In response to an increased global focus on corporate transparency and exchange of information, effective 1 January of 2024 US businesses are now required to provide beneficial ownership information (BOI) to the US treasury department, via the Financial Crimes Enforcement Network (FinCEN).
The new tax is still subject to legislative passage with a stated commencement of 1 July 2025. It will mean a tax of 15% to the proportion of ‘earnings’ above $3m at the end of a financial year. For individuals with large super balances it’s wise to start considering management strategies
The Victorian Treasurer unexpectedly announced further significant changes for Victorian property taxes on 3 October 2023, after already introducing significant changes in May 2023 when the Victorian State Budget for 2023-24 was handed down. In this article, we explain what the changes are, what the changes could mean for you, and what you may need to do in light of the changes, many of which are proposed to start in just over 2 months.
Terry has over 15 years’ experience as a Global Mobility professional and trusted cross-border tax advisor, supporting the movement of people between Australia, the US and around the world. He has a strong reputation for providing cross-border advice to high-net-worth individuals, with his expertise extending to voluntary disclosure and expatriation advice for US citizens, as … Continued
Robert is an expert in advisory for the pharmacy sector. He is passionate about guiding pharmacists through the process of purchasing their pharmacy, being a successful pharmacy owner and achieving their short and long-term goals. Throughout his career, which spans over 15 years, Robert has developed expertise in working with community pharmacists to help them … Continued
Jordan is an assurance and financial reporting expert across a range of industries including a focus on supporting clients in the property and construction, agriculture and not-for-profit sectors. He has extensive experience providing services to publicly listed companies through to private family-owned enterprises and not-for-profit organisations. Jordan’s diverse professional experience allows him to provide commercial … Continued
A highly regarded professional, Lisa has an impressive career spanning more than 20 years. During her tenure with Pitcher Partners’ Adelaide firm, she has gained significant experience providing accounting and compliance services and advice, including business structuring, tax planning, finance applications, business structuring and general taxation advice and strategies to a diverse range of clients. … Continued
Entities lending to related parties on complying Division 7A terms will generally earn interest on these loans at benchmark rates. The rate for repayments for the 2022-23 year was set in May 2022 at 4.77%. However, market borrowing rates have significantly increased since last May.
Pitcher Partners and McMahon Clarke, together with the Melbourne and Sydney Compliance Groups, held a Compliance Committee Forum Webinar for a briefing on the latest issues for financial services.
With the end of the financial year looming fast, it is an opportune time to consider the tax and financial affairs of your business and ensure that your year-end tax planning is in order.