From 1 July 2021, certain for-profit private sector entities will no longer be allowed to prepare special purpose financial statements (SPFS), when preparing financial statements under Australian Accounting Standards. Entities that fall into the scope of these changes will instead be required to prepare general purpose financial statements (GPFS).
The Australian Taxation Office (“ATO”) has released Draft Practical Compliance Guidelines PCG 2021/D2 (“draft PCG”) setting out how it proposes to apply compliance resources when examining the manner in which profits by professional services firms are allocated to individual professional practitioners (“IPP”). Once finalised, the revised guidelines will apply from 1 July 2021.
We recently provided our Pre-Budget submission to The Treasury on key issues and policy areas most important to you ahead of the 2021-22 Federal Budget.
Joining Pitcher Partners in 2007, Yina has worked with clients across a range of industries, including logistics, property, and financial services, to name a few. She became a partner of the Melbourne firm in 2021. Yina offers strong technical expertise in and knowledge of income tax in Australia. Developed through her understanding of Australia’s tax […]
As part of its 2020-21 Federal Budget, the Government announced a new JobMaker Hiring Credit to incentivise businesses to hire additional employees.
COVID-19 has brought uncertainty and redefined many standard and customary work practices. One area where it has had a significant impact is fringe benefits tax (FBT) and benefits provided to employees. With the Christmas period fast approaching, many employers will be considering what benefits to provide their staff and clients.
It comes as no surprise that COVID-19 has had a significant impact on Victorian State finances. Total taxation revenue for 2019-20 is $1.16 billion lower than the estimate stated in last year’s Budget.
The Victorian Government has followed the NSW Government’s lead by announcing a 50% land tax discount and exemption from the Absentee Owner Surcharge for eligible new build-to-rent developments, from 1 January 2022 until 1 January 2040. The measure is expected to boost the Victorian housing supply by an estimated 5,000 homes. What are the rules? […]
The Victorian Treasurer has announced a 50% waiver of stamp duty for acquisitions of new residential properties, and a 25% waiver for existing residential properties with a dutiable value of up to $1 million, which will apply to contracts entered into between 25 November 2020 and 30 June 2021. What are the rules about? According […]
The Victorian State Budget released earlier today, shows the Government will attempt to spend its way to economic recovery by investing more than $49 billion over the next 4 years in a multitude of infrastructure projects. The spending will be supported by a record level of debt, which is projected to hit a peak of […]
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