Tax Insights | November 2022 edition

Tax Insights

November 2022 edition

Tax Insights

The latest tax updates for you and your business

Keep up to date with the latest Australian and International tax news from our market-leading experts.

THE TAX LIBRARY

ARE YOU GIVING THE GIFT OF FBT THIS CHRISTMAS? LET US HELP YOU AVOID THE FBT HANGOVER
Are you giving the gift of FBT this Christmas? Let us help you avoid the FBT hangover

As the silly season gets underway and with many employers reverting to pre-pandemic norms, it's the perfect time to consider what benefits are going to be provided to staff and how you might be able to avoid a Fringe Benefits Tax (FBT) hangover.

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FUEL TAX CREDITS: RECENT CHANGES AND WHAT YOU NEED TO KNOW


Fuel tax credits: Recent changes and what you need to know

After much confusion on eligibility to claim fuel tax credits when the federal government halved the excise on fuel in June 2022 on 29 September, the temporary reduction in the fuel excise levied by the federal government ceased.

LATE TAX RETURN LODGMENT COULD RESULT IN ABN CANCELLATION

Late tax return lodgment could result in ABN cancellation

On 1 November 2022, Treasury commenced consultation on proposed amendments that would provide additional grounds for the cancellation of an entity’s Australian Business Number (ABN). 

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HAVE LOSSES AFFECTED BY DIVISION 35? CONSIDER PCG 2022/1


Have losses affected by Division 35? Consider PCG 2022/1

PCG 2022/1 provides guidance on the circumstances in which the Commissioner will be taken to have automatically exercised his discretion to permit the application of non-commercial business losses under Division 35 of the ITAA 1997.


TAX IMPLICATIONS FOR SIGNIFICANT GLOBAL ENTITIES AND COUNTRY-BY-COUNTRY REPORTING ENTITIESTax implications for significant global entities and country-by-country reporting entities

Multinational groups with operations in Australia must understand the critical concepts of Significant Global Entities (SGEs) and Country-by-Country Reporting Entities (CbCREs), as these trigger numerous targeted integrity and tax transparency measures, and potentially a draconian penalty regime.

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HAVE LOSSES AFFECTED BY DIVISION 35? CONSIDER PCG 2022/1


Have losses affected by Division 35? Consider PCG 2022/1

On 28 November 2022, the Treasury Laws Amendment (Electric Car Discount) Bill 2022 (the “Bill”) finally passed Houses of Parliament, rendering its enactment a mere formality.

 

For more information
If you require any further information on the above topics or have any tax related questions, please contact your local RSM adviser today.

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Authors

Cole Levy
Partner - Wagga Wagga
Liam Delahunty
Partner - Sydney
Liam Telford
National Tax Technical Director - Perth
Rick Kimberley
Partner - Melbourne
Sam Mohammad
Partner - Brisbane
Danielle Sherwin
Principal - Sydney