Key points Messy records mean lost deductions, denied tax credits, and ATO audits—accuracy is everything. Keep invoices, receipts, and payroll records for at least five years (some even longer) to stay compliant. Smart record-keeping isn’t just about tax—it helps you track growth, secure funding, and stay in control. When it comes to tax compliance, the […]
Last week’s unanimous Full Federal Court decision in Commissioner of Taxation v Bendel (“Bendel”) indicates that the Australian Tax Office’s (ATO) views since December 2009 about unpaid present entitlements (“UPEs”) should no longer be sustainable in the context of Division 7A. While we wait for further announcements from the ATO or the Federal Government (regarding […]
Key points The ATO has published new guidance stating that private companies that provide guarantees or security for third party loans can trigger Division 7A This applies where the guaranteed loan is then paid or on-lent to a trust or individual The ATO has indicated it will focus on compliance for those arrangements that seem […]
Key points What is estate planning? The importance of having an estate plan in place If you do have plans in place, you should review their effectiveness As you create your 2025 “to do list”, be sure to include estate planning. But first, what is estate planning? Estate planning involves preparing your financial situation in […]
Key points The new tax is still subject to legislative passage with a stated commencement of 1 July 2025. It will mean a tax of 15% on the proportion of a super fund member’s ‘earnings’ above $3m across a financial year Individuals with large super balances should be considering the best approach if the new […]
Key points: The issue of negative gearing continues to get airplay in political discussions and media in the housing affordability & supply space, but by history remains unpopular and probable political suicide to implement. Although the ATO may have existing powers to push back on this and the tax arbitrage with CGT concessions, in practice […]
Our cross-border tax experts Terry Hoban and Ellen Fimmano discuss some of the practical challenges and important considerations that arise for organisations, their employees, and owners expanding into the USA, including: Cross-border entity structuring & tax considerations Employee payroll & HR set-up Equity plans, pensions, and employee benefits Individual tax planning for Australian executives relocating […]
Key points: The stamp duty concession for off-the-plan properties in Victoria extended to investors and the price cap removed for all buyers Barriers to bringing projects to market still need to be addressed Early investor engagement is crucial to the development process The announcement that the stamp duty concession for off-the-plan properties in Victoria has […]
The Duties Amendment (More Homes) Bill 2024 (Vic) is now before the Victorian Parliament. The Bill temporarily expands the stamp duty concession for off-the-plan purchases, which allows more purchasers (including investors) to access significant stamp duty savings. What is the bill about? On 29 October 2024, the Duties Amendment (More Homes) Bill 2024 (Vic) (“the […]
The Victorian Government has announced that stamp duty will be slashed for those who buy off-the-plan apartments, units and townhouses within the next 12 months. Craig Whatman, Tax Partner at Pitcher Partners Melbourne speaks to Ross and Russ on 3AW Breakfast about the impact this will have on buyers and the property industry:
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