Tax Update – October 2023

Additional Taxes to be Imposed on Victorian Properties Vacant Residential Land Tax The “Vacant Residential Land Tax” (“VRLT”) was implemented by the Victorian government in an attempt to address a lack of housing supply, by imposing an additional tax (on top of regular land tax) on properties that remain vacant for more than 6 months […]

Introducing “Division 296 Tax”

The Government’s draft legislation imposes an additional 15% tax on certain earnings for individuals whose total superannuation balance is in excess of $3 Million. We finally have a name and further details of the exposure draft Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023. together with accompanying explanatory materials, which was released on  3 […]

Tax Update – Victorian State Budget 2023-24 

Payroll Tax Change to Payroll Tax Thresholds A couple of noteworthy changes have been announced to Victorian Payroll Tax. First of all, there will be an increase to the tax-free threshold for Payroll Tax purposes. Payroll Tax is only payable once an employer’s payroll exceeds the “threshold”.  The threshold will increase from $700,000 to $900,000 […]

Federal Budget May 2023

In terms of tax announcements, as is the nature of recent Budgets, most of the important measures had been leaked prior to budget night. These included a significant change to the taxing of superfund member balances greater than $3m. There was some limited support for small businesses, with the announcement that the instant asset write […]

Treasury’s Proposed Super Balance Tax: More Questions Than Answers

So, while some questions have been answered, the revelation has raised even more, leaving many to wonder what else they don’t know.   What we do know about the $3 Million balance and the additional 15% tax on earnings: The balance is based on the total super balance of a member and will be determined […]

Tax Update – February 2023

Full Federal Court Decision on Trust Distributions & Reimbursement Agreements – Application of Section 100A and Part IVA The Guardian case examined an arrangement where the Trustee (Guardian AIT Pty Ltd) made a corporate beneficiary presently entitled to trust income. The corporate beneficiary called on a portion of the unpaid present entitlement (UPE) to pay […]