Tax Update – October 2022
Changes to Queensland Land Tax – No Longer Going Ahead The Queensland Government proposed to introduce significant changes to the imposition of land tax in Queensland with effect from 30 June 2023. The Queensland Government has done a backflip and announced on 30 September 2022 that they would not proceed with the changes given the […]
EOFY Countdown – Are You Tax Ready?
Uncapped immediate write-off for depreciable assets Businesses with an aggregated turnover below $5B can claim an immediate deduction for the business portion of eligible new depreciating assets. In order to claim the full write off in this income year, the assets acquired must be first used or installed ready for use by 30 June 2022. […]
Division 7A and Sub-Trust Arrangements
Division 7A – Sub-trust Arrangements Draft Taxation Determination TD 2022/D1 The tax determination (“TD”) deals with trust distributions made to corporate beneficiaries that are not paid ie. UPEs. Trust distributions are commonly made to corporate beneficiaries in order to cap the tax rate on the distributions to the corporate tax rate. However, where the distribution […]
Long-awaited draft guidance on Section 100A
Tax avoidance via trust distributions – ATO guidance on s100A reimbursement agreements Draft Taxation Ruling TR 2022/D1 & Draft Practical Compliance Guideline PCG 2022/D1 S100A is an anti-avoidance provision within the tax legislation which targets trust distributions exhibiting the characteristics outlined below. It has not been widely used by the ATO to date but these […]