• Insights

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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and FBT related issues of accommodation and travel-related food and drink expenditure (replacing draft TR 2017/D6 now withdrawn).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
17 December 2020

The Federal Treasurer has released the 2020-21 Mid-Year Economic Fiscal Outlook (MYEFO) in which he indicates the Australian economy is rebounding strongly since the 2020-21 Federal Budget was released. In particular, around 80 per cent of the 1.3 million people who lost their jobs or were stood...

/en-au/insights/tax/technical-updates/2020-21-mid-year-economic-and-fiscal-outlook
04 December 2020

On 20 November 2020, the Treasury released the Retirement Income Review Final Report finding that “the Australian retirement income system is effective, sound and its costs are broadly sustainable.” However, there are areas where the system can be improved. The report is based on the three...

/en-au/insights/superannuation/articles/retirement-income-review-final-report
25 November 2020

The Federal Treasurer has recently announced expanded access to the temporary full expensing of capital assets enabling more large Australian-based businesses with a track record of investing in Australia to qualify for the measure. The proposed legislation is expected to allow Australian...

/en-au/insights/tax/technical-updates/expansion-of-the-full-expensing-of-capital-assets
23 October 2020

On 14 October 2020, the Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 (‘the Act’) which contains many of the key measures announced in the 2020-21 Federal Budget, received Royal Assent. This legislation which is now law gives effect to many of the important...

/en-au/insights/tax/technical-updates/2020-21-federal-budget-measures-now-law
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