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At Moore Australia, we help you to optimise your approach to meeting your tax and reporting obligations.

The Australian Taxation Office (ATO) has changed the reporting regime for Not-for-Profit (NFP) entities for the 2023-2024 financial which includes the need to prepare and lodge an annual NFP self-review return each year.

The loss carry back rules for companies which were announced in the 2020-21 Federal Budget are now law. The Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 (the Bill) received Royal Assent on 14 October 2020.

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.

Changes, changes and more changes - Bringing forward the company tax cuts Following on from the various changes to company tax rates earlier in the year, the Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018 was introduced and passed by the Senate relatively quickly last week. The Bill proposes to bring forward the tax cuts for small and medium businesses. The Bill is currently awaiting Royal Assent.

The Australian Tax Office has its sight set on an emerging tax avoidance tactic being taken up by a number of self-managed superannuation funds. The ATO has warned individuals (at or approaching retirement age) not to use a strategy known as diverting personal services income (PSI) through their SMSF to minimise or avoid their income tax obligations.

The Australian Taxation Office (ATO) have updated the PAYG withholding tax tables to reflect the income tax cuts announced in the Budget last week.

HMRC are introducing new rules which will restrict the amount of tax relief available to landlords for finance costs relating to residential properties. These changes do not extend to furnished holiday accommodation. You will only be affected by these changes if you have a loan on your investment property.

Treasurer Josh Frydenberg handed down the 2020-21 Federal Budget on 6 October 2020, a deficit of $213.7b for the year, taking net debt to $703b or 36% of GDP. The Government laid out their recovery plan focused on creating jobs, rebuilding the economy, and securing Australia’s future. The key taxation, superannuation and social security measures are summarised within the following report.

Brad Simpson is an accomplished tax professional who has recently joined Moore Australia as Tax Director. With a deep understanding of income tax, goods and services tax, and fringe benefits tax, Brad is well-versed in navigating the complexities of these areas. His expertise extends to advising clients across various industries, with a particular focus on small and medium enterprises (SMEs). Brad's commitment to delivering tailored and strategic tax solutions has earned him a reputation for providing exceptional client service. Brad is known for his ability to analyse complex tax situations and develop innovative strategies that optimise financial outcomes for his clients. Joining Moore Australia as Tax Director, Brad is poised to lead the tax department and further enhance the firm's capabilities in providing comprehensive tax advisory services. His extensive knowledge and practical insights will undoubtedly contribute to the success of the firm and its clients as they navigate the ever-changing tax landscape. Areas of expertise: Tax advisory services relating to income tax, Goods and Services Tax, and Fringe Benefits Tax Strategic tax planning Group structuring and restructuring Inbound and outbound investment structuring Acquisitions and divestments Estate planning Industry specialisations: Small and Medium Enterprises (SMEs) Private businesses

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.

Managed Investment Trusts are registered schemes established and managed by sophisticated Trustees holding an Australian Financial Services License. They enable investors to pool capital to collectively acquire large scale commercial, retail and industrial properties. Operations are typically limited to passive investment income (leasing). Entities are typically set up as up as unit trusts which provides investors with clearly defined rights to income and capital, yet retaining access to Capital Gains Tax (CGT) concessions.

Recently, the Government announced that it would “modernise” the individual tax residency provisions in the 2021-22 Federal Budget. Whilst we are yet to see any draft legislation in relation to this, the Government did mention that the rules will be based on the recommendations made by the Board of Taxation.

Brett is a Chartered Accountant with over 20 years of experience in the taxation, accounting and business advisory industry. During this time, he has undertaken specialist roles in Taxation, Compliance and Management Accounting Services and has had the opportunity to service a vast range of clients, ranging from individuals and private family groups, to start-up businesses and large complex local and international business groups. Amongst his client base, Brett has become a trusted advisor, by taking a very personal approach to his client’s affairs and through professional management of his client’s tax, compliance, accounting and business advisory matters. Areas of expertise: Technical income tax and business advisory General income tax compliance Private family office/personal CFO roles Financial reporting Budget and cash flow management Management reporting Technology and efficiency planning, including change management

Australia has a comprehensive system for the taxation of capital gains. But what is it, and who should pay it?

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.

Live streaming is an increasingly popular activity and these days there are big bucks involved. But what are the tax consequences? A person who is broadcasting their online activity in real time is ‘live streaming’. This form of entertainment has developed into a massive industry for video gamers and other creatives, with recent COVID-19 ‘stay at home’ restrictions leading to a surge in viewership and the number of people streaming online.

Mathew has a wealth of experience across all aspects of accounting and has developed a specialisation in tax, particularly income tax and GST, management accounting, cash flow and budgeting, and business restructuring. Mathew has a passion for the local community and is highly regarded by his clients because of his experience and ability to effectively provide exceptional service and advice across all levels and areas of business.

Last week we asked what the future of the corporate tax system of Australia should look like. More than 64% of respondents felt that Australia should have a single corporate tax rate set at 25%. The upcoming Federal budget is going to be important for business. Hopefully the Government will carefully consider some issues which in our view require immediate reform. Read more about our thoughts on the complex dual corporate tax system is complex, and why we should be moving towards a single lower corporate tax rate.

Domenique is an Associate Director in the Business Advisory division and works with some of Australia's largest corporate and high net worth individuals and groups. With over 12 years of experience, she specialises in providing tailored taxation, commercial and financial strategic advice to organisations across all stages of their business lifecycle. Domenique excels in corporate tax compliance and advisory, offering insights into income tax, indirect taxes, tax due diligence, CGT, and ATO taxation audits. Her skills further extend to optimal taxation structuring and re-structuring, including tax consolidation, as well as the review and implementation of corporate tax governance structures in alignment with risk frameworks and best policy practices. Domenique also contributes to executive board discussions, delivering expert advice on technical taxation and business advisory matters.