
07/02/2025
The Land Tax Assessments for 2025 are being issued by the relevant State Revenue Offices (SRO). Are they correct and are you paying too much Land Tax? Usual Land Tax Assessment process Each Council/Shire engages a Licensed Valuer for the purpose of valuing each property in their municipality in respect of: If you conduct any […]
30/01/2025
The NFP self-review return is a new annual reporting requirements for non-charitable NFPs with an active ABN. Relevant NFPs should lodge the return annually to confirm their eligibility to self-assess their income tax exempt status. For NFPs with a standard year end of 30 June, the return must be lodged by 31 October each year. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]