Key points If an SMSF member loses mental capacity, the fund risks becoming non-compliant unless swift action is taken to remove them as trustee or director. Establishing an Enduring Power of Attorney (EPOA) for each SMSF member ensures continuity by allowing a trusted person to act on their behalf. Appointing a corporate trustee instead of […]
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 […]
Super contribution limits Due to indexation arrangements, superannuation contribution limits are set to increase from 1 July 2024. Please refer to the information below for further details. Concessional and non-concessional contribution limits The concessional contribution limit will increase from $27,500 to $30,000 from 1 July 2024. As the non-concessional contribution limit is set at four […]
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 […]
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 […]
In November 2023, legislation introducing a new integrity rule became law.
Think before you swipe right on that dating app – because if you hook up with the wrong person, your tax situation could completely change. What could be more romantic than thinking about tax on Valentine’s Day? The calculations, the spreadsheets, the auditing… #love.
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