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Yesterday, RevenueWA issued Revenue Ruling DA26.0 (“Ruling”) which sets out its interpretation of major amendments which commenced on 13 June 2019, some 21 months ago.
New South Wales has just undergone a public consultation regarding a swap from stamp duty to land tax over a decades long transition period.
In Grant Thornton’s (and the Australian Taxation Office’s) experience, financial supply providers and their associates are generally unaware of the GST implications of supplies and acquisitions between related parties.
The ATO recently amended GSTR 2004/4 Assignment of payment streams including under a typical securitisation arrangement (GSTR 2004/4) to clarify how the ATO permits GST recovery for a home loan originator.
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.
The New South Wales Government has moved to extend rent relief measures for commercial tenancies, providing an additional land tax concession to commercial landlords who provide relief.
The Queensland Treasurer announced on Monday that he intends to “abolish” transfer duty for small businesses who wish to restructure for efficiency.
David Thodey’s draft ‘Supporting the Road to Recovery’ report highlights a number of clear areas of tax reform.
If you’ve changed the usage of your business acquisitions (purchases) or importations this financial year (or an earlier year), you may be required to make GST adjustments.
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.
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.
