The Federal Government is seeking to introduce changes to tax concessions in superannuation. A summary of key points for the new proposed tax on $3m super balances.
Extra tax on super balances over $3m
Category: Update
Australian M&A activity Q2 FY2023
Based on the published transaction data for Q2 FY2023, there were 270 deals completed compared to 452 in Q2 FY2022, being a decrease of 40%.
‘Grandfathering’ regime comes to an end
Recent changes mean that ‘grandfathered’ large proprietary companies with financial years ending on or after 10 August 2022 will have to lodge their audited financial statements with ASIC.
ASIC announces extension to reporting deadlines for unlisted entities
ASIC has announced that it will extend the statutory reporting deadlines for unlisted entities reporting at 30 June 2022.
Foreign property investors beware!!
All property in Victoria is subject to land tax, unless an exemption applies or the property is below the threshold ($300,000 from the 2022 land tax year).
Director ID timeline now confirmed by Government
The Government has released further guidance on Director ID for companies and corporate bodies registered under the Corporations Act and CATSI Act.
Windfall gains tax – what you need to know
The Windfall Gains Tax (WGT) has been introduced to Victorian State Parliament. We address what it means, how to apply, exclusions and other practical considerations.
Undeclared foreign income? The ATO has put you on notice!
The ATO is concerned Australian taxpayers are not disclosing assessable income, funds received from overseas where they are purported to be gifts or loans.
Victorian property developers – think twice before nominating
The State Revenue Office has recently finalised their views on what constitutes “land development”. We outline the changes and possible associated risks for property developers being subject to double duty.
Tax residency changes for individuals
In the most Federal Budget, the Government announced changes regarding the individual tax residency rules, intending to simplify the rules.