Year End Tax Planning 2022
With the end of the financial year looming fast, it is an opportune time to consider the tax and financial affairs of your business and ensure that your year-end tax planning is in order.
Victorian State Budget 2022-23: State Taxation and Treasury Legislation Amendment Bill
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.
Our advocacy work: Section 100A
Earlier this year, the ATO released long-awaited guidance on the application of section 100A. Find out more.
Our advocacy work: Division 7A
The ATO has updated its view regarding the treatment of unpaid present entitlements for Division 7A purposes.
The two ‘big numbers’ in last night’s federal budget
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 […]
Federal Budget 2022-23 | March: Overview
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 […]
Federal Budget 2022-23 | March: Tax Integrity
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 […]
Federal Budget 2022-23 | March: Employee share schemes
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 […]
Federal Budget 2022-23 | March: Business tax
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. […]
Federal Budget 2022-23 | March: Foreign investment approval
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 […]