2024 EOFY Tax Update
2024 End of Financial Year (EOFY) Tax Update As the end of the financial year approaches, several key tax updates and changes are coming into effect. Here’s a summary of the most important changes and deadlines, along with some key tax planning tips that may benefit you or your Group. Small Business Incentives There […]
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 […]
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 […]
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 […]
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 […]
