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 […]

EOFY Countdown – Are You Tax Ready?

Uncapped immediate write-off for depreciable assets Businesses with an aggregated turnover below $5B can claim an immediate deduction for the business portion of eligible new depreciating assets. In order to claim the full write off in this income year, the assets acquired must be first used or installed ready for use by 30 June 2022. […]

Division 7A and Sub-Trust Arrangements

Division 7A – Sub-trust Arrangements Draft Taxation Determination TD 2022/D1 The tax determination (“TD”) deals with trust distributions made to corporate beneficiaries that are not paid ie. UPEs. Trust distributions are commonly made to corporate beneficiaries in order to cap the tax rate on the distributions to the corporate tax rate. However, where the distribution […]

Super Changes are Finally Here

For those aged between 67-74 years of age. Removal of the work test for non-concessional contributions and salary sacrifice arrangements; and Extending the bring forward non-concessional contributions. Lowering the age to make downsizer contribution from the sale of your principal place of residency from age 65 to 60. The requirement to meet the work test […]