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Late NFP self review return lodgement: ATO suspends penalties
15/04/2025
The ATO has introduced an annual self-review return requirement for non-charitable NFP organisations with an active Australian Business Number (ABN) to confirm their eligibility for income tax exemption. The inaugural NFP self-review return for the 2023–24 income year was due by 31 March 2025. Please refer to our previous article for details on the questions […]
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Pillar Two FAQs: Key Insights on the Global Minimum Tax
20/03/2025
Pillar Two introduces a global minimum tax framework aimed at ensuring multinational enterprises pay a fair level of tax, regardless of where they operate. This FAQ section addresses key questions about its implementation, impact on businesses, and compliance requirements. Whether you’re looking for insights on effective tax rates, reporting obligations, or exemptions, you’ll find clear […]
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Bendel decision | ATO appeals and updates Decision Impact Statement
20/03/2025
The Commissioner has sought special leave to appeal the Full Federal court decision that unpaid present entitlements are not loans for the purpose of Division 7A. Since the appeal application has been made, the Commissioner has released a decision impact statement outlining their approach to Division 7A in the interim, pending the outcome of the […]
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Corporate Tax Update
27/02/2025
Join our 2025 Corporate Tax update seminar to ensure you are up to date with the latest developments in corporate and international income tax. Our seminar will be delivered in an interactive format with SW expert Daren Yeoh, Tax Director, Antony Cheung, Senior Tax Manager, Yang Shi, Tax Director and Christine Krause, Director, Audit & […]
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Employment Taxes Update 2025
26/02/2025
At our annual Employment Taxes update for the Not-for-profit, Government and Corporate sectors, our experts delve into the ever-evolving world of employment taxes to help you stay ahead in this dynamic field. Our experts provided an update on: Expert speakers Stephen O’FlynnDirectorSW Paul HumDirectorSW Sam MorrisDirector SW Kirsty McDonnellDirector SW Vanessa PriestDirector SW Justin BatticciottoAssociate Director SW Rahul […]
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NFP self-review return due 31 March 2025 – How to lodge
30/01/2025
The NFP self-review return is a new annual reporting requirements for non-charitable NFPs with an active ABN. Relevant NFPs should lodge the return annually to confirm their eligibility to self-assess their income tax exempt status. For NFPs with a standard year end of 30 June, the return must be lodged by 31 October each year. […]
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Tax Effect Accounting webinar
08/11/2024
Discover the latest updates in tax effect accounting with expert insights into accounting for income taxes. Our expert will provide you with topical content of relevance as well as an update on what’s new in tax effect accounting, including information about the following topics: Session details Your speaker: Andrew WuManagerSW
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Oliver Hume Case update | State Revenue Office emboldened to review past capital raises for property trusts under an IM
21/10/2024
The Victorian Court of Appeal’s recent decision in Oliver Hume Property Funds v Commissioner of State Revenue [2024] VSCA 175 prompted the State Revenue Office (SRO) to update its ruling (DA-075v2) and introduce a voluntary disclosure amnesty for taxpayers impacted by landholder duty principles from the case. Importantly, once the amnesty ends on 31 March […]
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Deductibility of fees for financial advice | New ATO tax determination
11/10/2024
The Australian Taxation Office (ATO) has published Taxation Determination TD 2024/7, confirming the Commissioner’s view on the circumstances under which individuals who are not carrying on an investment business can claim a deduction for fees paid for financial advice. On 25 September, the ATO released Taxation Determination TD 2024/7 in relation to the deductibility of […]