Tax Insight – Senate Report on Thin Capitalisation Provisions

On 22 September 2023, the Economics Legislation Committee handed down the final report of its inquiry into the provisions of the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share-Integrity and Transparency) Bill 2023. The Report is deeply disappointing and does not augur well for other important consultations. This Tax Insight focuses on the parts … Read more

2023-24 Budget Update: Key changes to Australian state taxes

By Jinny Chaimungkalanont, Mark Peters, Dan Miles, and Jonathan Wu New South Wales Treasurer Daniel Mookhey after delaying the 2023-24 budget has today (19 September 2023) handed down the new Labor Government’s first budget with significant changes being made to the state taxes landscape in New South Wales. The new revenue measures are expected to lead … Read more

Tax Bites – Episode 8: Debt creation regime

In this episode new partner James Pettigrew and Professor Graeme Cooper joins Toby Eggleston to discuss the proposed debt creation regime, dropped into the thin capitalisation bill at the last minute. More details can be found in our tax insights here. Listen on: Apple podcast Spotify Soundcloud Read more

Tax Insight – Debt Creation Regime

It was not a complete surprise when the proposal to repeal s. 25-90 was omitted from the thin capitalisation Bill introduced into Parliament on 22 June – the lobbying against the measure had been extensive. But Treasury’s decision to include a new debt creation regime instead was unexpected. Having considered the new debt creation rules, … Read more

Duties Alert: Reforms to NSW State Taxes

By Jinny Chaimungkalanont and Mark Peters The New South Wales Government introduced yesterday (1 August 2023) the Revenue, Fines and Other Legislation Amendment Bill 2023 (NSW) which proposes to implement a range of miscellaneous changes to the state taxes legislation in New South Wales. The changes include: broadening the application of aggregation rules which apply … Read more

Tax Insight: Signs of BEPS Life

The Inclusive Framework of the OECD/G20 has released an “Outcome Statement” on developments in the long-running BEPS project. The Statement is evidence of life for the BEPS project. It focuses on work done but not yet public, rather than announcing significant progress on achieving milestones, new developments or major departures from what was already in … Read more

State and Federal taxes concessions for build to rent developments

By Jinny Chaimungkalanont, Toby Eggleston, and Mark Peters Numerous Federal and State taxes concessions are now available for BTR developments to support and encourage the sector. This note outlines the presently available state taxes and announced MIT withholding tax concessions and issues applicable to a BTR project. As the statutory regimes vary across jurisdictions and detailed … Read more

Tax Insight: Revised rules for non-deductible royalties

Treasury has released a revised version of draft provisions which will deny large Australian businesses deductions for payments connected with intangibles made to associates in low tax jurisdictions. The revisions were made in light of submissions on the March version of the rules, and according to the announcement, will “better achieve the policy intent.” This … Read more

Tax Insight: Thin Capitalisation Bill – In More Detail

This Tax Insight gives a fuller analysis of the changes to the thin capitalisation measures contained in the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023 introduced into Parliament last week. The Bill departs from the Exposure Draft, which was released for consultation in March 2023, in important … Read more