ATO Crackdown on Family Wealth and Succession Planning

Leave a Comment / Family Fund, Tax /

The ATO’s New Focus on High-Net-Worth Families—What It Means for You The Australian Taxation Office (ATO) is stepping up its focus on private wealth and succession planning, increasing audits and tightening compliance rules for family businesses, trusts, and asset transfers. For many Chinese business owners and investors, this shift could have serious financial implications, especially […]

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NT Payroll Tax Changes: What Employers Need to Understand

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The Payroll Tax Amendment Act 2024 (NT) has been enacted, bringing significant payroll tax changes to businesses operating in the Northern Territory (NT). Effective from 1 July 2025, these amendments aim to provide relief for businesses while incentivizing apprenticeships and training. Key Changes to Payroll Tax in the NT How These Changes Affect Your Business

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ATO Alert: Key Rules for Early-Stage Investor Tax Offsets

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The Australian Taxation Office (ATO) has issued Taxpayer Alert TA 2024/1, raising concerns over the legitimacy of early-stage investor tax offset claims, especially in cases where shares have been acquired through circular financing arrangements. This alert highlights an important issue for investors claiming tax offsets on investments in early-stage innovation companies (ESICs). The ATO’s Concerns

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TR 2024/D3: ATO Draft Thin Capitalisation Guidance

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The Australian Taxation Office (ATO) has released draft guidance on key aspects of the Thin Capitalisation Third Party Debt Test (TPDT) and the implications of restructures undertaken in response to the new rules. Key Takeaways from the Draft Guidance 1. Third Party Debt Test (TPDT) – TR 2024/D3 The Draft Taxation Ruling TR 2024/D3 provides

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Australia’s Pillar Two Rules: What Businesses Must Know

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The Australian government has finalized its Pillar Two tax framework, which introduces top-up taxes under the Australian Domestic Minimum Tax (DMT) and Australian Income Inclusion Rule (IIR). The Taxation (Multinational – Global and Domestic Minimum Tax) Rules 2024 were officially registered on 23 December 2024, ensuring that all aspects of Australia’s domestic and global minimum

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ATO Guidance on Time Limits for Fuel & Input Credits

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The Australian Taxation Office (ATO) has released Miscellaneous Taxation Ruling MT 2024/1, which clarifies the time limits that apply to claiming input tax credits and fuel tax credits. Key Points from MT 2024/1 The ruling outlines the ATO’s interpretation of the four-year entitlement period, as set out in: Under these limiting provisions, a business loses

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Australian Tax Refund Dates 2025 & How to Maximise It

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Tax season can be overwhelming, but knowing when to expect your Australia tax refund for March 2025 can help you plan ahead. Whether you’re an employee, business owner, or investor, understanding key deadlines, refund amounts, and ATO processing times is crucial to managing your finances effectively. In this guide, we’ll break down essential tax refund

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ATO Refund Rule Changes: Why Prepaying Tax May Cost You More

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An Australian accountant has warned business owners after the Australian Taxation Office (ATO) refused to refund a $20,000 overpayment, highlighting the growing risks of prepaying tax debts. ATO Tightens Its Approach to Refunds A business owner recently mistakenly paid their ATO debt twice, leaving them with an overpayment of $20,000. Expecting a routine refund, the

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MYEFO 2024-25: Key Updates on Corporate Tax Matters

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The Australian Government has announced several corporate tax-related changes in the 2024-25 Mid-Year Economic and Fiscal Outlook (MYEFO). These updates impact R&D tax incentives and film production tax offsets, shaping the financial landscape for businesses in affected industries. 1. Changes to R&D Tax Incentive Eligibility From 1 July 2025, businesses involved in gambling and tobacco-related

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Key GST Focus Areas Small Business Taxpayers Must Know

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In a recent speech to the Institute of Public Accountants (IPA) National Congress 2024, Will Day, Deputy Commissioner for Small Business at the Australian Taxation Office (ATO), outlined several key focus areas for small businesses in relation to GST and other tax matters. As the ATO strengthens its efforts to support small businesses in meeting

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