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Displaying 19 - 27 of 125
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17 August 2020

On 12 August 2020, the ATO finalised a long awaited taxation ruling and provided administrative guidance that deals with the application of the arm's length debt test (ALDT) contained in the thin capitalisation rules.

/en-au/insights/tax/technical-updates/ato-guidance-on-thin-capitalisation-and-the-arm-s-length-debt-test
07 August 2020

On 7 August 2020 the Treasurer revealed that the recently announced tougher eligibility rules for the second phase of the JobKeeper payment scheme will be eased. Employers will now only have to demonstrate a reduction in turnover in the quarters ending in September and December 2020, compared to...

/en-au/insights/tax/technical-updates/jobkeeper-extension-turnover-test-eased
21 July 2020

On Tuesday 21 July 2020, the Federal Government announced the extension of the JobKeeper wage subsidy scheme (previously due to expire on 27 September 2020) until 28 March 2021 but with new rates and reapplication of the turnover tests. The temporary boost to the JobSeeker program will also now...

/en-au/insights/tax/technical-updates/jobkeeper-extended-until-march-2021-with-two-tiered-rates-and-jobseeker-also-extended
10 July 2020

The Assistant Treasurer has announced revised start dates for several tax measures, including some for which enabling legislation has yet to be introduced including targeted amendments to the Division 7A rules and removal of the CGT discount at the trust level for Managed Investment Trusts (MITs)...

/en-au/insights/tax/technical-updates/revised-start-dates-for-tax-measures-including-div-7a-and-mit-changes-and-new-1-july-2020-measures
29 June 2020

The ATO has announced that borrowers unable to make Div 7A yearly minimum loan repayments by 30 June because they are affected by COVID-19 may be granted an extension of time to make the 2020 minimum repayments by 30 June 2021 but ATO approval must be sought. However, care must be taken in...

/en-au/insights/tax/technical-updates/ato-may-allow-extension-of-time-to-make-minimum-div-7a-repayments
24 June 2020

Legislation containing amendments to the Australian hybrid mismatch rules, including a range of new refinements, has passed both Houses of Parliament. Most of the changes have retrospective effect from 1 January 2019 and are designed to reduce the compliance burden for a range of taxpayers...

/en-au/insights/tax/technical-updates/legislation-passes-with-amendments-to-the-hybrid-mismatch-rules
18 June 2020

On 25 May 2020, Royal Assent was granted to Treasury Laws Amendment (2020 Measures No.1) Bill 2020 (the Bill). The Bill broadens the Significant Global Entity (SGE) definition and introduces the concept of a Country-by-Country Reporting Entity (CbCR Entity). 

/en-au/insights/tax/transfer-pricing-alert/significant-global-entity-definition-update
10 June 2020

After expanding the instant asset write-off scheme, in response to the COVID-19 pandemic on 12 March 2020, to include assets worth $150,000 (up from $30,000) and businesses with an aggregated turnover of less than $500 million (up from $50 million), the Federal Government has now extended the...

/en-au/insights/tax/technical-updates/instant-asset-write-off-scheme-extended-to-31-december-2020
21 May 2020

On 14 May 2020, the National Disability Services published a document in which the Australian Taxation Office confirms that payments to charities for providing National Disability Insurance Scheme services are not ‘government income’ and therefore cannot be excluded when calculating their...

/en-au/insights/tax/technical-updates/ato-confirms-ndis-income-is-included-in-turnover-test-for-jobkeeper-payment-scheme
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