VIC State Budget 2022/23
The Victorian Government has delivered the 2022/23 Budget with a clear emphasis on health, education and infrastructure projects in Victoria and no major surprises or material new taxes for Victorian businesses. Key takeaways Although there are no key tax measures introduced, direct property taxes will continue to be the source of over 50% of new […]
A$DC – First Australian dollar stablecoin minted by ANZ Bank
On March 24 2022, Australian media (Eyers, 2022) reported that ANZ Bank had created a stablecoin linked to the Australian dollar to reduce risk and improve transaction speed and cost for one of its clients to purchase digital assets. This was a landmark transaction for the digital economy, as this is the first time an […]
Build-to-Rent and Windfall Gains Tax panel discussion
The Victorian Government’s latest Build-to-Rent announcements and the Windfall Gains Tax are on the agenda at the next Hall & Wilcox panel discussion. SW’s James Ye (叶嘉) and Robert Parker will be joining experts Mark Dawson (Urbis), Sean Ryan (Greystar) and Meg Lee and Eugene Chen (Hall & Wilcox) at the next Hall & Wilcox property sector event in Melbourne. Global players in the […]
Government moves forward with crypto – payments reform
New applications of blockchain-based technologies are continuously evolving, leaving many governments racing to implement suitable frameworks for the interactions of these technologies on their economies and domestic payment systems. The increased accessibility and uptake of digital assets by personal, retail, wholesale and institutional investors throughout 2021 has had global regulators playing catch up and in […]
Don’t get caught out by upcoming superannuation changes
From 1 July 2022, there will be several changes to superannuation designed to make it easier for people to grow retirement savings and create opportunities for those who are younger, older and low-income earners. A number of changes are being implemented that will affect who is required to be paid superannuation, the Super Guarantee (SG) […]
NSW significantly expands stamp duty regime
Broad ranging stamp duty amendments currently being considered in NSW include extending duty to change of beneficial ownership transactions, expanding anti-avoidance provisions, increasing penalties for SGEs and introducing promoter penalties. On 23 March 2022, the State Revenue and Fines Legislation Amendment (Miscellaneous) Bill 2022 (NSW) was introduced into the New South Wales Legislative Assembly. The […]
Federal Budget Overview 2022/23
Last night, Treasurer Josh Frydenberg delivered the 2022/23 Federal Budget, setting the Government up for their pre-election. With a May election fast approaching, there was a lot of anticipation that this Federal Budget would provide much needed support for households in managing the cost of living. While borders have opened, many business in several key […]
Australia’s Patent Box Incentive – What are we expecting?
As we await the passing of the eagerly anticipated Patent Box legislation, SW looks at the current details for eligible medical or biotechnology patents, who can benefit from the regime, and how it is expected to encourage innovative R&D investment in Australia. It has become increasingly important for Australia to attract for R&D investment on […]
Employee Share Schemes: Deductibility of expenses
While draft ATO determination rules out immediate tax deductions for fees incurred to establish an employee share scheme, ongoing associated expenses may remain deductible. On 23 February 2022, the Commissioner released Draft Determination TD 2022/D2, addressing the deductibility of expenses incurred when establishing and administering an Employee Share Scheme (ESS). The Commissioner has stated expenses […]
What can you claim working from home?
As we continue to work from home and emerge from Covid-19, many employers will continue to provide a hybrid working arrangement for employees, that is, a mix of working from home (WFH) and working from the employer premises. Careful consideration, planning and record keeping should be undertaken throughout this financial year in respect of work […]