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General Tax Updates

Recently the Treasury released a consultation paper proposing changes to the treatment of complying Debit Loans to Shareholders in a Company (Division 7A loans). The recommendation is that the proposed changes will come into effect on 1 July 2019. Division 7A is part of the Income tax Assessment Act 1936 and is intended to prevent […]

 The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 income year (instead of the 2027 income year based on the previously legislated timeline). Similarly, […]

In the last week of the August Parliamentary sittings, the controversial corporate tax cut plan for the big end of town (i.e., companies with an aggregated turnover of over $50 million) was defeated. In addition, long-awaited legislation impacting the company tax and franking rates for small to medium companies (i.e., introducing a new ‘base rate […]

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