NZ citizens fast tracking Australian citizenship beware of potential tax pitfalls
On 22 April 2023, the Australian Government announced a direct pathway to Australian citizenship for New Zealand citizens living in Australia.
Victorian State Budget 2023-24 – Tax Update
In this webinar, our Pitcher Partners speakers, Tax Advisory Partners, Craig Whatman and Irina Tan, and Client Director, Elena Bogomolova, discuss the changes to Victoria’s state taxes that were announced as part of the 2023-24 State Budget.
Moving from sunset to sunrise: What are the top 10 automotive challenges for FY24?
Everyone tried hard, no one wanted to see the automotive industry die, but eventually the customer stepped in and changed the course of the game forever.
Key tax considerations for this 30 June
As the financial year draws to a close, it is time to start thinking about whether your year-end tax planning is in order. This bulletin sets out a number of key considerations for this 30 June. However, tax planning requires consideration of income and deductions for the year as well as whether compliance requirements have been met (e.g. appropriate elections have been made on a timely basis and other appropriate documentation prepared).
SMEs will also feel the scorch of the debt levy in Victoria supposedly targeting big businesses
In order to repair the gaping hole in the state’s budget, Victorian businesses with national payrolls above $10 million a year will be subject to an additional 0.5% levy on top of the existing payroll tax rate, with a further 0.5% for businesses with a payroll over $100 million.
How construction businesses can weather this perfect storm
Key points Construction businesses are facing a perfect storm of supply chain delays, material cost spikes, labour shortages, and fixed-price contract pressures. Monthly or quarterly financial reporting is essential to understand real-time business performance and make informed decisions. Focusing on cash flow, profitability, and cost control can help businesses stay solvent and adapt to volatile […]
Improve performance and profit by benchmarking your liquor store
You can’t tell if your liquor store’s operating and financial results are optimal if you don’t benchmark against others in your industry. Benchmarking against best practice lays the groundwork for continuous business improvement and fine-tuning performance indicators. Benchmarking improves existing processes and procedures review outcomes of past financial performance and introduces change and action allows […]
Victorian State Budget 2023-24: Analysis
Treasurer Tim Pallas handed down the Victorian State Budget 2023-24 on the afternoon of 23 May 2023. It contains a number of proposed changes to Victoria’s tax regime, the most significant of which for business relate to payroll tax, land tax and stamp duty reform for commercial and industrial properties.
Victorian State Budget 2023-24: Stamp duty to be abolished on commercial and industrial properties
Today’s 2023-24 State Budget saw the Treasurer announce a significant reform to Victoria’s duty regime, with duty on commercial and industrial properties to be replaced over time with an annual property tax.
The finer details of the new regime are unlikely to be known for some months as we understand the Government intends to consult with industry before introducing the relevant legislation into Parliament. However, based on the Government’s media release we understand the change will involve:
Victorian State Budget 2023-24: Payroll tax
The COVID Debt Levy relating to payroll has been introduced as a temporary measure as part of the COVID Debt Repayment Plan. The levy will apply from 1 July 2023 as a surcharge on Victorian wages (in addition to the Mental Health and Wellbeing Levy) paid by businesses with annual Australia-wide wages over $10 million.