On 22 March 2020, the Australian Government announced an expanded economic response to help businesses and households through the period ahead in light of the broader and more prolonged impact of the Coronavirus outbreak. Building on the previous measures (which were outlined in our Client Alert No.59 COVID-19 Update – Government Economic Stimulus Package) this
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On 12 March 2020, the Australian Government announced a $17.6 billion economic stimulus package to support individuals, businesses and households affected by the rapidly spreading COVID-19. The package announced by the Australian Government has four main focus areas. 1. Supporting business investment (effective from 12 March 2020) Increasing the instant asset write-off The Government is
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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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