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Victorian state budget …the aftermath

01 Jul 2016

Following his handing down of the Budget on 27 April (refer our client alert), Victorian Treasurer, Tim Pallas, tabled the State Taxation and Other Acts Amendment Bill 2016.

New South Wales update

01 Jul 2016

Quarter 1 of 2016 saw Sydney house prices grow by 2.3 per cent, exceeded only by Melbourne’s 2.5 per cent growth rate.

Buyers and sellers beware

01 Jul 2016

When purchasing real property after 1 July 2016, it is presumed that the vendor is a non-resident and the purchaser will be obliged to withhold 10% of the proceeds, register for withholding tax (WHT) and pay it to the Australian Taxation Office (ATO) unless a clearance certificate has been obtained prior to settlement.

Understanding the GST implications of contracts of sale

30 Jun 2016

A New South Wales Supreme Court case recently handed down, SAMM Property Holdings Pty Ltd v Shaye Properties Pty Ltd [2016] NSWSC 362, highlights the importance of understanding the impact GST can have on land and property transactions.

A message from Global Head of Real Estate and Construction, Sian Sinclair

30 Jun 2016

The property industry continues to do the heavy lifting on behalf of Australia’s GDP growth, with growth set to remain steady at 2.5 per cent for 2016/17 before a moderate increase to 3 per cent thereafter.

Industry consultant, John Elvy, talks owning vs leasing

30 Jun 2016

Opportunities exist for midsize business owners who own or lease premises to add significant value to their business.

Western Australia update

30 Jun 2016

A slowing economy, cooling investment environment and the mining industry’s economic transition from construction to production and export is behind the state’s largest-ever deficit, forecast at $3.9 billion.

ED 270 Reporting Service Performance Information – Not for Profits

29 Jun 2016

ED 270 aims to improve performance reporting and promote greater accountability and transparency among Not for Profit entities (NFPs).

Income recognition changes – Not for Profits

29 Jun 2016

With the issue of Exposure Draft 260, Income of Not for Profit Entities (ED 260), the Australian Accounting Standards Board (AASB) aims to improve the match between revenues and expenditures.

Comparative changes – Associations Incorporation Act 2015 (WA)

27 Jun 2016

With the new Associations Incorporation Act, the West Australian government aims to promote greater efficiency and accountability, align the act with legislation in other Australian jurisdictions (e.g. the Corporations Act) and minimise compliance and administrative costs for incorporated associations.