Victorian State Budget 2020-21: State revenue
It comes as no surprise that COVID-19 has had a significant impact on Victorian State finances. Total taxation revenue for 2019-20 is $1.16 billion lower than the estimate stated in last year’s Budget.
Victorian State Budget 2020-21: Property developers and clubs
The Victorian Government has followed the NSW Government’s lead by announcing a 50% land tax discount and exemption from the Absentee Owner Surcharge for eligible new build-to-rent developments, from 1 January 2022 until 1 January 2040. The measure is expected to boost the Victorian housing supply by an estimated 5,000 homes. What are the rules? […]
Victorian State Budget 2020-21: Employers
The Treasurer has announced reforms to payroll tax that will be welcomed by many Victorian employers, but the measures are largely temporary and will not provide any ongoing relief. Having previously announced various payroll tax concessions to address the impact of COVID-19 on businesses, in its State Budget handed down today, the Victorian Government announced […]
Victorian State Budget 2020-21: Home buyers and property investors
The Victorian Treasurer has announced a 50% waiver of stamp duty for acquisitions of new residential properties, and a 25% waiver for existing residential properties with a dutiable value of up to $1 million, which will apply to contracts entered into between 25 November 2020 and 30 June 2021. What are the rules about? According […]
Victorian State Budget 2020-21: Analysis
The Victorian State Budget released earlier today, shows the Government will attempt to spend its way to economic recovery by investing more than $49 billion over the next 4 years in a multitude of infrastructure projects. The spending will be supported by a record level of debt, which is projected to hit a peak of […]
Small business entities should review their depreciation for tax purposes following Government stimulus measures
The Federal Government’s 2020 stimulus measures have provided significant incentives for businesses to undertake capital expenditure on the purchase and improvement of depreciating assets. The stimulus measures have been introduced in stages with different rules applying to small business entities. Therefore, significant complexity now exists in navigating these rules creating both opportunities and traps for […]
NSW State Budget 2020-21: Stamp duty and land tax reform proposal announced for consultation
As part of its 2020-21 state budget, the NSW Government has announced that it is considering a wholesale reform of the transfer duty regime under which purchasers would be given the choice whether to pay an annual property tax instead of stamp duty on their acquisition of a property. The NSW Government also announced further […]
NSW State Budget: 2020-21
NSW has had to deal with two economic shocks, the bushfires, and COVID-19, whilst simultaneously navigating a drought which has only recently ended with above-average rainfall in September and October. The coronavirus-induced recession has been the main contributor to an estimated $24 billion fall in revenues for the State between 2019/20 and 2023/24. Overview of […]