Our latest insights

In his statement following the latest meeting of the National Cabinet last week, Scott Morrison announced only one element of the plans for rent relief to deal with growing loss of income being experienced by Australians: a moratorium of 6 months on evictions due to financial distress.

COVID-19 has created unprecedented uncertainty for business, not just in Australia, but the whole world. How long this uncertainty will last is unknown. The Prime Minister has been telling Australians that this uncertainty is anticipated to last at least six months. There have also been reports that it will last for twelve months, possibly longer.

COVID-19 has already had a massive impact on Australia, even though we are still in the early phases of the pandemic. Businesses are trying to adapt to the changing environment in order to continue operating so that they can try to survive the difficult days ahead as the whole world attempts to win the battle against COVID-19.

COVID-19 has significantly reduced the number of shoppers that are visiting Australian shopping centres for reasons other than to shop for food and other essential items that will allow them to maintain social distance, and if necessary, self-isolate for a period of time.

As the margin scheme is widely used by those in the real estate & construction industry, this webinar will provide a detailed examination into the application of the margin scheme.

In recent years we’ve seen the release of AASB 15 “Revenue from Contracts with Customers” and Tax Ruling 2018/3 “Tax treatment of long term construction contracts” (formerly IT 2450). Industry participants and their advisors need to understand the impact these may have on the timing and quantum of their revenue each year.

The Queensland Government has revealed its intentions to expand the application of mandatory PBAs, and proposed timeframes for the roll-out of Project Bank Accounts (PBAs).

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.

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.

The new rules will apply to individuals, trusts (which are not widely held) and to self-managed super funds (SMSF’s).

Are you a property developer who has built new residential property to sell, but instead have had to lease them due to market conditions?

There is a lot of noise around the property sector at the moment – and it’s not all positive. Prices are down – but this shouldn’t be a surprise when some markets (namely Sydney & Melbourne) saw unprecedented hikes in recent years.