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Assistance to businesses to keep people in jobs

03/03/2020

The Government will provide a fortnightly payment of $1,500 per eligible employee to businesses impacted by COVID-19 from 30 March 2020 for a maximum period of 6 months. Eligibility Employers Eligible employers are businesses (including companies, partnerships, trusts and sole traders), not-for-profits and charities: with a turnover of less than $1bn and turnover will be […]

Superannuation Guarantee Amnesty Bill finally passed

27/02/2020

The Superannuation Guarantee Amnesty Bill has been passed and is awaiting Royal Assent, from which point employers will have six months to make voluntary disclosures of superannuation guarantee underreporting. Overview On 24 February 2020 the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 was passed by the Senate and is awaiting Royal Assent. The long awaited […]

NSW property surcharges for discretionary trusts - deadline extension

13/02/2020

Limited time remains to amend discretionary trust deeds before unintended duties and taxes apply Updated 31 August 2020 Increased transfer duties on property acquisitions, and increased land tax on previously acquired property holdings, will soon be applied to trust deeds of family and other discretionary trusts unless steps are taken soon. Changes to state impost […]

Changes to the Victorian SRO’s application of duty for discretionary trusts

12/02/2020

The State Revenue Office (SRO) of Victoria is bringing its concessional approach to Foreign Purchaser Additional Duty (FPAD) for discretionary trusts to an end. Background FPAD applies to foreign purchasers of residential property in Victoria. The rate of FPAD is currently 8% which is in addition to normal Duty. Please refer to our table of […]

Guidelines for strengthening intellectual property protection

23/01/2020

A series of guidelines on strengthening intellectual property protection was recently issued by the Chinese government, which all localities and departments are expected to implement. An evolving intellectual property regime has long been an aspect of China’s development that concerns foreign investors and foreign firms operating in China. Recently, the General Office of the Central Committee […]

AFSL entities with leases under AASB 16

20/01/2020

ASIC’s media release in December 2019 advised AFSL holders that the right-of-use asset resulting from adoption of the new accounting standard on leases (AASB 16) will be intangible, which may impact AFSL holders’ compliance with licensing conditions. On 6 December 2019 ASIC issued a press release which included the following statement: “Many Australian Financial Services […]

Income tax - When are deductions allowed for employees’ transport expenses?

20/12/2019

On 13 December 2019 the Commissioner issued Draft Taxation Ruling TR 2019/D7 to replace one half of the existing Draft Taxation Ruling TR 2017/D6. The Draft Taxation Ruling confirms that generally travel from work to home will be considered private in nature and consequently cannot be deducted.  For transport to be deductible it must be […]

Change to CGT implications for foreign residents – now law

16/12/2019

Foreign tax residents impacted by new changes to the main resident capital gains tax exemption are encouraged to review the impact immediately and formulate a tax strategy. Despite best efforts of professionals and expat groups, the reintroduced Bill to deny the main residence capital gains tax (CGT) exemption where the owner is a foreign tax […]

Car parking fringe benefit - draft tax ruling

11/12/2019

The Australian Taxation Office has released a draft taxation ruling which impacts businesses who provide car parking spaces to their employees. Background Businesses who provide car parking spaces for their employees, but do not currently pay fringe benefits tax (FBT) on this benefit, should assess the impact of the Australian Taxation Office’s (ATO) views set […]

Looming deadline for NSW property surcharges for discretionary trusts

02/12/2019

Time is about to expire to amend discretionary trust deeds so as to avoid unintended duties and taxes Little time is left to take action to amend trust deeds of family and other discretionary trusts so as not to inadvertently subject the trust to increased transfer duties on property acquisitions and in turn increased land […]