Super contribution limits Due to indexation arrangements, superannuation contribution limits are set to increase from 1 July 2024. Please refer to the information below for further details. Concessional and non-concessional contribution limits The concessional contribution limit will increase from $27,500 to $30,000 from 1 July 2024. As the non-concessional contribution limit is set at four […]
The Government continuously make changes to superannuation rules which makes it necessary to review an individual’s superannuation setup each year. Below is an overview of some of the key areas that should be considered prior to 30 June 2024. Contributions What are the types of contributions? Superannuation contributions fall into two main categories: concessional and […]
Pitcher Partners Melbourne brought together a panel of experts for an extensive budget briefing. The panel included ANZ Senior Economist Catherine Birch and Tax Advisory partners Stuart Dall, Daniel Burt and Irina Tan. Together they discuss the implications of the Federal and Victorian State budget on individuals and middle market businesses. A budget focused on […]
If you own a vacant residential property in Victoria, you could have a Vacant Residential Land Tax (VRLT) liability in respect of that property from next year onwards. The VRLT is an annual tax imposed on residential property which is deemed to be ‘vacant’. The tax applies in addition to standard land tax and is […]
Productivity Growth – Either do “more with same” or “same (or more) with less” Despite many BBQ discussions centring on interest rates and property prices, economists in Canberra are devoting great swathes of water cooler discussion time to how Australia can improve workforce productivity to offset both price and wage inflation. This is important as generally, when […]
The 2024-25 Federal Budget did not announce any significant new tax reforms. Our tax experts have compiled a summary of the few tax measures that were announced below: Revised Stage 3 tax cuts – The Government confirmed that it would proceed with the revised and already legislated Stage 3 tax cuts for individuals set to […]
The State Taxation Amendment Bill 2024 was released on 14 May 2024, a week after the Victorian Budget for 2024-25 and is therefore referred to by some as the Budget Bill. The Bill includes keenly awaited amendments to the Land Tax Act 2005 (Vic) in respect of the exemption of holiday homes owned by trusts […]
Many of us don’t like to think about ourselves or loved ones getting older and more frail and as a result we quite often don’t plan for it. What if you (or a loved one) start to quickly lose your health or mental capacity? Without a plan, you may find yourself rushing into decisions such […]
On May 7, 2024, the US Treasury and IRS release proposed regulations for the taxation and reporting of foreign trusts. These extensive regulations, spanning over 150 pages, are particularly relevant for the US citizens in Australia and Australians residing in the US. US foreign trust regime As a result of some taxpayers using foreign trusts […]
Middle market businesses were denied much needed tax relief in the State Budget handed down by Treasurer Tim Pallas on the afternoon of 7 May. Craig Whatman from Pitcher Partners Melbourne spoke to Ross and Russel on 3AW Breakfast about the budget’s winners and losers, as well as need for the government to re-incentivise private […]
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