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The article offers information on reduction in fuel excise duty. Topics include information on claiming fuel tax credits to offset cost of living increases; how excise duty is charged on sales made by producers and importers of fuel and petroleum products; and how eligible businesses are entitled to fuel tax credits which offset the excise duty included in the purchase price of the fuel that they use.

The article discusses taxation issues in Australia, particularly the provisions of the TR 2020/2 rules covering deductibles for expenditures incurred during environmental protection activities. The tax deductions are mandated by the Income Tax Assessment Act of 1997 (ITAA97). Also cited are the expenditures that are not tax deductible like the cost of acquiring land and capital expenditure for building construction or structural improvements.

The article focuses on issues to be considered when trying to unravel the complexities of international tax. It mentions tax issues to consider such as tax payable on business profits, tax payable on the repatriation of profits to Australia, and tax treatment of transactions between the Australian and foreign operations. It also mentions need for taxpayers should check any deferred tax assets (DTAs).

For those non-resident taxpayers which already have a permanent establishment in Australia, changes to work practices in response to COVID-19 may prompt an evaluation of whether they still need to maintain a permanent establishment in Australia. COVId-19 has changed the workplace and may also affect permanent establishments. To assist taxpayers caught in this situation, the ATO has issued guidance stating that it will not deem a foreign business to have a permanent establishment in Australia if employees are temporarily located in Australia due to COVID-19 travel restrictions.

The article focuses on the reduction of company tax rate for small businesses in the 2016-17 Budget of Australia. Topics discussed include reduction in the tax rate will clearly benefit companies, the tax paid on their profits is only part of the overall tax position, dividend imputation or franking system and tax position of shareholders may not be a major consideration for public companies with thousands of shareholders.