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A foreign real estate buyer has been penalised $250,000 by the ATO after purchasing Australian residential properties without being authorised by the Foreign Investment Review Board (FIRB). It was found that in addition to owning two established properties that were also in breach, the investor had purchased a further four unauthorised properties.

WGT aims to ensure significant land value increases from government rezoning decisions are “shared with the Victorian community” for critical infrastructures, such as public transportation and schools.

Yesterday, the Western Australian Premier and Treasurer, The Hon. Mark McGowan, delivered his fifth state budget – first as Treasurer – spending big on infrastructure, health, education, and police.

Nearly all discretionary trusts are taken to be foreign persons in NSW.

Following on from David Thodey’s draft ‘Supporting the Road to Recovery’ report (Draft Report), released on 1 July 2020 (and commented on by us here on 16 July 2020), the NSW Budget handed down 17 November has confirmed the State Government’s proposal to replace stamp duty with a broad based property tax. If implemented, it will comprise the biggest shift in state taxes since World War 2.

Further to our article regarding the Treasurer’s announcement on 9 September 2020, the Queensland Government yesterday released administrative guidelines for introducing a duty exemption for some small business restructures in the form of Public Ruling DA000.16.1.

The Premier of Victoria, the Hon Daniel Andrews, yesterday announced a major $3b stimulus package designed to assist Victorian businesses through the “second wave” and beyond.

Record deficit but Australia remains one of the strongest performing countries in the world

David Thodey’s draft ‘Supporting the Road to Recovery’ report highlights a number of clear areas of tax reform.

On 22 October 2019, 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.

Treasurer Ben Wyatt delivered the Western Australian State Budget on 9 October 2020, the first of the State and Territory budgets of 2020.

Treasurer Ben Wyatt delivered the Western Australian State Budget on 9 May 2019. This Budget promotes jobs growth and encourages investment in key sectors of the economy.