The NSW State Labor Government has admitted “the 2024-25 Budget projects a deficit of $3.6 billion in 2024-25, down from the $0.5 billion surplus projected in the 2023-24 Half-Yearly Review”. So, what does the State Budget offer to the NSW business community? From a State Tax revenue exercise, foreigners have been asked to pay more […]
As we near the end of the financial year, responsible entities, trustees and fund managers must prioritise tax compliance and investor reporting. Failing to address key issues could lead to unexpected tax liabilities for trustees or significant taxable income for members without sufficient cash distributions. 1. Setting a timetable Where your fund has made distributions […]
It’s almost the end of the financial year. And we all know what that means – it’s time to start getting your year-end tax planning in order. Our expert Greg Nielsen from Pitcher Partners Melbourne will help you cover all your income tax bases in our latest year-end tax planning webinar. In this webinar, he […]
Pitcher Partners Melbourne brought together a panel of experts for an extensive budget briefing. The panel included ANZ Senior Economist Catherine Birch and Tax Advisory partners Stuart Dall, Daniel Burt and Irina Tan. Together they discuss the implications of the Federal and Victorian State budget on individuals and middle market businesses. A budget focused on […]
If you own a vacant residential property in Victoria, you could have a Vacant Residential Land Tax (VRLT) liability in respect of that property from next year onwards. The VRLT is an annual tax imposed on residential property which is deemed to be ‘vacant’. The tax applies in addition to standard land tax and is […]
The State Taxation Amendment Bill 2024 was released on 14 May 2024, a week after the Victorian Budget for 2024-25 and is therefore referred to by some as the Budget Bill. The Bill includes keenly awaited amendments to the Land Tax Act 2005 (Vic) in respect of the exemption of holiday homes owned by trusts […]
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 […]
Thank you for you interest