GST Point-in-Time Service Updates

The GST Service has been updated to include the Competition and Consumer Amendment (Fair Go for Consumers and Small Business) Act 2024 (Cth) (No. 16 of 2024) and the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Act 2024 (Cth) (Act No. 23 of 2024).

Act 16 of 2024

The Act amends the Competition and Consumer Act 2010 (Cth) to introduce a new designated complaints function that requires the Australian Competition and Consumer Commission (ACCC) to assess, and respond to, designated complaints submitted by designated complainants. These amendments implement one part of the Government's Better Competition election commitment to establish a 'super complaints' function within the ACCC.

The amendments made by the Act will:

• provide a framework to empower designated complainants (such as consumer and small business advocate organisations) to submit designated complaints to the ACCC. These complaints must relate to a significant or systemic market issue that affects consumers or small businesses in Australia, and either a potential breach of the Principal Act or the ACCC's powers or functions under the Competition and Consumer Act 2010 (Cth);
• require the ACCC to prioritise and assess such complaints, respond in a timely manner, and act where appropriate; and
• require the ACCC to publish certain information on such complaints on their website to ensure transparency.

Act 23 of 2024

Schedule 1 to the Act introduces new rules on the disclosure of information about subsidiaries. For financial years commencing on or after 1 July 2023, Australian public companies (listed and unlisted) must disclose information about subsidiaries in their annual financial reports.

Schedule 2 to the Act limits the amount of debt deductions multinational entities can claim in an income year. The new thin capitalisation rules seek to align with the Organisation for Economic Cooperation and Development’s earnings-based best practice model which allows an entity to deduct net interest expense up to a benchmark earnings ratio.

These amendments have been updated in the Point-in-Time GST Service current to 22 April 2024. (NB: subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.