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, […]
Update 22/03/2024: The draft legislation for the new commercial and industrial property tax has just been released. Read more about it here. Contact a Pitcher Partners representative if you have any questions regarding the new tax. In the 2023-2024 State Budget, the Victorian Government announced its intention to progressively abolish stamp duty on commercial […]
In June 2023, legislation containing new thin capitalisation rules from 1 July 2023 was introduced into Parliament.
After first being released as exposure draft legislation in March 2023, the new thin capitalisation interest limitation rules have undergone several round of updates but are still not law.
The ATO has issued an interim decision impact statement following the AAT’s decision in Bendel v FCT, currently on appeal to the Federal Court.
The draft legislation introducing significant Victorian property tax changes was amended within the last week to introduce further changes. Read about these here.
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).
Key points ATO cautions businesses with large tax debts or unpaid super obligations. Non-compliance may lead to credit reporting agency disclosures. Prompt settlement is urged to avoid reputational and financial damage. The Australian Taxation Office (ATO) has issued a caution to businesses carrying substantial tax debt or those that have neglected their superannuation responsibilities, instructing […]
In recent months, the Australian Taxation Office (ATO) has significantly intensified its efforts in debt recovery. Consequently, an increasing number of small businesses owners are now being issued Directors Penalty Notices (DPNs) and are forced to contemplate the possibility of seeking insolvency guidance.
In this article, we explain the key duty and land tax changes proposed in the NSW budget which are set out in the Treasury and Revenue Legislation Amendment Bill (‘the Bill’) and discuss what taxpayers can do to prepare for the changes.
Thank you for you interest