Federal Budget 2019-20: Private tax
The Government has heeded concerns and delayed the start date of Division 7A changes for 12 months.
Federal Budget 2019-20: Personal income tax
The Government has announced measures that seek to build on previously legislated changes to reduce personal income tax over the next six years.
Federal Budget 2019-20: Review
The Federal Budget 2019-20 was released at 7.30pm AEDT last night. Delivered by Josh Frydenberg, the pre-election Budget detailed the Federal Government’s policy plans for the year ahead.
Federal Budget 2019-20: Small and medium business tax
The Government has announced an expansion of the instant asset write-off threshold from $25,000 to $30,000, with medium-sized businesses (with a turnover of up to $50m) now also qualifying. Further, additional funding of $60 million will be provided over three years for small and medium enterprises to support Australian exports.
Fringe Benefits Tax and exempt vehicles
One of the most common fringe benefits provided to employees is the use of a vehicle such as a utility or a van.
Purchasers of new residential property to pay GST directly to ATO from 1 July
The legislation to introduce the purchaser GST withholding regime for supplies of new residential property has been introduced into Parliament. Once enacted, the changes will come into effect from 1 July 2018.
Will the new corporate vehicle for managed funds replace trusts?
Treasury has released a new Corporate Collective Investment Vehicle (or CCIV) regime in draft.
Changes to Victoria’s off-the-plan stamp duty concession from 1 July
The Victorian Government has announced significant changes to the off-the-plan (OTP) stamp duty concession. These changes will increase the stamp duty cost to property investors and some home buyers. What is the existing OTP concession? The existing OTP concession applies to all properties that are purchased off-the-plan, including residential and commercial properties. The concession reduces […]
Are you ready for the new common reporting standard (CRS)?
The new CRS regime is likely to apply to Australian managed investment schemes and investment entities of family offices from 1 July 2017. Understanding your obligations now is therefore critical. Overview From 1 July 2017, Australian Financial Institutions will need to start applying the Common Reporting Standard (“CRS”) in Australia. The CRS is very similar […]
When is expenditure on a website tax deductible?
With more and more businesses having websites, the taxation treatment of the costs associated with building and maintaining those websites is an important topic.