Tax

Recent Land Tax Changes in Victoria

The Victorian Government has recently enacted changes to the land tax rules in respect of contiguous land in metropolitan Melbourne. From 1 January 2020, the principal place of residence (PPR) exemption will no longer apply to contiguous land unless the PPR land and the contiguous land are in regional Victoria. 

Beyond the super cap

Superannuation as a retirement vehicle no longer has the allure of that new-car smell. These days it’s clocked its share of kilometres, the paint job has a few scratches, and in July 2017 when the tax-free contributions were capped at $1.6 million, it was the equivalent of a rear-end prang.

Greater certainty on company tax rates for small business entities

Update of the previous article, 'Investment companies miss out on tax relief' written by Tim Elliot after the bill was introduced to the Parliament of Australia on the 19 October 2017. 
 

As part of the Government’s Enterprise Tax Plan, the corporate tax rate for small business entities (aggregated turnover of less than $10m) has been;

  • cut to 27.5% for the 2017 income year, 

with the turnover threshold for small business entities;

  • increasing to $25m for the 2018 income year, and
  • again increasing to $50m for the 2019 to 2024 income year.  

Claiming depreciation on investment property

Rental property investors have access to a range of tax strategies. One such strategy, which is often underutilised, is claiming depreciation as a tax deduction.

Property expenses, such as depreciation and capital works expenditure, can be deducted over a number years, adding to a significant return for property investors come tax time.
 

Shock for landlords as land tax skyrockets

Over the past month soaring property values have seen landlords hit by steep increases in landlord taxes.

A number of landlords, property owners and lessors have been shocked when confronted with sharp increases in land tax bills this month.

The State Revenue Office (SRO) argues that 2016 was a revaluation year, which means your site value will most likely increase in 2017.
 

New withholding tax regime for property

“The Australian Tax Office is concerned that non-resident taxpayers are not meeting their tax obligations when they sell Australian property. The solution is this new withholding tax regime,” Costanzo, Moore Stephens’ director of tax and business advisory in WA explains.

When a non-resident sells property with a market value of $2 million or more, the purchaser is now required to withhold 10 per cent of the purchase price, and remit this amount to the ATO.
 

Globalisation and the tax system- how taxation affects individuals moving to and out of Australia

The world has shrunk and the business is more fluid than ever. Business has changed and e-commerce has revolutionised the way business is done and where business is conducted from.
 
In the modern world, you can conduct business from a coffee shop, on a beach or in an office. With this change and the way products and services are being delivered, we are noticing now more than ever an inflow and outflow of people into and out of Australia.

Globalisation and the tax system - how taxation affects individuals moving to and out of Australia

 In the modern world, you can conduct business from a coffee shop, on a beach or in an office. With this change and the way products and services are being delivered, we are noticing now more than ever an inflow and outflow of people into and out of Australia. This fundamental shift in society has wider implications and the affects of globalisation on the tax system need to be understood so you can manage your assets.
 

Ease of doing business in Australia

We are often asked the question “how easy is it to do business in Australia?”
 
The World Bank Group annually ranks all countries for the ease of doing business and Australia currently ranks in the top 15 amongst the 217 countries measured.

Working together - the reinvention of the ATO

Late last year, Moore Stephens Victoria  supported the AustralianTaxation Office (ATO) and then subsequently hosted a Key Agent meeting by our Directors with several senior ATO executives to enhance collaboration with our firm and ultimately to deliver a better client experience.

Financial model reviews reveal interesting insights

My previous article about the Moore Stephens Victoria Corporate Finance team was on work we had been doing during winter on Initial Public Offerings (IPO), reverse takeovers (RTO) and an expert witness report.  Some of that work carried over into Spring with a successful outcome for a number of those clients. 

In this article I am writing about some of the interesting work we have been doing with financial forecast modelling – primarily for financiers.  I also find this somewhat encouraging that a number of our clients are out there getting finance for expansion and new businesses.