Key points The Tribunal found that pre-CGT status of trust assets was maintained despite the addition of a new beneficiaries to the trust. Division 149 does not automatically remove pre-CGT status from discretionary trust assets simply because beneficial interests in trust assets can’t be quantified. The decision is significant for holders of pre-CGT assets in […]
The property and construction industry has once again been identified as a sector of concern by the ATO, with recurring compliance issues placing builders, contractors and tradies under closer review. This industry has long been considered high-risk by the ATO, due to its reliance on subcontracting, complex payment arrangements and, in some cases, cash transactions. […]
Elisha brings 18 years of experience as a tax advisor, including 13 years with Pitcher Partners’ Tax Advisory Group. She specialises in GST, advising on a range of compliance matters, business and asset sales and acquisitions, private ruling applications and objections, and reviews of accounting systems to ensure compliance with relevant legislation. Elisha also advises […]
The Federal Court in Morton v FCT [2025] FCA 366 (click here) allowed a taxpayer’s appeal against assessments that sought to tax on revenue account the gains made from the subdivision and sale of a family farm. Shortly after the farmland was zoned residential, the taxpayer engaged an external developer to undertake a project which […]
The temporary expansion of the off-the-plan duty concession, initially designed to cease from 21 October 2025, is to extend for another 12 months. What is changing? The off-the-plan duty concession was expanded last year for property contracts entered into between 21 October 2024 and 20 October 2025. The expansion was originally designed to last for 12 months, and […]
In her first term as Victorian Treasurer, Jaclyn Symes has handed down a Budget which provides targeted cost of living relief, but fails to address the increasing costs of doing business in Victoria or provide any relief from the significant tax burden that is now borne by residents – particularly property owners, investors and developers. […]
From January 1, 2025, there will be a new levy (sometimes referred to as the ‘Airbnb tax’) applicable to short stay accommodation in Victoria. Owners, residential tenants and providers of booking platforms may be liable for the levy. The levy applies to total booking fees for short stays, whether bookings are made on a booking […]
Key points: The stamp duty concession for off-the-plan properties in Victoria extended to investors and the price cap removed for all buyers Barriers to bringing projects to market still need to be addressed Early investor engagement is crucial to the development process The announcement that the stamp duty concession for off-the-plan properties in Victoria has […]
The Duties Amendment (More Homes) Bill 2024 (Vic) is now before the Victorian Parliament. The Bill temporarily expands the stamp duty concession for off-the-plan purchases, which allows more purchasers (including investors) to access significant stamp duty savings. What is the bill about? On 29 October 2024, the Duties Amendment (More Homes) Bill 2024 (Vic) (“the […]
The Victorian Government has announced that stamp duty will be slashed for those who buy off-the-plan apartments, units and townhouses within the next 12 months. Craig Whatman, Tax Partner at Pitcher Partners Melbourne speaks to Ross and Russ on 3AW Breakfast about the impact this will have on buyers and the property industry:
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