When you buy or acquire property in Victoria, you will ordinarily have to pay land transfer duty (also known as stamp duty). Foreign Purchaser Additional Duty (FPAD) provisions were introduced with effect from 1 July 2015. Generally, if you are a foreign purchaser and you acquire residential property, FPAD will be payable as well as
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If you have a principal place of residence (PPR) over two (or more) titles, you may be currently entitled to a land tax exemption for all titles – provided the additional titles: adjoin the PPR land or are separated by only a road, railway or something that you can reasonably move around or across; do
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From 1 October 2019, if an SMSF is more than two weeks overdue complying with any annual income tax return lodgement due date and hasn’t requested a lodgement deferral, the Australian Taxation Office (ATO) will change the status of the fund on Super Fund Lookup (SFLU) to ‘Regulation details removed’. https://www.ato.gov.au/Super/Sup/Your-fund-status-will-change-if-SMSF-annual-returns-are-late/ How will this change
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The Federal Budget for 2019/20 was handed down by the Treasurer, Mr Josh Frydenberg, at 7.30 pm (AEST) on 2 April 2019. Download link to detailed Blaze Acumen Federal Budget Tax Bulletin 2019-20 Highlights The key tax and superannuation highlights from the Budget are summarised below. A detailed summary can be found at the link
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The Government has announced it will reduce the reporting burden for small and medium businesses operating via a company structure by raising financial reporting thresholds which have not been adjusted since 2007. Large proprietary companies are required to prepare, have audited and lodge a financial report, a Director’s report and an Auditor’s report with ASIC
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Reduced corporate income tax rate As you may be aware, the income tax rate for companies under specific turnover thresholds has been reduced to 27.5% with further reductions scheduled to ultimately reduce the company income tax rate for these companies to 25%. Accessing the lower tax rate has the downside of also reducing the franking
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The ATO has just released a Taxpayer Alert regarding the latest scam techniques used to defraud taxpayers. Recently, the scammers have begun to impersonate Tax Agents in attempt to build legitimacy to their phone calls. The scammers will coerce the victim into releasing the Tax Agent’s name and then initiate a three-way phone conversation between
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The Federal Budget for 2018/19 was handed down by the Treasurer, Mr Scott Morrison, at 7.30 pm (AEST) on 8 May 2018. Download link to detailed Blaze Acumen Federal Budget Tax Bulletin 2018-19 Highlights The key tax and superannuation highlights from the Budget are summarised below. The detail can be found at the link above.
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The Treasury Law Amendment (2018 Measure No. 1) Bill 2018 was introduced into Parliament on 7 February 2018 and includes under Schedule 5 proposed changes to the Goods and Services Tax (GST) withholding regime on sales of new residential premises and potential residential land. These are as previously announced in last year’s Budget. A summary
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Draft legislation has been released on 6 November 2017 in relation to GST withholding for sales of new residential premises or new potential residential land (for example subdivided residential lots). The proposed new rules were first mentioned in the 2017-18 Federal Budget and apply to contracts entered into on or after 1 July 2018, and
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