Unlocking Energy Efficiency: The Essential Guide to the Small Business Energy Incentive
As the clock ticks towards a greener future, the Australian Government has announced a tax concession to small businesses aiming to reduce their carbon footprint and slash energy bills. The Small Business Energy Incentive, a measure announced on 30 April 2023, is specifically tailored to assist businesses with an annual aggregated turnover of less than $50 million.
Get your fringe benefits tax obligations in order
As the Fringe Benefits Tax (FBT) year-end approaches (31 March), it’s again time to consider all the benefits you have provided to your employees during the FBT year. In this article, we will focus on car fringe benefits and some common misconceptions out there in relation to FBT exemptions.
Government to remove tax deduction for ATO interest charges from 1 July 2025
The ATO has made significant changes to how ATO debts are paid. Our experts explain what has changed.
Government makes changes to Stage 3 tax cuts
Prime Minister, Anthony Albanese, announced today that the Government will be amending the previously legislated Stage 3 tax cuts, which commence from 1 July 2024.
Navigating the Superannuation Landscape: A Proactive Approach to Compliance
Government to unveil strategies - direct ATO to persue billions of Superannuation dollars owed to workers.
Renewable Energy Projects: Tax considerations
While a renewable energy project could be years from being operational, how you structure it now can potentially impact the tax effectiveness down the track. In this article we outline some of the tax considerations that need to be considered before signing onto a project.
Payroll Tax Developments for Dental and Medical Practices
This article will provide clarity and broad considerations for business owners in the dental and medical fields across Australia regarding the recent payroll tax happenings.
What is Capital Gains Tax (CGT) and who should pay it?
Australia has a comprehensive system for the taxation of capital gains. But what is it, and who should pay it?
Treasury commences consultation on reforms of tax residency rules for individuals
The Australian Government has commenced consultations to modernise the individual tax residency framework based on recommendations made by the Board of Taxation (BOT) in its 2019 report Individual Tax Residency Rules – a model for modernisation.
Thin capitalisation – changes to be aware of from 1 July 2023
Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity And Transparency) Bill 2023 (the Bill) was introduced into Parliament towards the end of June 2023. The draft Bill proposes to make wholesale changes to the thin capitalisation rules and the methods for claiming allowable interest deductions in Australia.
Key Focus Areas for Individual Tax Returns: ATO's Watchlist for Australian Taxpayers
As the end of the financial year approaches, it's crucial for Australian taxpayers to be aware of the Australian Taxation Office's (ATO) key focus areas. By understanding these areas, individuals can ensure compliance and minimise the risk of audit or penalties. In this article, we will highlight two significant focus areas and provide valuable insights on how to navigate them effectively.
Year End Tax Planning for Businesses 2022-23
With the end of the financial year for 2022-23 fast approaching, there are many tax planning strategies business owners should consider and have in place before 30 June 2023.
Now is the time to review your tax affairs (if you haven't already) to ensure you have taken advantage of relief available to you, addressed items that need to be completed and considered your planning opportunities.
Our team have prepared a handy year end tax planning guide for businesses, now available for you to download.
Federal Budget 2023-24
The Treasurer, the Honourable Dr Jim Chalmers MP, handed down the 2023-24 Federal Budget at 7:30 pm (AEST) on 9 May 2023. Find out what it means for businesses and individuals.
Treasury: draft legislation for consultation impacting SGEs
Treasury have released draft legislation, Treasury Laws Amendment (Measures 4 for Future Bills) Bill 2023: Multinational tax transparency - Tax changes, for consultation. These measures will impact reporting requirements for significant global entities within Australia.
Family discretionary trusts – avoiding the risk of ATO action
Discover the benefits of family discretionary trusts and recent developments affecting their use in Australia. With over 928,000 trusts managing assets worth $2.2 trillion, it's important to stay ahead of the risks. Learn how to manage your trust effectively with guidance from Moore Australia's experienced tax advisors. Contact us today to discuss your trust review or any concerns about trust management and distribution strategies.
Working from home deductions - ATO's revised fixed rate
The Australian Taxation Office (ATO) released Practical Compliance Guideline (PCG) 2023/1 which sets out the revised rate for taxpayers wanting to claim work from home expenses using a fixed rate. From the 2023 financial year onwards, taxpayers will only be able to claim working from home deductions based on either the ATO's revised fixed rate, or actual costs.
What you need to know about the Ampol Transfer Pricing case and your Transfer Pricing needs
The long running and high profile Ampol transfer pricing case has recently settled and it has been reported that they are paying the Australian Tax Office (ATO) $157 million.
This case has highlighted the importance of organisations operating within Transfer Pricing requirements. Find out what our specialist has to say.
Regulatory Changes for Proprietary Companies
The requirements in the Corporations Act (2001) that exempted grandfathered large proprietary companies from lodging financial statements with ASIC has been removed and the tax transparency threshold for proprietary companies will be reduced to $100 million.
S100A and Trusts – what is the ATO concerned with?
Trusts are a popular structure for family businesses and groups because of its inherent asset protection, flexibility and ability to pass assets to future generations with limited tax consequences. Moore Australia tax experts discuss what the ATO is concerned with and upcoming changes.
NSW COVID-19 BUSINESS SUPPORT PACKAGE
The NSW Government has announced a new financial support package to assist businesses being impacted by the Omicron wave.
Migration to Australia – Issues to Consider
If you are one of the thousands of Australians or New Zealanders stuck overseas, the news that Australian borders are reopening will have been a welcome relief. Over the next months, countless ex-pats will contemplate either leaving Australia or New Zealand or returning home to the ANZ region. If you are among them, you should carefully consider the tax implication of your move.
In this two-part series, our tax experts explore how your finances could be impacted by a move to -or from- Down Under.
Migration to Australia – Issues to Consider
如果您是被滞留在海外的数千名澳大利亚人或新西兰人中的一员,那么澳大利亚边境的重新开放将是一个受人鼓舞的消息。在未来的几个月里,无数移居国外的人士将需要考虑离开或者回到澳大利亚和新西兰。如果您是其中之一,则应需仔细考虑移居对税收所产生的影响。
在这个由两部分组成的文章当中,我们的税务专家会从税务的角度来浅谈移居澳新地区给您所带来的财务影响
Tax Residency Issues to Consider for Departing or Returning Expats
If you are one of the thousands of Australians or New Zealanders stuck overseas, the news that Australian borders are reopening will have been a welcome relief. Over the next months, countless ex-pats will contemplate either leaving Australia or New Zealand or returning home to the ANZ region. If you are among them, you should carefully consider the tax implication of your move.
In this two-part series, our tax experts explore how your finances could be impacted by a move to -or from- Down Under.
Tax Residency Issues to Consider for Departing or Returning Expats
如果您是被滞留在海外的数千名澳大利亚人或新西兰人中的一员,那么澳大利亚边境的重新开放将是一个受人鼓舞的消息。在未来的几个月里,无数移居国外的人士将需要考虑离开或者回到澳大利亚和新西兰。如果您是其中之一,则应需仔细考虑移居对税收所产生的影响。
在这个由两部分组成的文章当中,我们的税务专家会从税务的角度来浅谈移居澳新地区给您所带来的财务影响。
Moore Australia (WA) Joins with GROBUSINESS Chartered Accountants
Moore Australia is pleased to announce Gary Ogden and his practice GROBUSINESS Chartered Accountants has joined the Moore Australia (WA) team.
NSW State Budget: 2021-22
On 22 June 2021 New South Wales Honourable Dominic Perrottet delivered the 2021-22 state budget, focussing on COVID safety measures along with targeted spending to assist small business and large spending packages on infrastructure and disaster recovery.
Queensland State Budget: 2021-22
On 15 June 2021, the Queensland Treasurer Cameron Dick delivered the 2021-22 state budget, following Queensland's nation-leading success in managing the economic health challenges posed by the COVID-19 pandemic, the government is focused on the states economic recovery plan sooner and stronger.
2021-2022 Victorian State Budget
On 20 May 2021, the Victorian Treasurer Tim Pallas handed down the 2021-22 Victorian State Budget. A number of tax-related measures were announced in a Budget that is designed to assist Victoria in bouncing back from the pandemic, with a focus on creating jobs and caring for Victorians, particularly mental health initiatives.
Australia reminded to claim COVID 'Working from home' tax deductions
Moore Australia today reminds individuals in Australia to keep a diligent log of the hours they worked from home during the recent COVID-19 lockdown. This will help them claim their allowable tax deductions when it becomes time to submit their tax return.
Covid-19 and the implications on Fringe benefits Tax
The COVID-19 Pandemic continues to have a significant impact on many businesses around the World. In Australia, the unprecedented crisis is forcing employers to reconsider the benefits provided to staff and the resulting Fringe Benefits Tax (FBT) implications.
2021 Fringe Benefits Tax Update
Whilst some aspects of life transition to a new “COVID-normal”, the Australian Taxation Office (ATO) continues to highlight its understanding of how COVID-19 is impacting business, and communicate some of the changes and administrative concessions relevant to employers for the Fringe Benefits Tax (FBT) year ending 31 March 2021 and beyond.
No tax on the family home? Maybe not for expats…
Amendments to the availability of the Capital Gains Tax (CGT) main residence exemption for foreign tax residents were passed by the Senate on 5 December 2019, imposing new restrictions on the main residence exemption for CGT events happening on or after 9 May 2017.
R&D Tax Incentive Update
Proposed changes to the Research and Development (R&D) Tax Incentive were introduced to Parliament on 5 December 2019. Read more to learn what these proposed changes include.
Recent Land Tax Changes in Victoria
The Victorian Government has recently enacted changes to the land tax rules in respect of contiguous land in metropolitan Melbourne. From 1 January 2020, the principal place of residence (PPR) exemption will no longer apply to contiguous land unless the PPR land and the contiguous land are in regional Victoria.
A better workplace
The Budget sees the Government place emphasis on generating ongoing employment opportunities for all Australians.
Claiming depreciation on investment property
Rental property investors have access to a range of tax strategies. One such strategy, which is often underutilised, is claiming depreciation as a tax deduction.
Property expenses, such as depreciation and capital works expenditure, can be deducted over a number years, adding to a significant return for property investors come tax time.
Shock for landlords as land tax skyrockets
Over the past month soaring property values have seen landlords hit by steep increases in landlord taxes.
A number of landlords, property owners and lessors have been shocked when confronted with sharp increases in land tax bills this month.
The State Revenue Office (SRO) argues that 2016 was a revaluation year, which means your site value will most likely increase in 2017.
Superannuation Reform: Government scraps retrospective $500,000 Super Cap
A contentious package since it’s announcement back on budget night, this week Scott Morrison finally succumbed to the reality that retrospectivity in superannuation is no winning formula.
Splitting super with your spouse
Since change is an inevitable part of Australia’s superannuation system, taxpayers should always be aware of and on the lookout for super strategies that they can take advantage of.
To have and withhold – obligations for buying foreign resident owned assets
From 1 July 2016, acquisitions of certain taxable Australian property from foreign residents will be subject to a 10 per cent withholding tax (WHT). The objective of the new rules is to assist the Australian Taxation Office (ATO) in collecting the capital gains tax liabilities of foreign residents who have Australian property holdings or interests.
Globalisation and the tax system- how taxation affects individuals moving to and out of Australia
The world has shrunk and the business is more fluid than ever. Business has changed and e-commerce has revolutionised the way business is done and where business is conducted from.
In the modern world, you can conduct business from a coffee shop, on a beach or in an office. With this change and the way products and services are being delivered, we are noticing now more than ever an inflow and outflow of people into and out of Australia.
New CGT rules when selling or buying a business
Recent changes were made to the CGT treatment on the sale and purchase of businesses involving ‘look-through earnout’ rights.
On 25 February 2016, a new law was enacted to deal with the tax treatment of earnouts for vendors and purchasers.
ATO lodgement due dates 2016
The lodgement end dates for individuals are detailed in the following table:
Working together - the reinvention of the ATO
Late last year, Moore Stephens Victoria supported the AustralianTaxation Office (ATO) and then subsequently hosted a Key Agent meeting by our Directors with several senior ATO executives to enhance collaboration with our firm and ultimately to deliver a better client experience.
Financial model reviews reveal interesting insights
My previous article about the Moore Stephens Victoria Corporate Finance team was on work we had been doing during winter on Initial Public Offerings (IPO), reverse takeovers (RTO) and an expert witness report. Some of that work carried over into Spring with a successful outcome for a number of those clients.
In this article I am writing about some of the interesting work we have been doing with financial forecast modelling – primarily for financiers. I also find this somewhat encouraging that a number of our clients are out there getting finance for expansion and new businesses.