News in brief… 11 July 2025

ATO advice and guidance; Draft legislation on foreign bail-in bonds tax treatment released for consultation; Business turnover records first fall since October: ABS; White House issues executive order extending suspension of ‘reciprocal tariffs’ to 1 August 2025

ATO advice and guidance The Australian Taxation Office (ATO) released its latest advice and guidance on Thursday 10 July, which includes a law administration practice statement update. Law Administration Practice Statement – updates PS LA 2011/23 Credit interest PS LA 2011/23 has been updated to remove the requirement for the Commissioner to send written details when interest on early payment is paid due to changes to system processes. Additionally, there have been various clarific...

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Published Date: 11 July 2025