Search

Display 71-80 of 391

Section 99B and trust distributions | New ATO draft guidance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 On 31 July, the ATO released draft guidance in relation to Section 99B of the Income Tax Assessment Act 1936, including: Comments on both releases are due on 28 August 2024.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 […]

Employee or contractor | ATO Decision Impact Statement

14/06/2024

The ATO recently issued a Decision Impact Statement on the employee or contractor matter in the JMC case, clarifying the contractual elements necessary to distinguish between independent contractors and employees under the Superannuation Guarantee (Administration) Act 1992 (SGAA). The ATO’s Decision Impact Statement regarding the Full Federal Court’s decision in JMC Pty Ltd v FC […]

Foreign Owner Land Tax & Duty update

13/06/2024

The foreign owner land tax surcharge increases the ongoing costs of owning property in Victoria, New South Wales and Queensland. The foreign owner duty surcharges are targeted at foreign purchasers and increase the transaction costs of purchasing property in all states except the Australian Capital Territory. However, in Victoria and Queensland there is an exemption […]

2024 Employee Share Scheme (ESS) Reporting

29/05/2024

The ATO has upcoming reporting obligations affecting those offering employee share schemes (ESS). Find out how the CTS ESS Toolkit, our ATO-approved software can simplify your reporting obligations. Upcoming ATO reporting obligations The Australian Taxation Office (ATO) have reporting obligations in place, affecting employers who issue shares or share options to their employees.  The deadlines […]

Vacant residential land tax update - companies and trusts

24/05/2024

Under the Vacant residential land tax (VRLT), owners of holiday homes in Victoria can breathe a sign of relief with those properties held in trusts or companies now may be appliable for the holiday home exemption. The Government has delivered on its promise to extend the VRLT holiday home exemption in relation to land held […]

Superannuation rate increase

10/05/2024

With another super rate increase from 1 July 2024, make sure salary reviews are completed and your payroll is up to date. From 1 July 2024, the superannuation guarantee (SG) rate will increase from 11% to 11.5%, increasing the compulsory superannuation payments employers make to their employees. The 0.5% increment will continue on 1 July […]

VIC State Budget 2024/25

09/05/2024

The Victorian State Budget 2024/25 seeks to address the inflationary and interest rate pressures and focuses on health and education spending. With high debt levels, Treasurer Tim Pallas has curbed infrastructure expenditure with property taxes set to increase. Key takeaways What does the State Budget mean for you? Property & infrastructure Payroll Tax Contributors William […]