Accounting News | Threlfalls Chartered Accountants

ATO withdraws outdated guidance on employee share schemes

The ATO has withdrawn Taxation Determination TD 93/60 and Taxation Ruling IT 2516, stating that both are now obsolete and have no ongoing relevance. TD 93/60 dealt with Australian employees receiving shares in foreign companies under now-repealed s 26AAC of the Income Tax Assessment Act 1936 ( ITAA36 ), while IT 2516 explained amendments to the former employee share scheme rules in s 26AAAC, including how discounts and cost bases were to be treated. These provisions have lo

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ATO outlines 2025–26 focus areas for privately owned and wealthy groups

The ATO has released its compliance priorities for privately owned and wealthy groups for the 2025–26 income year. These areas of focus reflect insights gathered from casework, risk analysis and data intelligence and signal increased scrutiny across several key tax and governance issues. Core tax and compliance risks The ATO will continue to monitor governance failures and poor internal controls leading to common issues such as incorrect or incomplete lodgment, omitted incom

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Final ATO guidance on effective life of depreciating assets released

The ATO has published its final guidance on the effective life of depreciating assets for income tax purposes, with updates to the legislative instrument now in force. The new instrument, Income Tax (Effective Life of Depreciating Assets) Determination 2025 , was finalised following consultation in June and replaces the 2015 version, which sunsets on 1 October 2025. The determination sets out the periods over which various types of assets are expected to be used to produce i

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