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New temporary off-the-plan duty concession

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 […]

Oliver Hume Case update | State Revenue Office emboldened to review past capital raises for property trusts under an IM 

21/10/2024

The Victorian Court of Appeal’s recent decision in Oliver Hume Property Funds v Commissioner of State Revenue [2024] VSCA 175 prompted the State Revenue Office (SRO) to update its ruling (DA-075v2) and introduce a voluntary disclosure amnesty for taxpayers impacted by landholder duty principles from the case. Importantly, once the amnesty ends on 31 March […]

Deductibility of fees for financial advice | New ATO tax determination

11/10/2024

The Australian Taxation Office (ATO) has published Taxation Determination TD 2024/7, confirming the Commissioner’s view on the circumstances under which individuals who are not carrying on an investment business can claim a deduction for fees paid for financial advice. On 25 September, the ATO released Taxation Determination TD 2024/7 in relation to the deductibility of […]

From legislation to action: Australia’s sustainability reporting standards finalised

30/09/2024

The Australian Accounting Standards Board (AASB) has approved new sustainability reporting standards aligning with mandatory climate reporting legislation. These standards create a framework for large Australian companies to disclose their sustainability practices. Introduction Following the passage of the legislation by the Australian Parliament, the AASB approved two inaugural sustainability reporting standards modelled after international guidelines […]

ATO draft Practical Compliance Guideline PCG 2024/D2: Impact on personal services income

26/09/2024

The ATO has released a draft Practical Compliance Guideline, PCG 2024/D2 (PCG) which outlines how general anti-avoidance rules apply to personal services income (PSI) earned through a personal services entity (PSE) operating as a personal services business (PSB). The PSI rules were enacted to ensure that income derived by a PSE would be taxed to […]

Tax Chat webinar series 2025

23/09/2024

Explore the latest in the world of taxation in our Tax Chat webinar series. Join us for four engaging sessions on the most recent tax rulings, cases and key developments shaping the tax landscape. During these sessions, Vanessa Priest, Ned Galloway, and Kate Wittman will be discussing all things tax – including updates to legislations, […]

Sustainability Reporting webinar series 2025

23/09/2024

Discover the latest in sustainability reporting through our Sustainability Reporting webinar series. Join us each month in exploring the newest trends and advancements in the field. Every month, our experts will provide insights and actionable knowledge that will empower your organisation to navigate the evolving landscape of sustainability reporting. Some key topics include: Webinar details […]

Australian Parliament passes mandatory climate reporting legislation

13/09/2024

Both houses of the Australian Parliament have now passed mandatory climate reporting legislation, with a new bill that will require large companies to prepare annual sustainability reports. With the aim to enhance the transparency and comparability of climate-related information. Introduction To enhance the transparency and accountability of climate-related matters, on 9 September 2024, the Australian […]

Victorian Government introduces 7.5% short stay levy to Parliament

11/09/2024

Short stay booking platforms and owners of short stay accommodation should be aware of the new tax commencing from 1 January 2025. On 27 August 2024, the Victorian Government released the Short Stay Levy Bill 2024 (Vic). The Bill introduces a levy of 7.5% on booking fees for providers of short stay accommodation from 1 […]

Media release | SW congratulates Amanda Lee – 2024 National Women in Banking & Finance Awards winner

09/09/2024

We are thrilled to share that SW’s very own Amanda Lee, Chief Marketing Officer, has won the 2024 National Women in Banking and Finance (WiBF) Award for ‘Achievement in Professional Services’.    CEO of SW, Mr Duane Rogers says: “We are immensely proud of Amanda receiving this recognition for her achievements in professional services. This award […]