The Budget provides more funding to the ATO’s Tax Avoidance Taskforce with a focus on unpaid tax and superannuation by large businesses and high wealth individuals. A dedicated sham contracting unit will also be created within the Fair Work Ombudsman to address sham contracting.
The Budget did not contain major changes to indirect taxes but announced a small change to the luxury car tax for farmers and tourism operators. The Budget also proposed measures to counter the black economy through more stringent (annual) ABN eligibility rules.
The Government has heeded concerns and delayed the start date of Division 7A changes for 12 months.
The Government has announced measures that seek to build on previously legislated changes to reduce personal income tax over the next six years.
The Federal Budget 2019-20 was released at 7.30pm AEDT last night. Delivered by Josh Frydenberg, the pre-election Budget detailed the Federal Government’s policy plans for the year ahead.
One of the most common fringe benefits provided to employees is the use of a vehicle such as a utility or a van.
The legislation to introduce the purchaser GST withholding regime for supplies of new residential property has been introduced into Parliament. Once enacted, the changes will come into effect from 1 July 2018.
The Victorian Government has announced significant changes to the off-the-plan (OTP) stamp duty concession. These changes will increase the stamp duty cost to property investors and some home buyers. What is the existing OTP concession? The existing OTP concession applies to all properties that are purchased off-the-plan, including residential and commercial properties. The concession reduces […]
The new CRS regime is likely to apply to Australian managed investment schemes and investment entities of family offices from 1 July 2017. Understanding your obligations now is therefore critical. Overview From 1 July 2017, Australian Financial Institutions will need to start applying the Common Reporting Standard (“CRS”) in Australia. The CRS is very similar […]
With more and more businesses having websites, the taxation treatment of the costs associated with building and maintaining those websites is an important topic.
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