Our latest insights

The cap on the amount of superannuation benefits that can be transferred into retirement pension phase (known as the Transfer Balance Cap) having been recently increased by indexation to $1.9m from 1 July 2023 and all Self-Managed Superannuation Funds (SMSF) with members in the retirement phase will be required to report certain events that affect their members’ Transfer Balance Accounts (TBA) on a quarterly basis from 1 July 2023.

A new financial year brings a new property tax in Victoria. The Windfall Gains Tax (WGT) came into effect on 1 July 2023, with significant implications for the Victorian real estate and construction sector. Here, we discuss the details to be mindful of when considering the WGT.

Learn about Division 129 of the GST Act and how it applies to property developers who have changed their property's intended use. Ensure you make any required GST adjustments to avoid penalties.

On 7 June 2023, the ATO released the finalised Taxation Ruling TR 2023/1 on residency tests for individuals.

As part of the recently introduced Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023 in Australian Parliament, the Federal Government has released an Exposure Draft dealing with Multinational tax transparency.

On 22 June 2023, the Federal Government introduced the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023 into the House of Representatives. This Bill has been referred to the Senate Economics Legislation Committee with its Report due 31 August 2023.

As an operator of a retirement village, you may be missing out on significant GST refunds.

Learn how to avoid penalties for overclaimed fuel tax credits during the temporary rate reduction period. Contact our specialists today.

As part of the 2023-24 State Budget, the Victorian Government has announced a number of significant changes to stamp duty, payroll tax, land tax and insurance duty.

During the FY23 financial year, our Employment solutions team highlighted key updates, issues and ATO review activity that finance and payroll leaders need to be across in a series of webinars, seminars and insights. Here we’ve summarised some of those key items which remain relevant as we approach FY24 including fringe benefits, single touch payroll, superannuation guarantee, employee vs contractor and employee share schemes.

The ATO has released the revised Draft Practical Compliance Guideline PCG 2023/D2, outlining the compliance approach to intangibles arrangements involving international related parties, addressing the tax issues associated with restructures (“migration”) or mischaracterisation of Australian activities in connection with intangible assets.

We have heard from numerous clients that their employees are concerned about the new reporting required under Single Touch Payroll Phase 2 (STP2). In particular, the concern relates to how salary packaging arrangements might impact various means tested government levies and allowances – such as Family Assistance and Child Support Payments.