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Foreign surcharges – time to amend discretionary trusts

18 Dec 2019

By way of an update to our alert in October on the NSW land tax amnesty, taxpayers initially had until 31 December 2019 to change their trust deeds such that they are not inadvertently deemed to be “foreign persons”.

Car Parking Fringe Benefits extended to the suburbs

12 Dec 2019

A recent draft taxation ruling, TR 2019/D5, extends the Tax Office’s interpretation of what constitutes a “commercial car parking station” as a result of a Full Federal Court decision regarding airport car parks.

Payroll assurance

06 Dec 2019

All organisations are grappling with the myriad of employee agreements and obligations that result in a wide variety of payments to their people.

Superannuation Guarantee amnesty Bill passes the House of Representatives

29 Nov 2019

The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 was passed by the House of Reps today without amendment. It now moves to the Senate.

Tax governance, transparency and the marriage of accounting and tax disclosures

15 Nov 2019

In a world where a company’s tax payments (or lack thereof) are under increasing scrutiny, both the Australian Taxation Office (ATO) and the Australian Accounting Standard Board are now enforcing new reporting obligations that will see companies disclose their “uncertain” tax positions in their annual tax returns and financial statements.

Travel industry: Closing the GST loophole for off-shore sellers of accommodation

07 Nov 2019

Advertised as part of its campaign to ensure multinationals pay their fair share of tax in Australia, the Federal Government has recently amended the A New Tax System (Goods and Services Tax) Act 1999 (Cth) (“GST Act”), significantly changing the GST landscape for offshore sellers of Australian accommodation.

Limiting tax deductions for vacant land - amended and passed

30 Oct 2019

Legislation seeking to deny a deduction for the costs of holding Vacant Land (Treasury Laws Amendment Bill 2019) has been amended by the Senate and subsequently approved by the House of Representatives on 22 October 2019.

Globally mobile employees selling Australian ‘main residence’ to lose Capital Gains Tax exemption under draft legislation

25 Oct 2019

The Government yesterday reintroduced draft legislation to remove the Capital Gains Tax (“CGT”) main residence exemption for foreign residents.

Changes to Duties and Land Tax tabled in NSW to impact M&A deals and discretionary trusts

23 Oct 2019

Yesterday, the NSW Government tabled the State Revenue Legislation Further Amendment Bill 2019 which proposes material changes to the Duties and Land Tax regimes in NSW.

NSW Government crackdown on land tax

17 Oct 2019

We have seen many examples of taxpayers incorrectly claiming exemptions or unaware that their innocuous discretionary trust or testamentary trust is a “foreign person”. Land tax exemptions are based on self-assessment and many people and companies will believe they have self-assessed appropriately, but the exemptions can be complex and confusing, and they may not technically qualify.