Question:
Do you need an APEC Business Travel Card?
Answer:
Recent changes are outlined below:
July 1, 2022
- Loss carry back for eligible companies extended to cover 2023 income year.
- Professional firm profits diverted to the professional's spouse or other associates to be reviewed under new Tax Office guidance.
- Corporate collective investment vehicle legislative regime introduced.
- Temporary full expensing of depreciating assets extended to include 2023 income year.
- Depreciable assets of a company joining a tax consolidation group have tax costs setting rules modified for assets depreciated under temporary full expensing rules.
December 9, 2021
- Reduced Pandemic leave disaster payment of $750 per week made available through to 30 June 2022.
August 5, 2021
- COVID-19 Disaster Payments are non-assessable non-exempt income in 2021 income year and later. Payments phasing out as vaccination rates increase.
July 1, 2021
- New Investment Engagement Service launched for businesses planning significant new investments in Australia.
- Tax Office small business independent review service made permanent for businesses with turnover < $10m, for income tax, GST, exercise, luxury car tax, wine equalisation tax and fuel tax credits. Requested before amended assessment issued.
- Small business income tax offset for individuals increased to provide a reduction of 16% for a tax payable up to $1,000.
- Self-managed superannuation funds can now have six members, increased from four members previously.
July 1, 2021
- Some COVID -19 state and territory business grants received by small and medium enterprises are non-assessable, non-exempt income for 2021 and 2022 income years.
- Certain state, territory and local government financial support for individuals and businesses suffering COVID-19 impacts made exempt where businesses have turnover less than $50 million and only in eligible programs.
March 31, 2021
- JobKeeper payments scheme ended.
October 5, 2020
- Boosting apprenticeship commencements subsidy (up to 50% of apprentice's wages) is assessable income.
June 4, 2020
- Homebuilder grant for new home or substantial renovation construction is not subject to income tax.
April 1, 2020
- COVID-19 cash flow boost payments are not subject to income tax
The Asia-Pacific Economic Cooperation consists of 29 Asian and Pacific countries who have established cooperative arrangements to promote trade and business. These include Australia, Brunei, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Singapore, Taipei, Thailand, Vietnam and Russia. Canada and United States are also members.
If you are the head of a business entity or the owner or director of a registered business or a nominated employee of that business, you may be eligible to apply for an APEC Business Travel Card. If you are a senior government official, you might also be eligible to apply.
This is a card which is the size of a credit card and it identifies your passport details, lists the countries that you can enter and stay in for periods of up to 60 or 90 days and provides access to fast track entry and exit lanes in major airports.
You can apply for an APEC Business Travel Card through the appropriate organisation in your home country. All details are available on the website travel.apec.org. In Australia, you can download the application form at http://www.immi.gov.au/Business/Pages/apec-travel-card.aspx. Complete the form and courier it to APEC Business Travel Card Scheme, Department of Immigration and Boarder Protection, Level 2, 299 Adelaide Street, Brisbane, Qld, 4000.
Andrew and Tony Lovett
18 June 2015
