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Media release | SW congratulates Amanda Lee – 2024 National Women in Banking & Finance Awards winner

09/09/2024

We are thrilled to share that SW’s very own Amanda Lee, Chief Marketing Officer, has won the 2024 National Women in Banking and Finance (WiBF) Award for ‘Achievement in Professional Services’.    CEO of SW, Mr Duane Rogers says: “We are immensely proud of Amanda receiving this recognition for her achievements in professional services. This award […]

Super Guarantee | Jockeys held to be employees of racing clubs

02/09/2024

The Administrative Appeals Tribunal (AAT) ruled that jockeys racing for various NSW horse racing clubs are employees under the Superannuation Guarantee (Administration) Act 1992 (SGAA), requiring each club to make super contributions on riding fees paid to the jockeys. This decision is reflected in 5 separate applications by 5 horse racing clubs (Armidale Jockey Club, […]

ATO appeals to High Court after reversal of PepsiCo decision 

30/08/2024

The ATO has sought special leave to appeal to the High Court, following the decision in Full Federal Court (by a 2 – 1 majority) in PepsiCo, Inc v Commissioner of Taxation [2024] FCAFC 86, which overturned the single decision that ruled in favour of the Commissioner’s position.   The High Court decision when released, is significant […]

Scams Awareness Week 26 - 30 August 2024

28/08/2024

We are seeing an ever-increasing number of scams. According to the Australian National Anti-Scam Centre over 21,000 scams were reported in just the month of July 2024, totalling over $25M in losses. Around 80% of reported scams are via e-mail. We are aware of scammers targeting myGov accounts for ATO scams. The ATO have provided […]

Oliver Hume appeal decision

23/08/2024

The Victorian Court of Appeal has dismissed the taxpayers Oliver Hume’s appeal and affirmed the Commissioner’s decision to impose landholder duty. The Victorian Court of Appeal recently handed down its unanimous decision in Oliver Hume Property Funds v Commissioner of State Revenue [2024] VSCA 175. The Court determined that the acquisition of 99.99% of the […]

Foreign Resident CGT | New tax on renewable energy

20/08/2024

All foreign residents exiting Australia will face increased Capital Gain Tax (CGT) and administrative costs, particularly in the Australian renewable energy sector. Australian Treasury released a consultation paper detailing proposed changes to the current foreign resident CGT regime which were raised in the last Federal Budget. Central to the proposed changes is: The changes will […]

Section 99B and trust distributions | New ATO draft guidance

14/08/2024

The ATO has published its preliminary views on certain technical and practical aspects on section 99B, providing taxpayers with clarity on its application. On 31 July, the ATO released draft guidance in relation to Section 99B of the Income Tax Assessment Act 1936, including: Comments on both releases are due on 28 August 2024. What […]

NSW Bulk billing GP clinics given payroll tax concessions

04/07/2024

NSW Bulk billing GP clinics afforded payroll tax concessions in the 2024/25 State Budget, to reduce costs to businesses and families across NSW to help with cost of living pressures. Bulk-billing support initiative To counteract the increased cost of living pressures, the NSW government has introduced an exemption and rebate on payroll tax liabilities for […]

NSW Budget | foreign owner duty & land tax surcharges

25/06/2024

On 18 June 2024, the New South Wales Government released its 2024-25 budget with plans to increase the foreign purchaser duty surcharge and foreign owner land tax surcharge. From the 2025 land tax year (1 January 2025), the NSW Government will increase the rate of the foreign purchaser duty surcharge from 8% to 9%. The […]

QLD Budget | Foreign owner duty & land tax surcharge

17/06/2024

On 11 June 2024, the Queensland Government released its 2024-25 budget with plans to increase the additional foreign acquirer duty and foreign owner land tax surcharge. The Queensland Government will increase the rate of the additional foreign acquirer duty (AFAD) from 7% to 8% from 1 July 2024, AFAD is levied on foreign buyers of […]