The ATO has released long-awaited draft guidance on its proposed compliance approach to the allocation of professional firm profits. The preliminary guidance is contained in the draft Practical Compliance Guideline PCG 2021/D2 (the draft Guideline). The ATO...
Special topic articles.
GST through an entity’s life cycle
Feb 16, 2021 | Special topic
Australia’s Goods and Services Tax, better known by its acronym of GST, will be celebrating its 21st birthday in 2021. Will it receive a birthday cake? … If it is a cake shop, a cake from a cake shop that has sales tax, and it's decorated and has candles as you say,...
Temporary full expensing opt-out Bill has passed Parliament
Dec 16, 2020 | News, Special topic
On 10 December 2020, the Treasury Laws Amendment (2020 Measures No. 6) Bill 2020 (the Bill) passed both Houses of Parliament. It now awaits Royal Assent. The Bill makes changes to the temporary full expensing and Backing Business Investment (BBI) measures by:...
Temporary full expensing of depreciating assets
Nov 18, 2020 | News, Special topic, Uncategorised
The new temporary full expensing rules provide businesses with a turnover of up to $5 billion with an immediate deduction for 100 per cent of the cost of eligible depreciating assets. The provisions are set out in new Subdiv 40-BB of the Income Tax...
Trust distributions: The relevance of the resolution to tax outcome
Jun 22, 2020 | News, Special topic
Background What is the relevance of accounting to tax? Or maybe a better way to frame this question is to consider whether what we do in the accounts, or as part of the entity’s broader compliance activities, will impact the tax outcome. One area where a connection...
Year end 2020 tax planning – foreign residents and sale of main residence
Jun 3, 2020 | MRE, Special topic
The significance of 30 June 2020 for foreign residents selling their Australian home On 9 May 2017, as part of its 2017–18 Federal Budget, the Government announced that it would remove the ability of foreign residents to access the CGT main residence...
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