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Displaying 1 - 9 of 125
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13 July 2021

On 16 June 2021, the ATO released Taxation Ruling TR 2021/2(final ruling), which sets out the Commissioner’s view on when the provision of car parking is a car parking benefit for the purposes of the Fringe Benefits Tax Assessment Act 1986. The ruling finalises and expands on changes proposed by...

/en-au/insights/tax/technical-updates/the-ato-expands-the-range-of-car-parking-fringe-benefits
07 July 2021

The ATO released draft Taxation Ruling (TR) 2021/D4 (draft ruling) on 25 June 2021. The draft ruling outlines the Commissioner of Taxation's view as to when certain types of software-related payments would be considered royalties for Australian income tax purposes (and therefore possibly subject...

/en-au/insights/tax/technical-updates/income-tax-character-of-receipts-in-respect-of-software-meaning-of-royalties
24 June 2021

On 22 June 2021, the ATO announced it will allow private company shareholders, and / or their associates, an extension of time to make repayments on complying Division 7A loans for 30 June 2021 due to the effects of COVID-19. If the borrower is unable to make their minimum yearly repayment (MYR...

/en-au/insights/tax/technical-updates/division-7a-loan-repayments-extension-if-affected-by-covid-19
10 June 2021

The Superannuation Guarantee (SG) rate as currently legislated will increase from 9.5% to 10% with effect from 1 July 2021 with further increases of 0.5% per year to come from 1 July 2022 until it reaches 12% from 1 July 2025 onwards. The SG rate increases were not affected by the 2021-22 Federal...

/en-au/insights/tax/technical-updates/superannuation-guarantee-rate-increases-to-10-on-1-july-2021
29 March 2021

The ATO recently issued Law Companion Ruling LCR 2021/1(LCR), which finalises guidance on particular aspects of the targeted integrity rules contained in the hybrid mismatch rules (subdiv 832-J of the Income Tax assessment Act 1997). The final LCR confirms the ATO's view contained in the prior...

/en-au/insights/tax/technical-updates/hybrid-mismatch-targeted-integrity-rule
19 March 2021

The ATO has released Draft Practical Compliance Guideline PCG 2021/D2 (Draft PCG) which explains the compliance approach that the ATO intends to apply when considering the allocation of profits by professional firms, and the inclusion of income in the assessable income of individual professional...

/en-au/insights/tax/technical-updates/allocation-of-professional-firm-profits
24 February 2021

On 17 February 2021 the ATO issued revised Draft Taxation Ruling TR 2021/D1 which outlines the income tax deductibility and FBT related issues of accommodation and travel-related food and drink expenditure (replacing draft TR 2017/D6 now withdrawn). The ATO also issued an accompanying Draft...

/en-au/insights/tax/technical-updates/employee-accommodation-food-and-drink-expenses
15 February 2021

The Board of Taxation (BoT) recently released a consultation paper as part of its review of the capital gains tax (CGT) restructure rollover rules. The consultation paper sets out the BoT’s first-stage proposal for rationalising and replacing seven current CGT rollovers that deal with common...

/en-au/insights/tax/technical-updates/board-of-taxation-review-of-cgt-restructure-rollovers
18 December 2020

On 11 December 2020, the Australian Taxation Office provided updated guidance to foreign resident employers with employees in Australia during the COVID-19 pandemic who are unable to return to their home jurisdictions. The revised guidance is intended to help foreign employers determine their...

/en-au/insights/tax/technical-updates/revised-guidance-for-foreign-resident-employers-due-to-covid-19
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