Modern internal audit is an important component of effective corporate governance. Its purpose, according to the 2017 International Professional Practices Framework is to “enhance and protect organisational value by providing stakeholders with risk-based, objective and reliable assurance, advice, and insight.”
Annual council rate notices containing property valuations have recently been issued by local councils in Victoria. Rate payers should consider whether the property values on their notices are reasonable, so that an objection can be lodged within the 2 months’ deadline if required. A successful objection could translate into significant savings in the form of reduced rates, a reduced 2021 Land Tax liability or a reduced 2021 Vacant Residential Land Tax liability.
The Victorian Government has extended the land tax relief measures that apply to multi-tenanted properties, making it easier for landlords to apply for land tax relief.
The Government announced a large number of expenditure measures which are aimed at kickstarting the economy. Many of these items have a smaller budgetary cost and are targeted at certain businesses and industries. Below is an overview of these measures.
The Government has announced the “Your Future, Your Super” package to improve the superannuation system and has confirmed a number of previously announced measures to apply from 1 July 2021.
Certain Fringe Benefits Tax (“FBT”) exemptions will now apply to businesses with turnovers between $10 million and $50 million. Retraining of redundant and redeployed employees will also be exempt from FBT. Record-keeping requirements may also be reduced in future.
The Government continues to expand the list of countries with exchange of information agreements, providing access to lower withholding tax rates and driving inbound investment opportunities into Australian managed funds.
The Government will introduce key corporate tax residency amendments for foreign incorporated companies, alongside a handful of minor international tax measures.
The Government has announced changes to the R&D tax incentive that will reverse many of the previous R&D reform measures introduced during the 2018-19 Budget and defer the start date to 1 July 2021.
In the midst of global economic uncertainty, it is no surprise that the Federal Budget 2020-21 is focussed on the roll-out of an enormous Government spending program, supported by a wide range of quickfire measures to encourage business investment and job creation. Whilst not focussed on long-term structural reform, the Budget is pragmatic in the circumstances.
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