All news by: Ross Sicuro

Getting our heads around new GST regime

New GST laws targeting property developers come into effect on 1 July. Is your company prepared? Taxation specialist Ross Sicuro, director of Moore Stephens, shares his insights.

Announced in the 2017 federal budget, the new GST laws promise to crack down on ‘phoenix activity’ – where companies strip the assets and cash from a business before liquidating and restarting it under a different name.

The business rises from the ashes, but leaves creditors, including the ATO, high and dry.

Are you ready for the new lease standard?

As new accounting standards come into force over the next two years, property companies need to understand the implications for their businesses, says Moore Stephens’ director Ross Sicuro.

From 1 January 2019, a new Australian Accounting Standards Board standard will start to influence leasing decisions.

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.