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 […]
Tax Update – December 2022
Section 100A: Updated ATO Guidance on Trust Entitlements Section 100A (“s100A”) of the 1936 Tax Act governs trust distribution arrangements where broadly, the person or entity that actually receives the benefit of a trust entitlement is different to the beneficiary who was entitled to the income. After issuing draft guidance 10 months ago, the ATO […]
Director Identification Number Deadline is Close
What Is a Director Identification Number? The number is a unique identifier that a director will apply for once and keep forever. DINs are recorded in a database to be administered and operated by the Australian Tax Office and are made available to the public. Who Does A DIN Apply To? Director ID only […]
