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Tax insights

Latest developments in tax

Deloitte Australia’s Tax insights apply a wealth of expertise to provide you with comprehensive analysis and implications in respect of the latest tax developments.

Latest Tax insight

ATO releases revised guidance on MAP – what does it mean for you? - 18 October 2018

The ATO recently released on its website, revised guidance on the operation of the Mutual Agreement Procedure (MAP) article contained in Australia’s double tax agreements.

ATO releases revised guidance on MAP – what does it mean for you? - 18 October 2018

Recent Tax insights

Black economy measures draw a wide net - 10 October 2018

New legislation directed at black economy behaviour is likely to impact many ordinary business dealings.

Diverted profits tax: where are we now? - 27 September 2018

The ATO has released updated, finalised guidance in respect of the Diverted profits tax (DPT).

Can you identify your Reportable Tax Positions? - 25 September 2018

Reportable Tax Positions (RTPs), and the requirement to lodge an RTP schedule, have been in place since 2011. However, the RTP disclosure requirement has been significantly broadened for income years ending on or after 30 June 2018 to include all companies in economic groups with a turnover greater than AUD 250 million (where notified by the Australian Taxation Office (ATO)). It is expected that the RTP regime will cover approximately 1,100 taxpayers.

R&D Tax Incentive Bill introduced into Parliament - 25 September 2018

On 20 September 2018, the Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018 was introduced into Parliament, which surprisingly included the measures to enact the proposed changes to the research and development (R&D) tax incentive scheme originally announced in the May budget.

More headaches for more Significant Global Entities

Part 1 - 27 August 2018

On 20 July 2018, the Government released draft legislation and explanatory memorandum, which will extend the definition of a Significant Global Entity (SGE).

Part 2 - 28 August 2018

With more taxpayers potentially within the definition of Significant Global Entity, it is timely to revisit the obligations of a SGE.

Multilateral Instrument: One step closer - 21 August 2018

On 16 August 2018, the Treasury Laws Amendment (OECD Multilateral Instrument) Bill 2018 (the Bill) completed its passage through Parliament and now awaits Royal Assent.

OECD releases Discussion Draft on the transfer pricing of financial transactions: An Australian perspective - 17 July 2018

On 3 July 2018, the OECD released a Discussion Draft on the transfer pricing aspects of financial transactions.

Draft legislation for R&D Tax Incentive changes released - 02 July 2018

On Friday 29 June 2018, Exposure Draft (ED) legislation and the associated Explanatory Materials were released for public consultation. These seek to enact the 2018-19 Federal Budget announcements made on 8 May 2018 to narrow the benefits available under the current R&D Tax Incentive program.

Hybrid Mismatch and Multinational Group Financing Integrity Rules - 25 June 2018

On 21 June 2018, the Australian Taxation Office (ATO) released draft Practical Compliance Guideline PCG 2018/D4 (draft PCG) setting out the ATO’s proposed compliance approach with respect to the potential application of Australia’s general anti-avoidance rule (Part IVA) to restructures of hybrid mismatch arrangements.

Corporate residency test – ATO’s new approach - 21 June 2018

On 21 June 2018, the Australian Taxation Office (ATO) released Tax Ruling TR 2018/5 (the Ruling), a draft Practical Compliance Guideline PCG 2018/D3 (draft PCG) and a Compendium to TR 2018/5 in relation to the central management and control (CMAC) test of corporate residency.

Senate Inquiry into corporate tax avoidance final report - 14 June 2018

The long running Senate Inquiry into corporate tax avoidance, which commenced in 2014, recently issued its third and final report.

The Inquiry has provided a platform for significant debate about corporate tax in Australia, and has seen appearances by the ATO (on a number of occasions), multinationals from a range of sectors (digital, pharmaceutical, mining, oil & gas, sharing economy), advisers, academics and social action groups.

Taxation of Stapled Structures changes announced - 28 March 2018

On 27 March 2018, the Government released a detailed paper on the changes it will introduce to tighten the rules around stapled structures and limit the concessions currently available to foreign investors for passive income.

“Careful but bold” Labor tax policies - 22 March 2018

Shadow Treasurer Chris Bowen set out Labor’s philosophy on tax reform and Budget repair. As part of the speech, Mr Bowen stated Labor was prepared to lead the policy debate and tackle the big issues, to be “careful but bold”.

Hybrid Mismatch Exposure Draft - 21 March 2018

On 7 March 2018, the Australian Government released revised Exposure Draft (ED) legislation addressing hybrid mismatch arrangements. Among other additions and changes, the revised draft incorporates the branch mismatch rules and the targeted integrity rule promised in previous Government announcements.

AAT rejects associate connection based on sufficient influence - 7 March 2018

A recent decision of the Administrative Appeals Tribunal (AAT) considered the meaning of sufficient influence, in determining whether a company was an “associate” of another. The AAT held in favour of the taxpayer and concluded that the relevant companies were not sufficiently influenced, and so were not associates. The concept of associate, which is used widely throughout tax legislation, is extremely broad. However, this decision rejects the approach that the ATO had adopted.

Tax consolidation measures introduced into Parliament - 22 February 2018

On 15 February 2018, the legislation containing the measures to improve the operation of certain entry and exit tax cost setting rules in the tax consolidation regime was finally introduced into Parliament as the Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018 (the Bill).

GST withholding obligation for residential property purchasers  - 20 February 2018

The Government has introduced amendments into Parliament to require purchasers of affected new residential premises or residential land in new subdivisions to withhold on account of GST and pay that amount to the ATO as part of the settlement process.

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Archive

Explore the archive of Tax insights below. If you cannot find the Tax insight your are looking for or if you would like more information on particular topic please contact us on taxinsights@deloitte.com.au.

2018

February

14 February 2018 | Resource Capital Fund decision

13 February 2018 | Foreign residents to be excluded from CGT main residence exemption

January

30 January 2018 | No turning back

2017

December

20 December 2017 | ATO issues final compliance approach for cross border related party debt funding

20 December 2017 | Diverted Profits Tax: ATO guidance released

12 December 2017 | The politics of tax 2017

November

29 November 2017 | Australian anti-hybrid rules

22 November 2017 | US Tax reform – What does it mean for Australia?

October

October 2017 | A comparable landscape: ascertaining the policy in Australia’s bank levy

17 October 2017 | ATO estimates large corporate tax gap

October 2017 | Clarity in financial reporting

September

15 September 2017 | Long-awaited Tax consolidation measures released

7 September 2017 | Your tax affairs in the public spotlight

August

9 August 2017 | Customs duty compliance: What’s there to worry about?

8 August 2017 | The alternative Government: Labor tax policies

July

27 July 2017 | Housing integrity measures

June

16 June 2017 | Multilateral Convention: an Australian perspective

May

30 May 2017 | The new transfer pricing world: Are you ready?

16 May 2017 | ATO issues risk assessment framework tool for related party financing

15 May 2017 | Real estate tax measures

April

03 April 2017 | Corporate tax rate resolved (for now)

March

23 March 2017 | Selling low value goods to consumers in Australia – will you be GST ready ?

February

20 February 2017 | Increased penalties for significant global entities

13 February 2017 | Diverted Profits Tax: how does it impact you?

02 February 2017 | The road ahead

2016

December

21st December 2016 | Tax and Politics 2016

1st December 2016 | Diverted Profits Tax: the future is here

8th December 2016 | BEPS: OECD Multilateral Convention

October

27th October 2016 | General purpose financial statements: the current state of play

25th October 2016 | Exposure draft to improve the debt equity rules

September

26th September 2016 | $500,000 lifetime non-concessional contribution cap DUMPED, but…

August

24th August 2016 | The Government’s tax agenda: gliding or crashing?

10th August 2016 | When is interest paid? The wide view versus the narrow view

July

22nd July 2016 | Limited Partnership structure defeated in D Marks case

12th July 2016 | Commissioner of Taxation v Ludekens (No. 2) [2016] FCA 775

June

29th June 2016 | UK leaving the EU: Briefing paper on direct and indirect tax implications

29th June 2016 | DPT Submission to Treasury

20th June 2016 | Your tax affairs in the public spotlight: the Australian tax transparency code

May

27th May 2016 | Tax consolidation changes bring clarity for taxpayers

16th May 2016 | A fork in the road? Tax and the 2016 federal election

16th May 2016 | Federal Budget 2016-17 Superannuation Changes

13th May 2016 | Federal Budget 2016-17 Diverted Profits Tax

April

29th April 2016 | ATO targets international profit-shifting arrangements

15th April 2016 | Tax Incentives for early stage investors

6th April 2016 | New “similar business test” for loss recoupment

February

24th February 2016 | Taxation, national interest and foreign investment: new Australian guidelines

4th February 2016 | Diving into the year ahead

 

2015

December

14th December 2015 | Foreign resident CGT withholding regime

10th December 2015 | New Tax System for Managed Investment Trusts – Bill introduced

1st December 2015 | New Australian tax treaty with Germany

November

4th November 2015 | Deconstructing the Chevron Transfer Pricing Case

October

22nd October 2015 | Countering Harmful Tax Practices

21st October 2015 | BEPS: Neutralising Hybrid Mismatch Arrangements

15th October 2015 | The Global Tax Reset

13th October 2015 | Final report on limiting interest deductions and other financial payments

8th October 2015 | Preventing the Artificial Avoidance of PE Status

September

17th September 2015 | Multinational tax avoidance measures

August

18th August 2015 | The Senate Inquiry Interim Report

10th August 2015 | Draft legislation on Country-by-Country and transfer pricing documentation

July

30th July 2015 | Investment Manager Regime (IMR) now in operation

June

26th June 2015 | Talking tax reform: Property

25th June 2015 | Investment Manager Regime (IMR) law enacted

18th June 2015 | CbC reporting implementation package

18th June 2015 | Fly-in-fly-out arrangement held to be otherwise deductible

10th June 2015 | BEPS Action 6: Preventing treaty abuse

10th June 2015 | Permanent Establishments: BEPS Action 7 and Australian measures

10th June 2015 | Talking tax reform:Managing employee costs

May

28th May 2015 | Tax Consolidation: Changes raise concerns for affected taxpayers

26th May 2015 | Federal Budget 2015-16: Immigration issues

25th May 2015 | Your tax affairs in the public spotlight: Tax transparency

25th May 2015 | Talking tax reform: Not-for-profit sector

12th May 2015 | Multinational anti avoidance

11th May 2015 | Australian diverted profits and GST measures

April

20th April 2015 | New Tax System for Managed Investment Trusts - Exposure Draft

1st April 2015 | Re: think: Implications of the Tax Discussion Paper

March

23th Mar 2015 | BEPS: 2015 and beyond

17th Mar 2015 | BEPS – focus shifts toward implementation

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