The Victorian Government has introduced changes to Land Tax Act 2005 (LTA) in the State Taxation Acts Further Amendment Bill 2019 which amends the primary production land (PPL) exemption in section 67 of the LTA.
The Board of Taxation has provided Pitcher Partners the opportunity to make comments on their ‘Corporate Tax Residency Consultation Guide’ (the Consultation Guide). The full submission prepared is available via the link below.
Following on from our recent article looking at the Payroll Tax and Workcover risks that come with engaging contractors, this article focuses on the risks of non-compliance with Super Guarantee and pay as you go (PAYG) withholding legislation.
Each year Pitcher Partners undertakes an in-depth analysis of the implications of the Federal Budget for middle-market businesses. These insights were presented and discussed with more than 500 business owners, directors and managers at a series of Budget events held around the country last week.
The State Taxation Acts Amendment Bill 2019 was introduced into the Victorian Parliament yesterday afternoon. The Bill contains a major change to the ‘economic entitlement’ provisions of the Victorian Duties Act 2000 that will have a significant and adverse impact on many property developers and the property market more generally.
The Victorian Government has targeted foreign property owners once again, by announcing it will increase the Foreign Purchaser Additional Duty from 7% to 8% and the Absentee Owner Surcharge from 1.5% to 2%.
Declining property values have impacted Government finances, driving them to look elsewhere for revenue. With no changes to land tax rates in sight, it is expected that an increasing number of land owners will be brought into the land tax net to make up for declining stamp duty revenue, particularly once property values recover.
The Victorian Labor Government has released its budget for the 2019-2020 year. One of the changes the Treasurer announced in the budget was in respect of the land tax principal place of residence exemption.
The Treasurer has announced a number of measures that will have a positive impact on businesses in regional Victoria, with reductions to transfer duty for commercial and industrial properties and a further reduction in the regional payroll tax rate.
The Victorian State Budget 2019-20 was released on Monday 27 May 2019.
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