Other than complying legacy sub-trusts created prior to 1 July 2022, it is highly arguable that creating new sub-trusts between Trusts and companies is not sensible. If you wish to pay your income or capital to a corporate beneficiary of the Trust then you should preferably pay it out to [...]
The Research and Development Tax Incentive (R&DTI) has been in operation since 1 July 2011. The purpose of this initiative is to encourage innovation entities to grow and elevate their creative projects in Australia. The Department of Industry, Science, Energy and Resources (AusIndustry) and the Australian Taxation Office (ATO) regulate the [...]
The State Revenue Office of Victoria has announced various tax relief measures this year, ranging from a waiver of liquor licence fees, duty concessions for commercial or industrial properties in regional Victoria, deferral of land tax and a full waiver of payroll tax. These tax relief measures have been outlined [...]
We are pleased to note that Thomas Abraham of our firm has recently been appointed into the Law Institute of Victoria’s State Taxes Committee. Thomas looks forward to further involvement in discussing law and policy related to the administration of taxes by the State Revenue Office (“SRO”). Prior to commencing at [...]
You will note that our recently published Issue 9 of the State Taxation Series looked into land tax relief during the COVID-19 pandemic. Shortly after Issue 9 was published, the Victorian Government announced further land tax relief for landlords on 20 August 2020 as part of its extension of the [...]
Issue 9 of our State Taxation Series looks into land tax relief during the COVID-19 pandemic, more particularly, land tax reduction and the deferral of land tax for the 2020 year. The Victorian government has implemented relief measures for land tax to support businesses and individuals during this trying period. [...]
In 1989, former Prime Minister Paul Keating boasted for being able to garner public support for difficult reforms when he pronounced: “I’ll guarantee if you walk into any pet shop in Australia, the resident galah will be talking about micro-economic policy.” Thirty years on, with the initial headwinds of the [...]
The Victorian Government has recently announced new tax relief measures to support businesses through Victoria’s State of Emergency, in response to the COVID-19 pandemic. These tax relief measures announced by the Victorian Government are a welcome reprieve in the current climate. Payroll tax All businesses that are liable for payroll [...]
The foreign purchaser additional duty (“FPAD”) provisions were introduced in Victoria with effect from 1 July 2015. The additional duty provisions for foreign purchasers were incorporated in section 28A of the Duties Act 2000 (Vic) (“the Act”) A foreign purchaser is either a foreign natural person, corporation or the trustee [...]
Issue 5 of our State Taxation Series considers the newly amended section 67 of the Land Tax Act (Act) relating to the primary production land (PPL) land tax exemption. The amended provisions in section 67 of the Act received Royal Assent on 19 November 2019. As of 20 November 2019, [...]
