the OECD’s global tax … read more
HMRC’s performance drops to a new low
From www.accountingweb.co.uk: (UK context) The Public Accounts Committee report on HMRC reveals a significant decline in customer service, with only 66.4% of calls answered … read more
Don’t touch your company’s money – Div 7A mistakes
From www.bartier.com.au: Division 7A of the Income Tax Assessment Act 1936 prevents private companies from providing benefits to shareholders or their associates from retained … read more
ATO: security and guarantee arrangements trigger Div 7A
From www.pitcher.com.au: The ATO’s new guidance states that private companies providing guarantees or security for third-party loans can trigger deemed dividends under Division 7A … read more
IRS testing changes to alternative dispute resolution
From www.journalofaccountancy.com: (US context) The IRS is launching pilot programs to test modifications to alternative dispute resolution methods, including fast-track settlements (FTS) and post-appeals … read more
Tax debt changes will punish honest taxpayers
From financialnewswire.com.au: Key Australian accounting and financial planning groups have expressed concern that making the Shortfall Interest Charge (SIC) and the General Interest Charge … read more
The impact of AI on tax
‘Governments could face a significant reduction in tax revenue if AI erodes the job market.’
‘What might this mean for Australia’s current taxation system, and … read more
ATO targeting loan guarantee
From taxbanter.com.au: On December 11, 2024, the ATO released updates regarding Division 7A that affect private company loans and payments involving guarantees, specifically addressing … read more
Policy Idea – Fixing Private Company Deemed Dividends… With Deemed Interest
From taxrambling.com: Many private companies inadvertently fail to comply with Division 7A regulations concerning loans to shareholders or their associates, leading to potential tax … read more
Tax Institute focus on vulnerable
From www.accountantsdaily.com.au: The Tax Institute will focus on supporting vulnerable groups within the tax system as part of its advocacy efforts this year, particularly … read more