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Article Australian Parliament passes mandatory climate reporting legislation 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 […] 13/09/2024
Article Victorian Government introduces 7.5% short stay levy to Parliament 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 […] 11/09/2024
Article Media release | SW congratulates Amanda Lee – 2024 National Women in Banking & Finance Awards winner 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 […] 09/09/2024
Article Super Guarantee | Jockeys held to be employees of racing clubs The Administrative Appeals Tribunal (AAT) ruled that jockeys racing for various NSW horse racing clubs are employees under the Superannuation Guarantee (Administration) Act 1992 (SGAA), requiring each club to make super contributions on riding fees paid to the jockeys. This decision is reflected in 5 separate applications by 5 horse racing clubs (Armidale Jockey Club, […] 02/09/2024
SW ATO appeals to High Court after reversal of PepsiCo decision  The ATO has sought special leave to appeal to the High Court, following the decision in Full Federal Court (by a 2 – 1 majority) in PepsiCo, Inc v Commissioner of Taxation [2024] FCAFC 86, which overturned the single decision that ruled in favour of the Commissioner’s position.   The High Court decision when released, is significant […] 30/08/2024
Article Scams Awareness Week 26 – 30 August 2024 We are seeing an ever-increasing number of scams. According to the Australian National Anti-Scam Centre over 21,000 scams were reported in just the month of July 2024, totalling over $25M in losses. Around 80% of reported scams are via e-mail. We are aware of scammers targeting myGov accounts for ATO scams. The ATO have provided […] 28/08/2024
Article Oliver Hume appeal decision The Victorian Court of Appeal has dismissed the taxpayers Oliver Hume’s appeal and affirmed the Commissioner’s decision to impose landholder duty. The Victorian Court of Appeal recently handed down its unanimous decision in Oliver Hume Property Funds v Commissioner of State Revenue [2024] VSCA 175. The Court determined that the acquisition of 99.99% of the […] 23/08/2024
Article Foreign Resident CGT | New tax on renewable energy All foreign residents exiting Australia will face increased Capital Gain Tax (CGT) and administrative costs, particularly in the Australian renewable energy sector. Australian Treasury released a consultation paper detailing proposed changes to the current foreign resident CGT regime which were raised in the last Federal Budget. Central to the proposed changes is: The changes will […] 20/08/2024
Article Section 99B and trust distributions | New ATO draft guidance The ATO has published its preliminary views on certain technical and practical aspects on section 99B, providing taxpayers with clarity on its application. On 31 July, the ATO released draft guidance in relation to Section 99B of the Income Tax Assessment Act 1936, including: Comments on both releases are due on 28 August 2024. What […] 14/08/2024
Article NSW Bulk billing GP clinics given payroll tax concessions NSW Bulk billing GP clinics afforded payroll tax concessions in the 2024/25 State Budget, to reduce costs to businesses and families across NSW to help with cost of living pressures. Bulk-billing support initiative To counteract the increased cost of living pressures, the NSW government has introduced an exemption and rebate on payroll tax liabilities for […] 04/07/2024
Article NSW Budget | foreign owner duty & land tax surcharges On 18 June 2024, the New South Wales Government released its 2024-25 budget with plans to increase the foreign purchaser duty surcharge and foreign owner land tax surcharge. From the 2025 land tax year (1 January 2025), the NSW Government will increase the rate of the foreign purchaser duty surcharge from 8% to 9%. The […] 25/06/2024
Article QLD Budget | Foreign owner duty & land tax surcharge On 11 June 2024, the Queensland Government released its 2024-25 budget with plans to increase the additional foreign acquirer duty and foreign owner land tax surcharge. The Queensland Government will increase the rate of the additional foreign acquirer duty (AFAD) from 7% to 8% from 1 July 2024, AFAD is levied on foreign buyers of […] 17/06/2024
Article Employee or contractor | ATO Decision Impact Statement The ATO recently issued a Decision Impact Statement on the employee or contractor matter in the JMC case, clarifying the contractual elements necessary to distinguish between independent contractors and employees under the Superannuation Guarantee (Administration) Act 1992 (SGAA). The ATO’s Decision Impact Statement regarding the Full Federal Court’s decision in JMC Pty Ltd v FC […] 14/06/2024
Article Foreign Owner Land Tax & Duty update The foreign owner land tax surcharge increases the ongoing costs of owning property in Victoria, New South Wales 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. However, in Victoria and Queensland there is an exemption […] 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