AUTHORS

Cole Levy
Managing Partner
Meet Liam, leading RSM Australia's International Tax & Transfer Pricing practice with over 20 years of experience. Specialising in transfer pricing, international tax compliance, and advisory services for multinational clients.
Liam Delahunty
Partner
Liam Telford
Liam Telford
Director, Tax Technical
Rick Kimberley
Rick Kimberley
Partner
Image of Sam Mohammad, Partner at RSM Brisbane, leading the National indirect tax practice. Specialises in GST, duty, payroll tax, and fuel tax credits for property, government, mining, and infrastructure sectors, including ASX-listed developers and multinational companies.
Sam Mohammad
Partner
Danielle Sherwin
Danielle Sherwin
Partner

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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