Andersen in Australia

November's MTU covers OECD updates + other activities including: 1. An OECD Tax Report to G20 Finance Ministers 2. Increased HELP repayment threshold 3. Data-matching program updates 4. Various draft information sheets Read these in detail and more here: https://ow.ly/GmTp50UjEik #UnlockNew #AndersenAustralia #OECD #TaxUpdate #MTU

Navigating Non-Resident Trusts: Insights from PCG 2024/3 on Section 99B The ATO’s PCG 2024/3 offers critical guidance on the taxation of amounts received by resident beneficiaries from non-resident trusts. It clarifies compliance expectations under section 99B of the ITAA 1936, highlighting key exemptions, low-risk arrangements, and record-keeping standards. Practical Takeaways: 1. Understand how corpus exclusions and non-assessable income can reduce tax liability. 2. Learn about low-risk criteria for deceased estates and commercial agreements. 3. Discover practical steps to align with ATO compliance and mitigate risks. Read the full update here: https://ow.ly/f4Gb50UjCo3 #UnlockNew #AndersenAustralia #TaxUpdate #TaxCompliance #Section99B #ATO #PCG20243 #NonResidentTrusts

October's Global Insights Newsletter discusses the complexities of business restructuring, regarding efficiency and compliance. Nangia Andersen India Pvt. Ltd. discusses restructuring for resilience in a 'tough economy'. Read more: https://ow.ly/iqRc50U1SRx Vaish Associates Advocates (Andersen Global Member firm) highlight the Merger Control Regime in India. Details here: https://ow.ly/nhkB50U1SRt Yamani Selana MCP (SA) of Andersen in South Africa discusses the African Continental Free Trade Area (AfCFTA) and strategies to take advantage of this opportunity. Full article: https://ow.ly/9pT250U1SRB Andersen Global's newsletter can be found in full here: https://ow.ly/nrzm50U1SRv #AndersenGlobal #UnlockNew #BusinessRestructure #Global #TaxUpdates #Insights

Energy and Resources Sector - Payments to Esso Deemed Taxable under Petroleum Resource Rent Tax (PRRT) Our latest article explores the Federal Court’s decision in Commissioner of Taxation v Esso Australia Resources Pty Ltd [2024] FCAFC 151, which clarifies how payments in the energy and resources sector are treated under the PRRT framework. Key Takeaways: 1. Prepayments Classified as Taxable: Payments tied to future processing were deemed assessable, even if the related processing services had not yet occurred. 2. Settlement Payments and PRRT: Settlement sums connected to disputes over processing agreements may still fall under the definition of taxable receipts. 3. Timing of Tax Obligations: Payments are derived for tax purposes upon receipt, not when services are delivered, influencing reporting and compliance requirements. For a detailed analysis, read the full article here: https://ow.ly/q4xZ50UfxbJ #AndersenAustralia #TaxLaw #EnergyAndResources #EssoCase #PetroleumResourceRentTax #PRRT #TaxUpdates #UnlockNew #Andersen #BestInClass

November's MTU details key Legislation Updates: 1. Penalty unit increase for Commonwealth criminal offences 2. Mergers and Acquisitions Reform Bill introduced 3. IGTO powers enhanced under Robodebt Bill Find details and more in November's update: https://ow.ly/JlGz50Ufur9 #UnlockNew #AndersenAustralia #LegislationUpdate #TaxLaw #Governance #Robodebt

Decoding Family Trust Elections (FTEs): Essential Insights for Australian Trustees Our latest article dives into the critical role of Family Trust Elections (FTEs) in managing family trusts across Australia. Unlock tax benefits, avoid penalties like the Family Trust Distribution Tax (FTDT), and streamline compliance for distributions within your defined family group. Timing is key — FTEs are typically irrevocable, so strategic planning is key to maximising their benefits. Key Takeaways: 1. Tax Advantages: Leverage tax losses, claim franking credits, and sidestep FTDT penalties. 2. Simplified Compliance: Ensure seamless operations by keeping distributions within the family group. 3. Timing Strategies: Align elections with tax planning, succession goals, or upcoming distributions. Read the full article here: https://ow.ly/b82x50UftcT #FamilyTrusts #TaxPlanning #FTE #WealthManagement #AndersenAustralia #UnlockNew

This expansion creates even more value for our clients in the Asia-Pac region. On a local note, excited to be working more closely with the team at Australis Asset Advisory Group and Jan Soer-Reime.

I recently attended the 2024 Regional Partner Conference in Singapore alongside my peers from the Andersen Global network. Thank you to all APAC, Middle East and Central Asia partners who participated at our Global Mobility workshop and breakout sessions! I would like to thank Samir Mammadov our Andersen Global Mobility Practice Leader for joining us at the conference. His energy and vision were inspiring and his leadership in the Global Mobility space is a great reflection of where our firm is going. Special acknowledgement and thank Adam Schwartz and Benjamin Spilka for showcasing their latest developments in smart technology to help enhance efficiencies and risk management associated with the global movement of talent. There is nothing like connecting with our peers and leaders in person, and our wonderful conferences are a reminder of this! Four Symmetrons Zhonghua Certified Public Accountants LLP Pei-Ling Wong

November's Monthly Tax Update covers important activities regarding international, domestic and individual tax in the past month. Notably, there was the introduction of proposed MNA reforms and the establishment of Digital ID Rules. The ATO also reported greater compliance and tax revenue in their corporate tax transparency report. Stay up to date with the details here: https://ow.ly/oPVE50U9A87 #TaxUpdate #November #UnlockNew #AndersenAustralia #internationalTax #DigitalID #MNA #ATO

Clarifying Asset Valuations in Sales Our latest article expands on the Federal Court's decision in Kilgour v Commissioner of Taxation [2024] FCA 687, clarifying the application of the Market Value Substitution Rule under Section 116-10 of the ITAA 1997. We break down this case with practical examples, offering valuable insights for applying fair market value across all asset sales where valuation is essential, through the tax lens. Read the full article on our website: https://ow.ly/gupx50U6Cpj #MarketValue #Kilgour #TaxLaw #AssetValuation #AssetSales #Valuation #Tax #AndersenAustralia #AndersenGlobal #UnlockNew