Middle market businesses denied much needed tax relief in State Budget Victorian Treasurer Tim Pallas handed down the State Budget 2024-25, his 10th budget, on the afternoon of 7 May. With an increased deficit of $2.2bn now projected for the 2024-25 financial year, and the state’s net debt expected to blow out to almost $188bn […]
Key points: Victoria is the only state where new business starts have declined from 2021 levels Government policies, labour market shortages and supply chain dynamics significant factors affecting productivity Removal of stamp duty exemptions, Foreign Buyers Duty and increase in payroll tax contributing to an unfavourable business climate Victoria risks losing even more business investment […]
You could be ‘parked’ with a $300,000 FBT liability if you don’t take the time to consider it. Under FBT rules, if an employer provides car parking to an employee, either at their own premises, at a parking facility or leased car park near their place of employment, there may be a potential FBT liability. […]
On 20 March 2024, the Victorian Government introduced the Commercial and Industrial Property Tax Reform Bill 2024 (Bill) into Parliament. The Bill establishes the new Commercial and Industrial Property Tax (CIPT). The introduction of the Bill follows the announcement in the Victorian Government’s 2023-2024 State Budget of its intention to progressively abolish stamp duty on […]
Ali Suleyman, Elena Bogomolova and Peejade Cheng from Pitcher Partners Melbourne, present the annual Fringe Benefits Tax (FBT) Update. This webinar is designed to assist you in preparing and lodging your FBT return for the year ended 31 March 2024. In this webinar, refresh your knowledge and learn more about: Fundamental principles of FBT Recent […]
Ellen is a Client Director in our Tax Advisory group with over 12 years of experience in providing taxation advisory and compliance services to privately-owned, listed and multinational businesses. Ellen has broad experience in advising businesses on a variety of commercial and taxation matters in relation to structuring, restructuring, mergers and acquisitions, global expansion and […]
In November 2023, legislation introducing a new integrity rule became law.
As part of its tax transparency obligations, the Australian Taxation Office (“ATO”) is required by law to publish certain information on R&D tax incentive claims reported by taxpayers.
Companies that have undertaken R&D activities during the year ended 30 June 2023 are required to register their activities with AusIndustry prior to 30 April 2024. This deadline is strictly enforced by AusIndustry.
Under pressure to provide cost-of-living relief to middle Australia, Prime Minister Albanese announced a proposed redesign of the stage 3 tax cuts legislated to apply from 1 July 2024. Treasury advice estimates that the proposed changes will offer some cost-of-living relief, in the form of a lower income tax liability in 2024-25 compared to 2023-24, […]
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