News and Views

2017-18 South Australian Budget Wrap

Treasurer Tom Koutsantonis has revealed his fourth budget, the last before the 2018 state election. Voters have been wooed with community grants, infrastructure spending, apartment affordability measures and some extra payroll tax relief for business.

Whilst the big banks –  today's headline story  - and foreign investors (neither of whom vote) have come out the biggest and very sore losers.

If you are buying or selling property over $2 million – New rules now apply

From July 1 2016, all Australian residents, selling property with a market value over $2 million (GST exclusive) will need to get a clearance certificate from The Australian Taxation Office (ATO).

From 1 July 2016, a 10% withholding tax will apply when foreign residents sell certain types of Australian property. If  you are selling Australian property, the new rules assume you are a non-resident unless you have a clearance certificate from the ATO. Without this clearance certificate, the purchaser must withhold 10% of the purchase price and pay this to the ATO.

South Australian State Budget 2016/17: Key take-outs for Business

Late last week The Hon. Tom Koutsantonis released the 2016/17 South Australian state budget. A budget aimed at “transforming South Australia into a modern, high technology and globally competitive economy - which will create more jobs for South Australians”.  As expected it is a fairly benign budget with the government still focused on the successful implementation of last year’s many measures.
This year the new business initiatives focus on much needed job creation and, together with the extension to exisitng payroll tax rebates announced a few weeks ago and the stamp duty reductions announced last year, we hope the measures will deliver a much needed confidence boost to SA business.
with the extension of the existing payroll tax rebates for the next four years announced a few weeks ago and the stamp duty reductions announced last year - See more at: http://www.bdo.com.au/en-au/insights/articles/budget/2016-south-australian-budget-backs-smes#sthash.Ie5Qhanw.dpuf
Today’s announcements, along with the extension of the existing payroll tax rebates for the next four years announced a few weeks ago and the stamp duty reductions announced last year, will give many the confidence to back their vision and grow. - See more at: http://www.bdo.com.au/en-au/insights/articles/budget/2016-south-australian-budget-backs-smes#sthash.Ie5Qhanw.dpuf
Today’s announcements, along with the extension of the existing payroll tax rebates for the next four years announced a few weeks ago and the stamp duty reductions announced last year, will give many the confidence to back their vision and grow. - See more at: http://www.bdo.com.au/en-au/insights/articles/budget/2016-south-australian-budget-backs-smes#sthash.Ie5Qhanw.dpuf
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