Tax

CA ANZ has warned of the potential implementation costs that Division 296 may bring as the bill was officially introduced to parliament last week.

The Tax Office has released its 2023–24 international related party dealings statistics, giving a snapshot of cross-border dealings as part of its profit shifting monitoring activities.

The International Monetary Fund has urged Australia to consider comprehensive tax and expenditure reforms following its annual economic check-up.

An engineer’s attempt to claim over $60,000 in personal income tax deductions relating to work from home and car expenses has been rebuffed in court.

Jim Chalmers has left the door open for substantive tax reform in the May budget, but refused to confirm whether the government would be going ahead with changes to the CGT discount.

The Treasurer has officially introduced the Division 296 bill to the House of Representatives, with its passage in the Senate subject to support from the Greens.

The future of CGT seems to be the hot topic on everyone’s lips, with the IFPA chiming in with calls for calm, clarity and proper scrutiny.

The Tax Institute has doubled down on its calls for structural tax reform and simplification in the lead-up to the May budget.

The Parliamentary Budget Office has joined the chorus supporting a slash to capital gains tax, with analysis highlighting it could cost the budget $247 billion in foregone revenue.

The Labor government is reportedly considering changes to the 50 per cent capital gains tax discount as the May budget approaches.