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Mazars appoint ESG specialist strengthening ESG offering in Australia
17 May 2023: Mazars, the international audit, tax and advisory firm is proud to announce the appointment of Damien Lambert as Head of Sustainability Services in Melbourne. This appointment reflects Mazars’ continued commitment to deliver clients with a range of services that shape a sustainable future for both our clients and the wider society.
Mazars 2023-24 Federal Budget tax & superannuation brief
The Federal Treasurer, Dr Jim Chalmers, handed down the 2023–24 Federal Budget at 7:30 pm (AEST) on 9 May 2023.
New thin capitalisation rules draw interest from multinationals
On 16 March 2023, the Government released the much-anticipated changes to the thin capitalisation regime that were originally announced in the October 2022 budget. As most Australian taxpayers subject to thin capitalisation have been calculating their debt deductions with reference to 60% of its gross assets, the proposed legislation in subdivision 820-AA of the Income Tax Assessment Act 1997 (‘ITAA 97’) will instead allow debt deductions of up to 30% of EBITDA.
Thin capitalisation changes require rethink of multinational capital structuring
The Government has released draft legislation which if passed will mark significant changes to Australia’s Thin Capitalisation legislation to apply from 1 July 2023.
What we can learn from Ampol’s $157 million transfer pricing settlement with the ATO
The Australian Taxation Office (‘ATO’) and Ampol have finally settled a 10 year tax dispute on the application of the Controlled Foreign Company (‘CFC’) and transfer pricing rules to Ampol’s operations in Singapore.
Payment times reporting (PTR) – are you affected?
The payment times reporting (PTR) regime commenced on 1 January 2021 and requires certain large business entities to report on their small business payment terms and times. This information is published on the Payment Times Reports Register and is accessible by the public.
Don’t get caught off guard: understand the FBT obligations when providing employees with FBT-exempt Electric Cars
It's important employers consider the potential Fringe Benefits Tax (FBT) consequences when providing a benefit to an employee. This consideration remains essential for employers providing Electric Vehicles (EVs) to an employee, despite recent legislation exempting employers from paying FBT on their private usage.
Fair Work amendments: Secure Jobs, Better Pay – what do I need to know?
The Secure Jobs, Better Pay amendments to the Fair Work Act will progressively be implemented throughout 2023, with some amendments having already commenced and others commencing on March 6.
New Zealand, Finland, German or South African citizens – refunds of NSW duty and land tax
The NSW Government announced last week that the NSW residential land foreign person surcharge provisions are inconsistent with international tax treaties entered into by the Federal Government with New Zealand, Finland, Germany and South Africa.
Government announces plans for $3million superannuation cap
After speculation that changes to the superannuation rules could form part of the upcoming Federal Budget, the Government has made a pre-emptive announcement that they will look to introduce a new ‘cap’ for super. The new cap, which is proposed to commence from 1 July 2025 will limit the tax concessions available to those with a superannuation balance above $3 million.