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
On 11 October 2017 the ATO released a new publication called “Tax and Corporate Australia” addressing the tax performance of the top 1,400 large corporate groups (turnover >$250m) for the 2014-15 year. It contains the ATO’s tax gap estimate for the segment, being approx. $2.5 billion, or 5.8% for the year ended 30 June 2015.
Recent Tax insights
New ‘general purpose financial statement’ requirements and their impact – Australian Tax Office (ATO) releases guidance on how it interprets the law.
On 11 September 2017, the long-awaited Exposure Draft legislation and a draft explanatory memorandum on improving the operation of the tax cost setting rules in tax consolidation was released for public consultation.
On 22 August 2017, the Senate Economics References Committee held a public meeting to continue their long-running inquiry into multinational corporate tax avoidance. One of the principal purposes of the public hearing was to ascertain how recent changes in tax law such as the Multinational Anti-Avoidance Law (MAAL) and Diverted Profits Tax (DPT) have generated change in the tax behaviours of multinationals.
Recent customs duty compliance information published by the Australian Border Force has highlighted several issues that should be of concern to any business importing trading stock, inputs to manufacture or other goods used or consumed in their operations. This raises the question: are businesses paying enough attention to their customs obligations?
What would an alternative Labor government propose to tax? It is timely to take stock of the many recent and longstanding tax-related announcements that have been made by Labor.
On 9 May 2017 the Treasurer handed down the 2017-18 Federal Budget which had a strong emphasis on promoting housing affordability and assisting first home buyers enter the property market.
Australia, together with 67 other countries signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the Convention) on 7 June 2017. The Convention operates to work alongside existing tax treaties in implementing the tax treaty-based recommendations arising from the G20/OECD BEPS project.
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30 May 2017 | The new transfer pricing world: Are you ready?
15 May 2017 | Real estate tax measures
03 April 2017 | Corporate tax rate resolved (for now)
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
21st December 2016 | Tax and Politics 2016
1st December 2016 | Diverted Profits Tax: the future is here
8th December 2016 | BEPS: OECD Multilateral Convention
27th October 2016 | General purpose financial statements: the current state of play
25th October 2016 | Exposure draft to improve the debt equity rules
26th September 2016 | $500,000 lifetime non-concessional contribution cap DUMPED, but…
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
28th July 2016 | Consequences of Brexit – An Indirect Tax perspective
22nd July 2016 | Limited Partnership structure defeated in D Marks case
12th July 2016 | Commissioner of Taxation v Ludekens (No. 2)  FCA 775
29th June 2016 | DPT Submission to Treasury
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
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
24th February 2016 | Taxation, national interest and foreign investment: new Australian guidelines
4th February 2016 | Diving into the year ahead
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
4th November 2015 | Deconstructing the Chevron Transfer Pricing Case
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
6th October 2015 | Final BEPS reports: An overall view
17th September 2015 | Multinational tax avoidance measures
18th August 2015 | The Senate Inquiry Interim Report
10th August 2015 | Draft legislation on Country-by-Country and transfer pricing documentation
30th July 2015 | Investment Manager Regime (IMR) now in operation
26th June 2015 | Talking tax reform: Property
26th June 2015 | China Australia Free Trade Agreement signed
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
28th May 2015 | Tax Consolidation: Changes raise concerns for affected taxpayers
27th May 2015 | Investment Manager Regime (IMR) finally takes shape
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 | Talking tax reform: GST
12th May 2015 | Multinational anti avoidance
11th May 2015 | Australian diverted profits and GST measures
5th May 2015 | Talking tax reform: GST
20th April 2015 | New Tax System for Managed Investment Trusts - Exposure Draft
1st April 2015 | Re: think: Implications of the Tax Discussion Paper
23th Mar 2015 | BEPS: 2015 and beyond
17th Mar 2015 | BEPS – focus shifts toward implementation
12th Mar 2015 | Exposure draft released for Investment Manager Regime (IMR)