The purpose of this Client Alert is to provide an update on developments and changes to the Vacant Residential Land Tax (“VRLT”) rules since our client alert on the topic which was issued in February 2024. You can find that earlier client alert here. The State Taxation Further Amendment Act 2024 received Royal Assent on
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On 29 October 2024, the Victorian Government enacted the Short Stay Levy Act 2024, introducing significant changes to the short-term accommodation sector. Effective from 1 January 2025, this legislation imposes a 7.5% levy on short-stay bookings in Victoria aimed at addressing the ongoing housing affordability issues. Here’s what property owners need to know about the
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The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024. Described as a “responsible Budget that helps people under pressure today”, the Treasurer has forecast a second consecutive surplus of $9.3 billion. The main priorities of the Government, as reflected in the Budget, are helping
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Vacant Residential Land Tax (“VRLT”) was introduced in Victoria back in 2017 and was effective from 1 January 2018. However, this state tax was not widely known because its operation had been largely limited to foreign property owners in urban Melbourne council areas. However, clients with property interests in Victoria outside of metropolitan Melbourne will
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This update is intended to assist you in navigating the rules regarding several key changes and to provide topical information with respect to superannuation. Disclaimer: The information contained in this bulletin contains factual information and makes no recommendation or gives any opinions. Accordingly, it is not financial product advice and should not be relied upon
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One of the many responsibilities SMSF trustees have each income year is to value their fund’s assets at market value. The market value is calculated on 30 June and is the amount someone could be reasonably expected to pay if the asset was for sale. These valuations will be used when preparing the annual financial statements and
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If you have an SMSF paying a pension, you are required to take a minimum amount of income each year from your account. In response to COVID-19, the government temporarily lowered the annual minimum amount until 30 June 2023. From 1 July 2023, the reduction to the minimum pension drawdown requirements no longer applies. Therefore,
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The 2023-24 State Budget was delivered on Tuesday 23 May 2023. The full Budget papers are split into five sections and are supported by Budget Information Papers available from https://www.dtf.vic.gov.au/state-budget/2023-24-state-budget. Pertinent highlights including those that may have potential implications for your business and or personal finances are set out below. Key Highlights The government has resolved
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2023/2024 Full Detailed Federal Budget Report The Federal Treasurer, Dr Jim Chalmers, handed down the 2023-24 Federal Budget at 7:30 pm (AEST) on 9 May 2023. The Budget forecasts the underlying cash balance to be in surplus by $4.2 billion in 2022–23, the first surplus since 2007–08, followed by a forecast deficit of $13.9 billion
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Labor Government 2022/2023 Full Detailed Federal Budget Report The Federal Treasurer, Dr Jim Chalmers, handed down the Labor government’s first Federal Budget at 7:30 pm (AEDT) on 25 October 2022. Despite an uncertain global economic environment, the Treasurer has lauded Australia’s low unemployment and strong export prices as reason for a 3.5% growth in the
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