Treasury Consultation Paper – Modernising the individual tax residency rules
Treasury is consulting on a new individual tax residency framework that is based on recommendations made by the Board of Taxation in 2019.
How are super death benefits taxed?
Key points Super death benefits are divided into tax-free and taxable components, with the tax-free portion including after-tax contributions and the taxable portion comprising employer and deductible contributions plus earnings. Tax outcomes depend on the beneficiary’s relationship to the deceased, their age, and whether the benefit is paid as a lump sum or income stream. […]
Tax deductions for clothing
Key points Only occupation-specific or protective clothing qualifies for tax deductions . Uniforms must be unique or display a permanent employer logo to be deductible. Keep records of purchases, cleaning costs, and employer allowances for valid claims. The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items […]
NZ citizens fast tracking Australian citizenship beware of potential tax pitfalls
On 22 April 2023, the Australian Government announced a direct pathway to Australian citizenship for New Zealand citizens living in Australia.
Victorian State Budget 2023-24 – Tax Update
In this webinar, our Pitcher Partners speakers, Tax Advisory Partners, Craig Whatman and Irina Tan, and Client Director, Elena Bogomolova, discuss the changes to Victoria’s state taxes that were announced as part of the 2023-24 State Budget.
Key tax considerations for this 30 June
As the financial year draws to a close, it is time to start thinking about whether your year-end tax planning is in order. This bulletin sets out a number of key considerations for this 30 June. However, tax planning requires consideration of income and deductions for the year as well as whether compliance requirements have been met (e.g. appropriate elections have been made on a timely basis and other appropriate documentation prepared).
Year-end tax planning toolkit for 30 June 2023
Year End Tax Planning 2023
With the end of the financial year looming fast, it is an opportune time to consider the tax and financial affairs of your business and ensure that your year-end tax planning is in order.
Victorian State Budget 2023-24: Analysis
Treasurer Tim Pallas handed down the Victorian State Budget 2023-24 on the afternoon of 23 May 2023. It contains a number of proposed changes to Victoria’s tax regime, the most significant of which for business relate to payroll tax, land tax and stamp duty reform for commercial and industrial properties.
Victorian State Budget 2023-24: Land Tax Changes
The 2023/24 Victorian Budget delivered on 23 May 2023 includes various land tax changes, including increases to land tax and absentee (foreign) surcharge rates that will increase holding costs for a range of property owners. The Budget also introduces some land tax concessions that may assist a proportion of homeowners and home buyers.