Foreign-incorporated companies that may have their residency status questioned as a result of the High Court’s decision in the Bywater Investments case will now have more time to organise their governance arrangements. The ATO has recently issued an update to a Compliance Guideline which gives these companies until 30 June 2023 to make any necessary …
In a bid to encourage home ownership in NSW, the state government has introduced the First Home Buyer Choice scheme which would allow eligible first home buyers a choice between paying an annual property tax or the traditional stamp duty. Eligible first home buyers of residential properties of up to $1.5m or vacant land of …
The result of a recent review into the ATO’s handling of objections by taxpayers has been released by the Inspector-General of Taxation and Taxation Ombudsman (IGTO). While this initial review merely analysed ATO’s data in order to report the information publicly with no in-depth investigations, the issues identified will form the basis of Phase 2 …
In order to reduce red-tape for businesses, the government has released draft legislation to allow employers to rely on existing corporate records, rather than employee declarations and other prescribed records to finalise their FBT returns. This will be achieved by giving the Commissioner the power to make legislative instruments to determine the kinds of adequate …
Some small and medium business entities (SMEs) could soon be excluded from the shorter 2-year amendment period and subject to the standard 4-year period if Draft Regulations proposed by the government are registered. In their current form, the Regulations will only affect entities with related-party dealings, international dealings, those entitled to the R&D tax offset …
An employee’s private use of an electric car provided by an employer may soon be exempt from FBT if the newly introduced legislation receives Assent. This measure was a part of a suite of energy policies taken to the election by the Labor party, which its hoped will increase the uptake of electric cars. To …