Federal Budget 2024/25

The ‘Future Made in Australia’ 2024-25 Budget has Arrived. Promoted as providing much needed cost of living relief and ensuring there’s a ‘Future made in Australia’ the 2024-25 Budget was handed down last night by the Treasurer, Dr Jim Chalmers. The centrepiece was the previously announced stage 3 tax cuts, which will kick in from […]

Victorian State Budget 2024/25

The 2024/25 Victorian State Budget was handed down on 7 May 2024, with Jacinta Allan’s first Budget as Premier taking a cautious approach. Significantly, there were no new property taxes announced, which is a welcome relief for property owners already battling with the recent changes, such as the increases to land tax and absentee surcharge, […]

Tax Update – April 2024

Finalisation of Measures for Small Businesses In our October 2023 update, we addressed the Government’s proposal of a modified version of the Instant Asset Write Off and the Small Business Energy Incentive. These measures have been delayed in Parliament due to last minute amendments to the Instant Asset Write Off, although we are hopeful that […]

Upcoming Changes to Contribution Caps

As we approach July 1, 2024, concessional and non-concessional contributions are set to undergo changes with increased caps coming into effect. These increases hold significant implications for contribution timing and pension commencement planning. In this article, we’ll explore the revised limits and their potential impact, to help you understand the changes, and if they impact […]

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 […]