This session covered three key areas where draft legislation is to be released in early 2023 as follows:
- Outline of proposed changes to thin capitalisation: Treasury has indicated draft legislation is expected to be released in early 2023. The legislation will cover an overview of rules/changes, responses and expected application/carveouts
- Denying deductions for intangible payments: Treasury is expecting to consult on how “intangibles” are defined, overview of rules, expected application (intended to be broad) and no transitional rules; and
- Tax transparency: Overview/Taxpayers to prepare information for publication by ATO, draft legislation is expected to be released in early 2023.