The Australian Taxation Office (ATO) has released draft guidance on key aspects of the Thin Capitalisation Third Party Debt Test (TPDT) and the implications of restructures undertaken in response to the new rules. Key Takeaways from the Draft Guidance 1.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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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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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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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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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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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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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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Understanding the New Thin Capitalisation Rules The Australian Taxation Office (ATO) has released draft guidance on the third party debt test (TPDT) as part of the new thin capitalisation provisions. This guidance is critical for businesses with significant debt financing, particularly those affected by recent legislative changes. The draft guidance includes: Key Insights from ATO’s
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What Employers Need to Know About Superannuation Guarantee Obligations On 11 December 2024, the Australian Taxation Office (ATO) finalized its update to Taxation Ruling TR 2023/4, clarifying when an individual is considered an employee under the Superannuation Guarantee (Administration) Act 1992 (SGAA). This updated ruling, which applies both retroactively and prospectively, replaces the previous Superannuation
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Updated Guidance on Payroll Tax Exemptions for GP Contractors Revenue NSW has issued updated Compliance Practice Note (CPN 036v2), clarifying payroll tax relief measures for medical centres engaging contractor general practitioners (GPs). The update aligns with the Revenue Legislation Amendment Act 2024 (NSW), which introduces key payroll tax exemptions and rebates for medical centres, effective
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