The carry-forward concessional contribution provision allows individuals to take advantage of unused concessional contribution space from prior financial years. These rules provide flexibility around the timing of contributions to match year-to-year changes in cash flow, as well as the ability to manage taxation outcomes each financial year. In this article we will explain how the […]
Welcome to our summer wealth management update. This edition covers the following topics: Residential property headwinds The major drivers of residential property prices in Sydney go far beyond how close a home is to the water, or how easy it is to commute to the city. With population growth increasing rapidly each year, there is […]
Recent court and tribunal decisions in Victoria and New South Wales indicate that medical and allied health centres providing various administrative services and collecting patient fees and distributing these fees to doctors, net of service charges, may be caught under payroll tax provisions. This article discusses Thomas’ case and the compliance approach that State Revenue […]
The Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 (“the Bill”) introduces legislation to implement the long-awaited CCIV regime into Australia. Designed to allow managed funds to operate through a legal form corporate entity, but maintain flow-through taxation, it is intended to provide a more familiar vehicle for foreign investors who may not […]
The Mental Health and Wellbeing Levy was introduced to support funding for a range of mental health services in Victoria. The Levy will be implemented as a payroll tax surcharge on certain businesses commencing from 1 January 2022. Who has to pay the levy? An employer will be liable for the Levy on the portion […]
The recent surge in energy prices amid shortages particularly in areas of Europe and China, coupled with ongoing supply chain disruptions, have refuelled the debate around the likely persistence of the inflationary pressures currently being experienced around the globe. For many of us, this issue is a relatively unusual environment. In looking back over time […]
As we emerge from Covid-19, many people continue to maintain a hybrid work model, mixing working from home (WFH) and working from their employer’s business premises. However, there is little guidance from the tax office on hybrid working arrangements (HWA), resulting in gaps surrounding tax treatments for travel, the use of business equipment at home […]
The 2020-21 Federal Budget introduced a temporary loss carry back regime in response to the COVID-19 pandemic. The rules allow for corporate tax entities to carry back tax losses from the 2019-20, 2020-21 and 2021-22 years as far back as the 2018-19 income year to generate refundable tax offsets. Pursuant to the 2021-22 Federal Budget […]
Impact for landowners, purchasers, and developers. The Bill containing the new Windfall Gains Tax and the Build-To-Rent land tax concessions was passed without amendment by the Victorian Parliament, and has now received Royal Assent. The Windfall Gains Tax will therefore be commencing on 1 July 2023. But what does that mean for you? Pitcher Partners […]
Businesses with overdue tax debts of more than $100,000 may have their tax debt information reported to credit reporting bureaus by the Australian Taxation Office (“ATO”), following a new tax debt disclosure measure enacted in October 2019. While the regime took effect from February 2020, its implementation was delayed in response to COVID-19. Entities that […]
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