15/09/2020
The Victorian State Revenue Office (SRO) has recently released a draft ruling for consultation on the meaning of the term ‘land development’ (draft revenue ruling DA-064). The new draft ruling and the definition of ‘land development’ in a duty context is of particular relevance to: foreign purchasers purchasers involved in pre-settlement nomination arrangements Foreign purchasers […]
14/09/2020
As Victoria’s lockdown continues, the State Government has recognised that further support is needed for Victorian businesses. Below is a summary of the various tax relief and grants announced. Vacant Residential Land Tax Relief (VRLT) VRLT is annual tax of 1% of the council capital improved value and it applies to residential land in specified […]
09/09/2020
David Chu, Head of International Business, discusses the pressures on and changes to the property market as a result of the pandemic. David Chu, Head of International Business, recently joined Thomas Sung on the SBS Radio Cantonese Program to discuss the Australian property market from a financial perspective. Listen to the podcast episode in Cantonese or […]
24/08/2020
The Australian Taxation Office (ATO) released Draft Schedule 3 (the Draft Schedule) to Practical Compliance Guideline (PCG) 2017/4 (the Guideline) on 12 August 2020, outlining how the transfer pricing risk associated with outbound interest-free loans between related parties will be assessed. This is a follow-up step taken by the ATO since the release of Schedule […]
21/08/2020
The extension of commercial rent relief regulations in Victoria brings a number of changes for both tenants and landlords for the rest of 2020. Highlights Victorian commercial rent relief regulations to be extended until 31 December 2020 The Regulations will require that rent relief be proportionate to reduction in turnover A land tax waiver of […]
19/08/2020
The Australian Taxation Office (ATO) finalised on 12 August 2020 its guidance (Practical Compliance Guideline (PCG) 2020/7) on the application of the arm’s length debt test, a methodology available to support excess debt deductions above the thin capitalisation safe harbour level. In conjunction with Taxation Ruling (TR) 2020/4 1 released on the same day, the ATO […]
13/08/2020
A number of recent articles in the Australian press have discussed the liquidation or voluntary administration of several large funds that were specifically created as complying funds for the Significant Investor Visa (SIV) program. This is devastating news for many, and has caused a variety of issues for those SIV holders who have been impacted […]
11/08/2020
Following recent media reports regarding concerns for Significant Investor Visa (SIV) holders and their investments, ShineWing Australia has put together a panel of experts to assist impacted individuals with their legal, migration and financial matters. A number of recent articles in the Australian press have discussed the liquidation or voluntary administration of several large funds […]
06/08/2020
Consider the related financial, reputational and compliance risks for your business. Directors of companies/Council members that underpay their staff and/or underpay Pay As You Go (PAYG) withholding tax and Superannuation Guarantee Charge (SGC) obligations are at risk of being personally liable for breaches of the law. On 16 June 2020, legislation was passed making wage […]
03/08/2020
NSW has announced important land tax and foreign investor surcharge concessions for new build-to-rent (BTR) projects until 2040. The NSW Government last week announced tax concessions for new BTR projects until 2040, and also released a new streamlined Housing Diversity State Environmental Planning Policy that includes proposed development standards for BTR developments and other affordable […]