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Limiting tax deductions for vacant land - amended and passed
Client Alert Limiting tax deductions for vacant land - amended and passed
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.
Sian Sinclair
Sian Sinclair
| 5 min read | 30 Oct 2019
NSW Government crackdown on land tax
Client Alert NSW Government crackdown on land tax
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.
4 min read | 17 Oct 2019
Limiting tax deductions for vacant land
Client Alert Limiting tax deductions for vacant land
The new rules will apply to individuals, trusts (which are not widely held) and to self-managed super funds (SMSF’s).
Sian Sinclair
Sian Sinclair
| 6 min read | 11 Sep 2019
GST and healthy food: more food for thought required
Client Alert GST and healthy food: more food for thought required
The GST treatment of food products has made the headlines over the last few months. Most notably the above front page of The Age earlier this year.
2 min read | 22 Aug 2019
WA Budget cash splash in lead up to State election
Client Alert WA Budget cash splash in lead up to State election
Treasurer Ben Wyatt delivered the Western Australian State Budget on 9 October 2020, the first of the State and Territory budgets of 2020.
David Hodgson
David Hodgson
| 4 min read | 22 Aug 2019
GST and changes to the intended use of residential property
Client Alert GST and changes to the intended use of residential property
Are you a property developer who has built new residential property to sell, but instead have had to lease them due to market conditions?
Elizabeth Lucas
Elizabeth Lucas
| 3 min read | 03 Jun 2019
Financial reporting thresholds doubled for ‘large’ proprietary companies
Client Alert Financial reporting thresholds doubled for ‘large’ proprietary companies
Financial reporting thresholds for ‘large’ proprietary companies have been doubled following a recent Australian legislative change which is effective for financial years commencing on or after 1 July 2019.
Andrew Rigele
Andrew Rigele
| 3 min read | 29 May 2019
Important changes to the Arm’s Length Debt Test
Client Alert Important changes to the Arm’s Length Debt Test
On 5 April 2019, the ATO released Draft Taxation Ruling, TR 2019/D2 to clarify how entities should utilise the ALDT (“the ALDT Draft Ruling”). This ruling applies retrospectively.
Jason Casas
Jason Casas
| 3 min read | 14 May 2019
Foreign incorporated companies relocating central management and control
Client Alert Foreign incorporated companies relocating central management and control
Practical Compliance Guide (PCG) 2018/9 provides a transition period for foreign incorporated companies to change their governance arrangements so that they do not become Australian residents solely because their central management and control (CM&C) is located in Australia.
5 min read | 13 May 2019
Western Australia State Budget 2019-20
Client Alert Western Australia State Budget 2019-20
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.
18 min read | 09 May 2019
Proposed revisions to APS 220 Credit Risk Management
Client Alert Proposed revisions to APS 220 Credit Risk Management
On 25 March 2019, APRA proposed updating its prudential standard on credit risk with an update to APS 220 Credit Risk Management to capture the full credit life cycle.
Claire Scott
Claire Scott
| 2 min read | 01 May 2019
Back to the Future for QBCC Minimum Financial Requirements
Client Alert Back to the Future for QBCC Minimum Financial Requirements
From 1 January 2019, Queensland’s building industry participants are again required to lodge their annual audited accounts with the Queensland Building and Construction Commission (QBCC), demonstrating compliance with the QBCC’s Minimum Financial Requirements in order to maintain their building licence.
Sian Sinclair
Matt Bell
| 4 min read | 15 Apr 2019
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