Taxation
Content Summary
2023
9 November 2023 - We support the PCG in uplifting the threshold for the market value of estate assets from $5 million to $10 million. We made corrections to some paragraphs and examples. We also made suggestions to improve the efficacy of the PCG.
30 October 2023 - Our biggest concern is the new ordering between the debt deduction creation rules and all other thin capitalisation provisions in Division 820. Because of the lack of a tax purpose test, this new ordering means the majority of the debt deductions in respect of the newly amended ‘financial arrangements’ will potentially be denied deductions under the amended debt deduction creation rules. This will reduce the amount of deductible debt, increase the tax and that will decrease investment in Australia. It will also significantly increase the compliance burden for taxpayers in tracing their use of funds and acquisitions of assets.
29 September 2023 - We believe that the adoption of a patent box tax regime will send a strong and positive signal of Hong Kong’s desire to attract and retain R&D activities. The Government should consider the merits of not following the OECD’s Nexus Approach provided it is functionally equivalent, similar to that of the IP regime in mainland China as it is a more expansive and flexible IP box regime, and it has been evaluated as non-harmful by the OECD.
25 September 2023 - We believe it is incorrect to determine tax residency based on a set number of days, and it should not be the sole determinative factor. Where individuals live and work overseas but have their spouse and children living in Australia, such individuals do not sever their Australian tax residency. We also do not believe that individuals should be considered tax residents of Australia simply because they have spent more than 45 days here.
21 July 2023 - The Government should defer the commencement date and change the $2m de minimise threshold to a net basis. Consultation is needed for debt creation rules and correction is needed for the third party debt test.
18 July 2023 - We recommend the Government extend the bonus period beyond one year and increase both the size of the bonus deduction and the total eligible expenditure. We also seek clarification on a number of important aspects to improve the proposed tax incentive.
17 July 2023 - The Professional Accounting Bodies recommended the federal and state governments develop a holistic pre-prepared and tested national disaster relief package for business and their employees.
14 July 2023 - We recommend improved targeting of the trustee tax and reference the Division 7A provisions in Australia and expand the tax concession period for deceased estates.
14 March 2023
28 February 2023
2022
22 December 2022
20 December 2022
11 December 2022
7 December 2022
4 November 2022
20 October 2022
6 October 2022
5 October 2022
3 October 2022
30 September 2022
13 September 2022
14 April 2022
31 January 2022
2021
28 September 2021
NZ IRD Expenditure claims living onsite in hotel or boarding house
13 July 2021
28 June 2021
10 June 2021
28 May 2021
30 April 2021
23 March 2021
15 March 2021
1 March 2021
12 February 2021
2020
27 July 2020
28 April 2020
2 April 2020
2 April 2020
2019
21 August 2019
12 August 2019
23 April 2019
14 March 2019
Discover more
Policy consultations and submissions
View our current and past submissions and calls for comment from our members
- Policy submissions
- Policy consultations
Media
Our experts are available to provide informed comment on accounting, tax, business and the economy
- Policy consultations
- Policy perspectives
- Policy submissions
Taxation
Discover all you need to know about Australian and New Zealand taxation legislation
- Taxation
Fiji Taxation
Members in Fiji may study a local taxation subject offered by the University of the South Pacific (USP)
- Taxation
Malaysia Taxation
Members in Malaysia may study a local taxation subject offered by Sunway TES and Universiti Tun Abdul Razak.
- Taxation
Australia Taxation
Australia Taxation introduces fundamental concepts of income tax law and legislation
- Taxation
