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Article Foreign Owner Land Tax & Duty update The foreign owner land tax surcharge increases the ongoing costs of owning property in Victoria, NSW 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 (ACT). However, in Victoria and Queensland there is an exemption for […] 13/06/2024
Article 2024 Employee Share Scheme (ESS) Reporting 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 […] 29/05/2024
Article Vacant residential land tax update – companies and trusts 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 […] 24/05/2024
Article Superannuation rate increase 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 […] 10/05/2024
State Budget VIC State Budget 2024/25 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 […] 09/05/2024
Article Build to Rent investment legislation released, designed to ease Australia’s housing shortfall 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 […] 11/04/2024
Article Victorian Property Tax Reform 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 […] 26/03/2024
Article China proposes mandatory Sustainability reporting for listed companies 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 […] 15/03/2024
Article AusNet decision | CGT Rollover relief & ‘nothing else’ 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, […] 13/03/2024
Article Revised draft for Australian public country-by-country reporting 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 […] 27/02/2024
Article ATO issues final risk guideline on Intangibles migration arrangements The Practical Compliance Guideline (PCG) 2024/1 (the Guideline) has been released with ATO poised to dedicate resources towards scrutinising cross-border related party intangible arrangements. As a result taxpayers will face increased disclosure and self-evidence requirements. After a nearly three-year wait[1], the ATO finalised the risk guideline targeting cross-border related party arrangements (collectively referred to as […] 13/02/2024
Article Updated Tax Ruling on character of software payments The ATO has released a new draft tax ruling (TR 2024/D1) on the character of software arrangements for public consultation. This outlines the Commissioner’s view as to when payments would fall under a software arrangement and are subject to royalty withholding tax. The over-arching view remains that payments made for vast majority of software arrangements […] 06/02/2024
Article Sporting Clubs 2024 annual return update The ATO has further updated their website to assist Not-for-profits (NFPs), including sporting clubs, prepare in advance of lodging their first online NFP self-review return for the 2023-24 income year. The NFP self-review return will be available from the Online Services section of the ATO website from 1 July 2024. It will be due for […] 22/01/2024
Article Phased approach to mandatory climate reporting in Australia The Australian government has proposed a new bill that would require certain entities to prepare annual sustainability reports, aiming to enhance the transparency and comparability of climate-related information. Introduction To improve the disclosure and accountability of climate-related matters the Australian government’s final Policy statement proposes to mandate certain entities follow the new sustainability reporting standards […] 22/01/2024
Article Sporting Clubs 2024 annual return reporting moves a step closer The ATO website has been updated to advise Not-For-Profits (NFPs), including sporting clubs, that they are required to lodge their first NFP self-review return for the 2023-24 income year, between 1 July and 31 October 2024. First announced in the 2021 Federal Budget, NFP’s including sporting clubs, societies and associations, with an active Australian business […] 15/12/2023
Article Navigating tax implications of holding vacant land The Meakins case examines the deductibility of holding costs for vacant land. The findings emphasise the importance of demonstrable, income-generating activities to support tax deduction claims on vacant land, offering crucial insights for property investors and taxpayers. The recent Administrative Appeals Tribunal (AAT) case Meakins and Commissioner of Taxation [2023] AATA 3852 (Meakins), highlights its […] 14/12/2023