Significant changes to the Victorian Vacant Residential Land Tax (“VRLT”) were enacted in the State Taxation Acts and Other Acts Amendment Act 2023 (Vic) which received Royal Assent on 12 December 2023. These changes will take effect from 1 January 2025 and 1 January 2026. The use of the residential land during the 2024 calendar year may impact landowners. The vacant residential land tax assessments […]
Working from home because of COVID-19 means most will have more deductions than in a normal year. These checklists will help your tax agent ensure you don’t miss any deductions. Simply print, complete and return. Please click on the following links to access the checklists most appropriate to your needs. Individuals Company Trust Partnership Superannuation Funds
Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles. . This reading is one of the annual requirements of the logbook method of fringe benefits calculations for the Fringe Benefits Tax period ending 31st March 2024. If you are not sure if you have an obligation, it will only take a few minutes, so just do it! Remember […]
Every end of financial year (EOFY) season involves a rush by Australians wanting to get their tax returns completed. Increasingly, though, this period is seen as an opportunity for bad people to take advantage of us. Too often the EOFY rush involves hastily clicking on links, giving personal information to the wrong person, or submitting documents to insecure portals or sites. One in four Australians […]
The Treasurer announced two changes to the JobKeeper scheme. The first makes it easier for organisations to qualify for the JobKeeper payment extension from 28 September 2020, while the second change adjusts the reference date for employee eligibility. We have prepared a guide to help you navigate the new landscape. Please feel free to download it.
The Victorian Government has launched the $500 million Business Support Fund to help small businesses survive the impacts of the coronavirus (COVID-19) pandemic and keep people in work. Funding of $10,000 per business is available and will be allocated through a grant process. To check your eligibility and to start an application process please follow the link below: https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-support-fund
In response to the potential economic downturn which may be caused by the Coronavirus pandemic, the government has issued several announcements and measures which may help with your business’s cash flow. These are: 1. Credits coming to your Activity Statements This assistance will be in the form of a “credit” to your Activity Statements between now and June 2020. The government will allow this credit […]
Until recently, a company that had experienced a significant change in ownership or control could only carry forward its earlier tax losses to a later income year if the company carried on the “same” business after the change. However, a new alternative test that applies retrospectively from 1 July 2015 means that now companies only need to carry on a “similar” business. What exactly does […]