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National Net Zero Authority facilitating Australia's transition towards sustainable energy
On May 5th, 2023, the Climate Change and Energy Minister Chris Bowen from the Albanese Government published a media release on a national Net Zero Authority, which presents further ESG opportunities especially those in Regional Australia.
Victorian Budget – Tax hikes and tax reform
The first lesson one learns in Economics 101 is that “there is no such thing as a free lunch”. The Victorian Treasurer, Tim Pallas, has applied that lesson in dramatic fashion with substantial tax increases announced in the State Budget on 23 May 2023. Faced with a burgeoning interest bill rising to $8 billion a year, Victoria will raise taxes for 10 years to pay off the massive debt accumulated to address Covid.
Dangers in the ‘Do-It-Yourself’ approach when selling your business
You wouldn’t think twice about contacting a real estate agent when selling your house, why is it any different when selling your business? The same principles apply and are magnified during the sale of a business as in most cases, businesses are worth more than real estate.
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.