The Australian Bureau of Statistics (ABS) has released the CPI index number of 119.7 for the September quarter 2021 (up from 118.8 for the June 2020 quarter). The CPI rose 0.8% for the September 2021 quarter. The most significant price rises were for New dwelling purchases by owner-occupiers (+3.3%) and Automotive fuel (+7.1%). Over the year to the September 2021 quarter, the CPI is…
On 29 October 2021, ASIC released information for product issuers and market operators on how they can meet their regulatory obligations in relation to crypto-asset exchange traded products (ETPs) and other investment products. The information covers good practices for market operators in how they admit and supervise these products, and good practices for product issuers in…
On 28 October 2021, the Assistant Treasurer announced the appointment of Ms Kirsten Fish as a Second Commissioner of the ATO for a seven-year period. Ms Fish has been acting as Second Commissioner in the Law Design and Practice Group at the ATO for the past 12 months. She is Chief Tax Counsel at the ATO and…
The ATO released the synthesised text of Australia’s double taxation agreement (DTA) with Denmark on 29 October 2021. It outlines the modifications that have been made to the DTA by the Multilateral Convention to Implement Tax Treaty Measures to Prevent Base Erosion and Profit Shifting (MLI). The dates of the deposit of instruments of ratification, acceptance or…
Employment taxes present a uniquely interlocking web of State and Federal obligations, that continue to present increasing challenges. At the same time, it is becoming increasingly more difficult to resolve complex issues, whether with the tax authorities or through legislative change, where required. In addition to these challenges, we are also simultaneously on the cusp…
On Wed 3 Nov 2021, the High Court overturned an assessment of a British taxpayer’s assessment under what is colloquially known as the ‘backpacker tax’ because it it imposes tax, at special rates, on taxpayers with a working holiday visa – but critically, here, at higher rates of tax on backpackers who succeed in becoming…