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.
Update on the proposed $3m super balance tax
We understand that the recent proposal to impose an additional tax on superannuation balances greater than $3m may be causing you concern and questioning whether you should be doing anything with your super.
Our advocacy work: Superannuation balances over $3 million
In February 2023, the Government announced an intention to pursue an increase in the tax rate applying to superannuation earnings on member balances over $3m.
Land valuation increases may mean land tax bills
Key points Recent land valuations in NSW—up over 38% in some areas—may push property owners into paying land tax for the first time or increase existing liabilities. Land tax applies annually to non-exempt properties such as investment homes, commercial units, and vacant land, based on total land value as at 31 December. Understanding thresholds and […]
ATO finalises work from home deduction approach for 2023 income year
The ATO has released final guidance on how employees may choose to calculate their work from home deductions for this financial year. Employees will be able to choose between a fixed rate method of 67 cents per hour, or calculating the actual expenses incurred, working from home.
Our advocacy work: Non-arm’s length expense rules for superannuation funds
The non-arm’s length expense (“NALE”) rules for complying superannuation entities were introduced with effect from 1 July 2018.
FBT exemption for electric cars: Legislation passed by Parliament
On 25 November 2022, the Senate passed the Treasury Laws Amendment (Electric Car Discount) Bill 2022 with amendments. The amendments were accepted by the House of Representatives on 28 November and the Bill now awaits Royal Assent.
Our advocacy work: Franked distributions and capital raising
Treasury has released exposure draft legislation to implement an integrity measure to make corporate distributions unfrankable where they were funded by capital raising.