The State Taxation and Treasury Legislation Amendment Bill 2022 (Bill) was introduced into Parliament on 11 May 2022. It contains a number of proposed changes to Victoria’s tax regime, the most significant of which relates to land tax. The Bill also contains proposed amendments to the new windfall gains tax, stamp duty and the state taxation administration rules.
Earlier this year, the ATO released long-awaited guidance on the application of section 100A. Find out more.
The ATO has updated its view regarding the treatment of unpaid present entitlements for Division 7A purposes.
In this interview, Craig Whatman from Pitcher Partners Melbourne discusses the economy, tax and the biggest surprises from the latest federal budget. Craig is in conversation with 3AW’s Ross and Russel. You can listen below via the player or read the full interview by downloading the transcript. You can also access our full analysis of […]
The overall structure of the Federal Budget 2022-23 appears to have been designed not to offend any voter in the electorate. To this end, it could be said that the Budget lacks a constructive and meaningful push for greater innovation or efficiency within the business community. However, in its defence, the Budget handed down may […]
The Budget provides funding to extend the Tax Avoidance Taskforce for a further two years to 30 June 2025, while expanding their digital data matching capabilities in respect of trust tax returns and payroll data exchanged with states and territories. Tax Avoidance Taskforce From 2023–24, the Government will provide the ATO with an additional $652.60 […]
The Government seeks to expand access to employee share schemes and encourage further employee participation by reducing regulatory requirements. The Government has confirmed that it will expand access to employee share schemes for unlisted companies by changing investment thresholds and further reducing red tape to help ensure that employees at all levels can participate in […]
The Government will provide an extra deduction of 20% for small businesses that spend on improving digital capabilities and upskilling employees. The Government further proposes PAYG instalment changes to assist with cash flow to businesses. The Government has also proposed changes in relation to carbon tax treatment to assist primary producers in smoothing their income. […]
The Government will amend Australia’s foreign investment framework to reduce the regulatory burden faced by foreign investors Unlisted land rich entities Foreign investors acquiring securities in unlisted Australian land-rich entities (i.e. entities that hold interests in Australian land with a value of greater than 50% of the value of the entity’s gross assets) will no […]
The Government has announced that it will be expanding the patent box measures announced in last year’s Budget to additional sectors to drive more investment and encourage Australian companies to commercialise their innovations in Australia. Expanding the patent box tax concession to Australian agricultural and low emission technology sectors The Government has announced that it […]
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