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NSW property surcharges for discretionary trusts - deadline extension
13/02/2020
Limited time remains to amend discretionary trust deeds before unintended duties and taxes apply Updated 31 August 2020 Increased transfer duties on property acquisitions, and increased land tax on previously acquired property holdings, will soon be applied to trust deeds of family and other discretionary trusts unless steps are taken soon. Changes to state impost […]
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Changes to the Victorian SRO’s application of duty for discretionary trusts
12/02/2020
The State Revenue Office (SRO) of Victoria is bringing its concessional approach to Foreign Purchaser Additional Duty (FPAD) for discretionary trusts to an end. Background FPAD applies to foreign purchasers of residential property in Victoria. The rate of FPAD is currently 8% which is in addition to normal Duty. Please refer to our table of […]
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Guidelines for strengthening intellectual property protection
23/01/2020
A series of guidelines on strengthening intellectual property protection was recently issued by the Chinese government, which all localities and departments are expected to implement. An evolving intellectual property regime has long been an aspect of China’s development that concerns foreign investors and foreign firms operating in China. Recently, the General Office of the Central Committee […]
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Happy Lunar New Year 2020
22/01/2020
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AFSL entities with leases under AASB 16
20/01/2020
ASIC’s media release in December 2019 advised AFSL holders that the right-of-use asset resulting from adoption of the new accounting standard on leases (AASB 16) will be intangible, which may impact AFSL holders’ compliance with licensing conditions. On 6 December 2019 ASIC issued a press release which included the following statement: “Many Australian Financial Services […]
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Income tax - When are deductions allowed for employees’ transport expenses?
20/12/2019
On 13 December 2019 the Commissioner issued Draft Taxation Ruling TR 2019/D7 to replace one half of the existing Draft Taxation Ruling TR 2017/D6. The Draft Taxation Ruling confirms that generally travel from work to home will be considered private in nature and consequently cannot be deducted. For transport to be deductible it must be […]
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Change to CGT implications for foreign residents – now law
16/12/2019
Foreign tax residents impacted by new changes to the main resident capital gains tax exemption are encouraged to review the impact immediately and formulate a tax strategy. Despite best efforts of professionals and expat groups, the reintroduced Bill to deny the main residence capital gains tax (CGT) exemption where the owner is a foreign tax […]
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Car parking fringe benefit - draft tax ruling
11/12/2019
The Australian Taxation Office has released a draft taxation ruling which impacts businesses who provide car parking spaces to their employees. Background Businesses who provide car parking spaces for their employees, but do not currently pay fringe benefits tax (FBT) on this benefit, should assess the impact of the Australian Taxation Office’s (ATO) views set […]
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Investment bond strategies
04/12/2019
Join us at our upcoming seminar to learn key investment strategies and the application of each strategy. With the increase in popularity of investment bonds, the ShineWing Australia Wealth team is pleased to invite you to attend our upcoming seminar with guest speaker: Grant Hackett OAM, the Chief Executive Officer of Generation Development Group, a […]