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 […]
As part of a plan to create more affordable homes and slow the growth of the city’s urban fringe, abolishing stamp duty could improve accessibility to the housing market. However, the state has become increasingly reliant on property taxes including stamp duty, which now account for more than 40% of state revenue. The other main property tax in the state’s revenue base is land tax, with many landowners experiencing staggering increases in their land tax, between 25% and 150% in some cases this year.
An income tax generalist with over a decade of experience, Leo specialises in CGT, Trusts, Corporate Tax and Division 7A. He also sits on various committees including those with CA ANZ and the Tax Institute of Australia. Truly passionate about all things tax, he is constantly developing his deep expertise and keeping informed as to […]
Ali Suleyman, Elena Bogomolova and Gary Matthews from Pitcher Partners Melbourne, present the annual Fringe Benefits Tax (FBT) Update.
As the world emerges from the pandemic crisis, regulatory authorities are once again turning their attention to compliance matters.
The temporary full expensing (“TFE”) rules provide for a full deduction to businesses for the cost of eligible depreciating assets in the year they are first used, or installed ready for use, for a taxable purpose prior to 30 June 2023. Taxpayers should bear this strict timeline in mind to avoid missing out on accelerated tax deductions. Merely contracting for the purchase of an asset, or even becoming the owner of the asset by 30 June 2023 is not sufficient.
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.
The non-arm’s length expense (“NALE”) rules for complying superannuation entities were introduced with effect from 1 July 2018.
Revenue NSW announced this week that the duty and land tax surcharges imposed on foreign owners of land in NSW is inconsistent with the international tax treaties entered into by the Federal Government with New Zealand, Finland, Germany and South Africa.
Treasurer Tim Pallas has confirmed that the Victorian Government will not introduce regulations to allow deductions in relation to the new Windfall Gains Tax which commences on 1 July this year.
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