New directors need a director ID before appointment from 5 April 2022
March 24, 2022
From 5 April 2022, directors must apply for their director ID before they are appointed. Ensure your clients who are a director or are planning to become one to apply for their director id...
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Super rates and thresholds for 2022-23
March 4, 2022
CONTRIBUTIONS CAPS: The CGT cap amount for non-concessional contributions is $1.65m for 2022-23 (up from $1.615m). The concessional contributions cap is unchanged at $27,500 for 2022-23. Th...
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Tasmania: Land tax reduction announced
March 4, 2022
The Tasmanian Government announced land tax threshold changes as tax relief for property owners.
The tax-free threshold for land tax will increase to $100,000 (from $50,000) while the u...
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Thai and Vietnamese DTAs to be modified by MLI
March 4, 2022
Thailand and Vietnam signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the "MLI"), joining 97 other jurisdictions.
...
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FIRB: Purchasing residential real estate in Australia
March 4, 2022
Foreign persons need to obtain approval from them before purchasing Australian residential real estate. They can do this by using the FIRB application form,
After approval and a property...
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$450 per month threshold removal for SG now law
March 4, 2022
From 1 July 2022, employees who earn less than $450 per month will be paid super guarantee by their employer if they satisfy other eligibility requirements. A change advice to update pay...
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ATO: Private Wealth – withholding tax on overseas royalties
February 24, 2022
The ATO’s International Risk for Private Groups Program has launched a campaign focusing on non-resident withholding tax relating to royalty expenses paid overseas for the 2019 and 2020 ...
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ATO: Trusts Tax Avoidance Taskforce
February 24, 2022
The ATO have released information on its Tax Avoidance Taskforce – Trusts, which targets higher risk trust arrangements in privately owned and wealthy groups.
The ATO Trusts taskforce ...
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ATO: Division 7A and concern with unit trust arrangements
February 24, 2022
The ATO have raised concerns about a number of arrangements involving unpaid present entitlements and unit trusts that may have implications under Division 7A.
The ATO have identified ca...
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ATO: Division 7A and UPEs
February 24, 2022
For unpaid present entitlements (UPEs) on or after 1 July 2022, the Commissioner's view in Draft Taxation Determination TD 2022/D1 is that even if not converted to an ordinary loan, a UP...
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