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 […]

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 After issuing draft guidance 10 months ago, the ATO […]

Tax Update – October 2022

Changes to Queensland Land Tax – No Longer Going Ahead The Queensland Government proposed to introduce significant changes to the imposition of land tax in Queensland with effect from 30 June 2023. The Queensland Government has done a backflip and announced on 30 September 2022 that they would not proceed with the changes given the […]

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. […]