No.80: Victoria State Budget to include property tax hikes

Victorian Treasurer Tim Pallas has foreshadowed that this Thursday’s state budget will include a number of tax hikes that will hit property investors the hardest.  Last week, Mr Pallas announced the following state tax increases will be included in the state budget as a measure to recover lost revenue: Land Tax To Rise From January
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No.79: Full Detailed Federal Budget Report 2021-22

The Federal Treasurer, Mr Josh Frydenberg, handed down the 2021–22 Federal Budget at 7:30 pm (AEST) on 11 May 2021. A stronger than expected economic recovery from the COVID-19 recession has resulted in a budget deficit of $161 billion, $52.7 billion lower than the government’s expected deficit. With the virus still a threat to the
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No.78: 2021/22 Federal Budget Highlights, 10 May 2021

The Federal Budget for 2021/22 was handed down by the Treasurer, Mr Josh Frydenberg, at 7.30 pm (AEST) on 11 May 2021.  Highlights The Budget is weighted towards building on the measures announced in the October 2020 budget. The key tax and superannuation highlights from the Budget are summarised below. Income tax – Personal  Retaining
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No.77: 2021 COVID Land Tax Relief

The Victorian Government recently announced the extension of land tax reduction and deferral relief measures to 2021 land tax. 2021 Land tax reduction and deferral for residential landlords The 25% land tax relief for residential landlords previously announced in April 2020 has been extended to the 2021 land tax. Residential landlords who provide their tenants
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No.76: Full Detailed Federal Budget Report 2020-21

The Federal Treasurer, Mr Josh Frydenberg, handed down the 2020/21 Federal Budget at 7:30 pm (AEDT) on 6 October 2020. Australia’s economic response to the COVID-19 pandemic in the form of the original and extended JobKeeper scheme, the cashflow boosts and the enhanced JobSeeker payment has come at a significant cost, Mr Frydenberg said, resulting
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No.75: 2020/21 Federal Budget Highlights, 6 October 2020

2020/21 Federal Budget highlights, 6 October 2020 The Federal Budget for 2020/21 was handed down by the Treasurer, Mr Josh Frydenberg, at 7.30 pm (AEST) on 6 October 2020. Highlights  Due to COVID-19, the economy is expected to shrink by 3.75% with unemployment peaking at 8%. The Budget is heavily weighted towards addressing the impacts
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No.74: Victorian State Government Business Grants

The Victorian Government recently announced further rounds of the Business Support Fund grants under its Business Resilience Package, providing some financial support to Victorian based businesses impacted by the Victorian COVID-19 restrictions. The following are the two latest and current active business grants: 1.  Victorian Business Support Fund – Third Round On 13 September 2020,
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No.73 JobKeeper Extended to 28 March 2021

The Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No 8) 2020 (the “New Rules”) extend the JobKeeper scheme from 28 September 2020 to 28 March 2021. Under the New Rules, there are two separate extension periods. For each extension period, an additional “actual decline in turnover test” applies and the rate of the
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No.71: 2020 SMSF Compliance Renewed auditor focus and ATO scrutiny

This Client Alert is relevant to Clients with an Australian Self Managed Superannuation Fund (SMSF). At the end of each financial year Blaze Acumen reviews and considers current audit and ATO issues and how these are relevant to you and your SMSF. As the SMSF trustee, or director of a corporate trustee, you are required
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