Super contribution limits Due to indexation arrangements, superannuation contribution limits are set to increase from 1 July 2024. Please refer to the information below for further details. Concessional and non-concessional contribution limits The concessional contribution limit will increase from $27,500 to $30,000 from 1 July 2024. As the non-concessional contribution limit is set at four […]
The Government continuously make changes to superannuation rules which makes it necessary to review an individual’s superannuation setup each year. Below is an overview of some of the key areas that should be considered prior to 30 June 2024. Contributions What are the types of contributions? Superannuation contributions fall into two main categories: concessional and […]
The 2024-25 Federal Budget did not announce any significant new tax reforms. Our tax experts have compiled a summary of the few tax measures that were announced below: Revised Stage 3 tax cuts – The Government confirmed that it would proceed with the revised and already legislated Stage 3 tax cuts for individuals set to […]
The State Taxation Amendment Bill 2024 was released on 14 May 2024, a week after the Victorian Budget for 2024-25 and is therefore referred to by some as the Budget Bill. The Bill includes keenly awaited amendments to the Land Tax Act 2005 (Vic) in respect of the exemption of holiday homes owned by trusts […]
Middle market businesses denied much needed tax relief in State Budget Victorian Treasurer Tim Pallas handed down the State Budget 2024-25, his 10th budget, on the afternoon of 7 May. With an increased deficit of $2.2bn now projected for the 2024-25 financial year, and the state’s net debt expected to blow out to almost $188bn […]
The new Federal Government rules will disproportionately affect the middle market, potentially strengthening big business. The rewriting of the merger rules will impact the exit options of private mid-sized businesses that have often been built from the ground up by family entrepreneurs. Under the new rules, the Australian Competition and Consumer Commission will oversee planned […]
I have a background as a litigation lawyer. I can honestly say that the bulk of the legal profession were courteous and supportive compared to the inherent conflict I have experienced at almost every level of the property, development and construction industry. This is even more incongruous when I factor the symbiotic nature of the […]
Key points: Victoria is the only state where new business starts have declined from 2021 levels Government policies, labour market shortages and supply chain dynamics significant factors affecting productivity Removal of stamp duty exemptions, Foreign Buyers Duty and increase in payroll tax contributing to an unfavourable business climate Victoria risks losing even more business investment […]
In April 2024, Treasury released for comment exposure draft legislation (see here) seeking to introduce income tax concessions for Build-to-rent property developments to give effect to a Federal Budget announcement made on 9 May 2023. The proposed concessions consist of a capital works deduction rate of 4% per year and a reduced withholding tax rate […]
Handing over a business to your children takes a long time and can be emotionally draining but when executed well, it is rewarding for you and reassuring for those involved in the business including family, staff, customers and suppliers. Social media would have you believe presenting your son or daughter with the keys to your […]
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