Tax & Accounting Blog

NEWS, TRENDS AND RESOURCES FOR
TAX AND ACCOUNTING PROFESSIONALS

100% Pure BEPs: NZ responds to the OECD’s BEPs Action Plan

100% Pure BEPs: NZ responds to the OECD’s BEPs Action Plan

With the introduction of a new tax bill in New Zealand to counter multinationals’ BEPs activities, it is a good time to revisit Australia’s own BEPs progress. … Read More

Did we learn anything from the Chevron transfer pricing case? Has arm’s length price passed its use-by date?

Did we learn anything from the Chevron transfer pricing case? Has arm’s length price passed its use-by date?

In August 2017, Chevron Australia announced that it would abandon its ongoing transfer pricing dispute with the ATO.  This announcement means that, for the next few years at least, the Full Federal Court’s judgment handed down in April 2017 (Chevron Australia Holdings Pty Ltd v FCT [2017] FCAFC 62, reported at 2017 WTB 16 [486]) represents the leading authority […] … Read More

Corporate beneficiaries and corporate tax rate: How might the new legislation be applied?

Corporate beneficiaries and corporate tax rate: How might the new legislation be applied?

On 18 October 2017, the Government introduced Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 into Parliament.  The Bill contains amendments to s 23AA of the Income Tax Rates Act 1986 to clarify which entities will be eligible for the reduced corporate tax rate for the 2017-18 income year and subsequent income […] … Read More

Professional services firms left in a quandary after ATO suspends risk assessment guidelines

Professional services firms left in a quandary after ATO suspends risk assessment guidelines

As practitioners will be aware, the ATO has suspended the application of its risk assessment guidelines for allocation of profits within professional services firms. The ATO’s risk assessment guidelines previously stated they would be reviewed in 2017. However, writing in Thomson Reuters 2018 Weekly Tax Bulletin Issue 3, Lance Cunningham, BDO National Tax Director, says […] … Read More

SMSF return due date extended

SMSF return due date extended

The Tax Office has extended to 30 June 2018 the due date for lodging self-managed superannuation fund (SMSF) annual returns for the 2016-17 income year. Thomson Reuters Weekly Tax Bulletin (Issue 3, 19 January 2018) reported that the ATO made this decision in recognition of the major choices that SMSF trustees need to make in this first financial year of […] … Read More

Are you tax-ready in 2018?

Are you tax-ready in 2018?

Did you know that most landlords can no longer claim a deduction for travel costs connected with an investment property? So that trip to the Gold Coast to inspect your rental unit is no longer deductible. There are also restrictions on claiming depreciation on second-hand assets used in a rental property. There are exceptions, in […] … Read More