Moving from sunset to sunrise: What are the top 10 automotive challenges for FY24?
Everyone tried hard, no one wanted to see the automotive industry die, but eventually the customer stepped in and changed the course of the game forever.
Key tax considerations for this 30 June
As the financial year draws to a close, it is time to start thinking about whether your year-end tax planning is in order. This bulletin sets out a number of key considerations for this 30 June. However, tax planning requires consideration of income and deductions for the year as well as whether compliance requirements have been met (e.g. appropriate elections have been made on a timely basis and other appropriate documentation prepared).
SMEs will also feel the scorch of the debt levy in Victoria supposedly targeting big businesses
In order to repair the gaping hole in the state’s budget, Victorian businesses with national payrolls above $10 million a year will be subject to an additional 0.5% levy on top of the existing payroll tax rate, with a further 0.5% for businesses with a payroll over $100 million.
Victorian State Budget 2023-24: Analysis
Treasurer Tim Pallas handed down the Victorian State Budget 2023-24 on the afternoon of 23 May 2023. It contains a number of proposed changes to Victoria’s tax regime, the most significant of which for business relate to payroll tax, land tax and stamp duty reform for commercial and industrial properties.
Victorian State Budget 2023-24: Stamp duty to be abolished on commercial and industrial properties
Today’s 2023-24 State Budget saw the Treasurer announce a significant reform to Victoria’s duty regime, with duty on commercial and industrial properties to be replaced over time with an annual property tax.
The finer details of the new regime are unlikely to be known for some months as we understand the Government intends to consult with industry before introducing the relevant legislation into Parliament. However, based on the Government’s media release we understand the change will involve:
Victorian State Budget 2023-24: Payroll tax
The COVID Debt Levy relating to payroll has been introduced as a temporary measure as part of the COVID Debt Repayment Plan. The levy will apply from 1 July 2023 as a surcharge on Victorian wages (in addition to the Mental Health and Wellbeing Levy) paid by businesses with annual Australia-wide wages over $10 million.
Victorian State Budget 2023-24: Land Tax Changes
The 2023/24 Victorian Budget delivered on 23 May 2023 includes various land tax changes, including increases to land tax and absentee (foreign) surcharge rates that will increase holding costs for a range of property owners. The Budget also introduces some land tax concessions that may assist a proportion of homeowners and home buyers.
Victorian State Budget 2023-24: WorkCover premiums
Last week, the Victorian Government announced that it would be modernising the WorkCover Scheme. In doing so, they have advised that the average premium rate would increase from 1.27% to 1.8% of remuneration in order to cover the cost of claims.
What to expect from today’s ‘difficult’ Victorian budget
Victorians will today learn how the state will pay down its record debt, as Treasurer Tim Pallas prepares to hand down his ninth state budget.
Federal Budget update: Targeted support and planning for the future
This marked the second chance for the Treasurer to make his mark following on from last year’s October update. As it was then, so it was now, a Budget that threaded the line between wanting to appear “fiscally responsible” while also addressing the public outcry on cost-of-living issues in what is a still-elevated inflation and interest rate environment. As it was then, so it was now, a Budget that threaded the line between wanting to appear “fiscally responsible” while also addressing the public outcry on cost-of-living issues in what is a still-elevated inflation and interest rate environment.