Accounting & Wealth Insights

Country by country (CbC) reporting applies to income years commencing on, or after, 1 January 2016.

Significant Global Entities (SGEs) need to electronically lodge three statements (the local file, master file and CbC report) with the Australian Taxation Office (ATO).

Your superannuation trust deed along with the superannuation laws form the governing rules that self managed super funds (SMSFs) needs to operate by. The introduction of the $1.6 million transfer balance cap (TBC) and new transition to retirement income stream (TRIS) rules are a ‘game changer’ for SMSFs when discussing benefit payments and estate planning.

Self-education expenses are deductible where the expenses have the necessary connection with the production of the taxpayer’s assessable income. However, a deduction will be denied for the first $250 of certain kinds of self-education expenses.

Crowd-sourced funding helps both start-ups and small to medium sized businesses and investors access the opportunities that are available from an innovative economy. From 29 September 2017, the new crowd-sourced funding (CSF) regime will come into effect and ASIC will begin accepting licence applications from CSF intermediaries.

A taxpayer has learned that no capital gains tax event would occur on the transfer of real property from themselves to a family member. A recent private binding ruling highlights that a beneficial ownership of an asset doesn’t solely relate to shares in a company or beneficiaries of trusts and can occur to real property owned by individuals.

Companies, trusts and partnerships can simplify their transfer pricing record-keeping requirements if any of following options applies:

When Tax Laws Amendment (2011 Measures No 9) Bill 2011 was given royal assent on 21 March 2012, it allowed certain discretions to the Commissioner of Taxation. One such discretion allowed an extension of time for capital gains tax exemption for a dwellings of a deceased estate.