Middle market businesses denied much needed tax relief in State Budget Victorian Treasurer Tim Pallas handed down the State Budget 2024-25, his 10th budget, on the afternoon of 7 May. With an increased deficit of $2.2bn now projected for the 2024-25 financial year, and the state’s net debt expected to blow out to almost $188bn […]
Key points: Victoria is the only state where new business starts have declined from 2021 levels Government policies, labour market shortages and supply chain dynamics significant factors affecting productivity Removal of stamp duty exemptions, Foreign Buyers Duty and increase in payroll tax contributing to an unfavourable business climate Victoria risks losing even more business investment […]
Elena is a Client Director in the Tax Consulting division of Pitcher Partners Melbourne. She has been advising in relation to employment taxes in a broad range of compliance and advisory matters. Prior to joining Pitcher Partners in 2015, Elena worked at a Big Four accounting firm obtaining extensive experience in the Employment Taxes and […]
On 20 March 2024, the Victorian Government introduced the Commercial and Industrial Property Tax Reform Bill 2024 (Bill) into Parliament. The Bill establishes the new Commercial and Industrial Property Tax (CIPT). The introduction of the Bill follows the announcement in the Victorian Government’s 2023-2024 State Budget of its intention to progressively abolish stamp duty on […]
Ali Suleyman, Elena Bogomolova and Peejade Cheng from Pitcher Partners Melbourne, present the annual Fringe Benefits Tax (FBT) Update. This webinar is designed to assist you in preparing and lodging your FBT return for the year ended 31 March 2024. In this webinar, refresh your knowledge and learn more about: Fundamental principles of FBT Recent […]
In November 2023, legislation introducing a new integrity rule became law.
Update 22/03/2024: The draft legislation for the new commercial and industrial property tax has just been released. Read more about it here. Contact a Pitcher Partners representative if you have any questions regarding the new tax. In the 2023-2024 State Budget, the Victorian Government announced its intention to progressively abolish stamp duty on commercial […]
The ATO has issued an interim decision impact statement following the AAT’s decision in Bendel v FCT, currently on appeal to the Federal Court.
The new tax is still subject to legislative passage with a stated commencement of 1 July 2025. It will mean a tax of 15% to the proportion of ‘earnings’ above $3m at the end of a financial year. For individuals with large super balances it’s wise to start considering management strategies
The draft legislation introducing significant Victorian property tax changes was amended within the last week to introduce further changes. Read about these here.
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