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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 […]

Build to Rent investment legislation released, designed to ease Australia’s housing shortfall

11/04/2024

The much-anticipated draft Build to Rent (BTR) legislation has been released for consultation, intended to significantly boost Australian developments in order to help ease Australia’s significant housing shortfall. The SW Property & Infrastructure team are at the forefront of key changes and impacts related to BTR and the proposed legislation. Our submission to Treasury will […]

Victorian Property Tax Reform

26/03/2024

The new Victorian Commercial and Industrial Property Tax (CIPT) will impact  property purchases after 1 July 2024. This is a significant change to transition away from stamp duty for commercial and industrial property. There are numerous complexities in the proposed legislation. The Commercial and Industrial Property Tax Reform Bill 2024 was introduced into the Victorian […]

China proposes mandatory Sustainability reporting for listed companies

15/03/2024

China is proposing mandatory sustainability reporting for listed companies, potentially impacting Australian subsidiaries of Chinese firms and Australian investors. Draft guidelines unveiled in February mandate sustainability reporting for companies listed on the Shanghai, Shenzhen, and Beijing Stock Exchanges. This move aligns with global trends as jurisdictions worldwide increasingly require sustainability and climate related reporting. Guideline […]

AusNet decision | CGT Rollover relief & ‘nothing else’

13/03/2024

The decision in AusNet Services Limited v Commissioner of Taxation [2024] FCA 90 has been handed down and could be a win for taxpayers with its impact on the  ‘nothing else’ criteria for CGT rollover relief. AusNet Services Limited faced a distinct challenge in trying to extricate themselves from a previously chosen rollover relief election, […]

Revised draft for Australian public country-by-country reporting

27/02/2024

Recently, the Treasury released a revised exposure draft (ED) proposing to require certain large multinational enterprises to publicly report selected tax information on a country-by-country basis effective on or after 1 July 2024. On 12 February 2024, the Treasury released the revised exposure draft (ED) and explanatory materials (EM), collectively referred to as ‘Revised Draft […]