Tax Update – Dec 2024
Below are the latest tax insights and essential updates to keep you informed and compliant. Vacant Residential Land Tax Notifications to be Lodged by 15 January 2025 In our November 2024 newsletter, we confirmed that under the expansion to the Vacant Residential Land Tax (“VRLT”) regime you will need to notify the SRO if your […]
Tax Update – Nov 2024
Below are the latest tax insights and essential updates to keep you informed and compliant. No Deduction for GIC and SIC Currently, taxpayers may claim income tax deductions for the General Interest Charge (“GIC”) and Shortfall Interest Charge (“SIC”) in the year in which the charges are incurred. GIC is imposed for the late payment […]
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 […]
