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Build-to-Rent Managed Investment Trust legislation passed

12/12/2024

The passing of the Build-to-Rent (BTR) Managed Investment Trust (MIT) legislation marks a pivotal moment for the Australian property market, addressing long-standing barriers to foreign investment and encouraging the growth of the BTR sector. The legislation has passed both houses of parliament and will apply to eligible BTR developments to: The higher 30% MIT WHT […]

Season’s Greetings from SW 2024

11/12/2024

From all of us here at SW, we would like to thank you for your continued support throughout 2024. We are incredibly proud of how our community has demonstrated the values in this year #ownit #loveyourwork #embracetheride #sharetheload #opendoors. We wish you and your family the very best for the festive season and a healthy, […]

Key VIC changes introduced by the State Taxation Further Amendment Bill 2024

10/12/2024

The State Taxation Further Amendment Bill 2024 introduces key reforms for Victoria, including expanded CIPT duty exemptions, strengthened FPAD and AOS provisions, a land tax exemption for charitable housing providers, payroll tax updates, and other minor amendments. The State Taxation Further Amendment Bill 2024 (the Bill) received Royal Assent on 3 December 2024. The key […]

Uniform Guidance | Final updates effective 1 October 2024

05/12/2024

The Office of Management and Budget (OMB) has finalised significant changes to the Guidance for Grants and Agreements, aimed at improving clarity, consistency, and compliance in managing US Federal grants and financial assistance. The OMB Guidance for Financial Assistance (Uniform Guidance) issued to all Federal agencies for use across all United States Federal Grants is […]

Anti-Money Laundering November 2024 reforms

02/12/2024

Over 70,000 new reporting entities are to be regulated under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 recently passed in November 2024. The AML/CTF Amendment Bill aims to effectively deter, detect and disrupt money laundering and terrorism financing and strengthen the existing frameworks to better address these evolving threats. The Australian Transaction […]

ATO increases GST engagement with Top 100 and Top 1,000 taxpayers

13/11/2024

The ATO has introduced a Supplementary annual GST return as part of its engagement with the Top 100 and Top 1,000 taxpayers. The returns will be used to assess the confidence level of a taxpayer’s compliance with GST law, and their investments placed into GST governance.   The Supplementary annual GST return will first apply […]

Tax Effect Accounting webinar

08/11/2024

Discover the latest updates in tax effect accounting with expert insights into accounting for income taxes. Our expert will provide you with topical content of relevance as well as an update on what’s new in tax effect accounting, including information about the following topics: Session details     Your speaker: Andrew WuManagerSW

AASB 18: Key changes in presentation of profit & loss of listed entities

31/10/2024

The introduction of a new accounting standard, AASB 18, represents a major change for financial reporting, particularly in the profit and loss statement for listed companies and Tier 1 reporters. AASB 18 Presentation and Disclosure in Financial Statements has been introduced to enhance the presentation of financial statement as well as for transparency and comparability […]

First annual R&D Tax Incentive Transparency Report released: Key insights

25/10/2024

The ATO has released the first Research & Development Tax Incentive (R&DTI) Transparency Report for 2021–22, detailing which companies claimed the R&DTI. The ATO has published the first R&DTI Transparency Report covering the 2021–22 income year. The R&DTI program aims to strengthen innovation by providing tax offsets for eligible R&D activities. To promote greater transparency […]

New temporary off-the-plan duty concession

25/10/2024

On 21 October 2024, the Victorian Government announced a temporary off-the-plan duty concession to ease the financial burden for buyers of off-the-plan properties like apartments and townhouses in strata subdivisions.   This new concession is set to last for 12 months and attempts to address ongoing challenges in the Victorian property market, particularly amid high construction […]