03/10/2023
The NSW Budget delivers a $3.1 billion housing and planning investment package to address the state’s housing crisis. However, the property sector will also face increased taxes as the Government announced some significant tax changes in the Budget. SW experts has summarised all these changes below. 1. Corporate reconstruction and consolidation exemption concession amended to […]
21/09/2023
Changing the definition of ‘employee’ in the Fair Work Act will reverse landmark High Court decisions establishing that ‘contract is king’, increasing uncertainty and risk for businesses of all sizes. On 4 September, the Fair Work Legislation Amendment (Closing Loopholes) Bill 2023 (Bill) was introduced into Parliament. Among the sweeping reforms proposed in the Bill, […]
05/09/2023
Followed by rulings in QLD and SA, the Victorian State Revenue Office and Revenue NSW have issued rulings that may subject many medical practices to payroll tax on practitioner payments processed through the practices. The NSW and VIC Revenue Authorities have recently published harmonised revenue rulings (Revenue Rulings PTA-041) following similar rulings in QLD and […]
05/09/2023
The VCAT decision in Oliver Hume Property Funds v Commissioner of State Revenue held that units issued to investors under a capital raise via an Information Memorandum (IM) to fund the acquisition of a property in Victoria are to be aggregated as associated transactions for the purpose of the landholder duty rules. This means that […]
25/08/2023
Th regulatory framework for Managed Investment Schemes (MIS) are currently under review. The consultation paper seeks feedback on the existing regulation. The central objective of this review is to evaluate the adequacy and relevance of the existing regulatory structure, pinpoint regulatory gaps, and explore improvements to mitigate unwarranted financial risk exposure for investors. The review […]
20/07/2023
Following the 2023/24 Federal Budget announcement to reduce the regulatory burden facing general insurers, the Australian Treasury released Exposure Draft legislation on 10 July 2023, to be applicable for income years starting on or after 1 January 2023. Requirements for calculating tax liabilities that arise from general insurance contracts are set out in Division 321 […]
12/07/2023
Effective from 1st August 2023, the coverage of paid family and domestic violence leave will be extended to employees working for small business employers (with fewer than 15 employees) that was previously limited to non-small business employers. From 1 February 2023, employees of non-small business employers (employers with 15 or more employees on 1 February […]
06/07/2023
ASIC has released the focus areas for 30 June 2023 reporting, highlighting the impact of uncertain market and economic conditions on reporting. The ASIC media release on 6 June 2023 outlined its key areas of focus for this reporting season, stressing the need for directors, preparers of financial reports and auditors to evaluate the potential […]
05/07/2023
The International Sustainability Standards Board (ISSB) has issued the first two sustainability accounting standards, with implementation in Australia yet to be finalised. The ISSB has issued two standards focusing on material risks and opportunities related to sustainability (IFRS S1) and climate (IFRS S2). The new standards are effective for reporting periods beginning on or after […]
26/06/2023
Following consultation to the Exposure Draft legislation earlier this year, the Government has now introduced the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023 (the Bill) which details significant reforms to the thin capitalisation regime. Introduced into Parliament on 22 June 2023, the Bill is in line with […]