When finalising agreements with tenants pursuant to the new Commercial Leasing Code of Conduct (Code), landlords should properly consider the potential GST treatment of the agreement and ensure that any deferral of reduction of rent will operate as intended from a GST perspective. Under the Code, landlords of tenants whose business has been significantly affected …
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The JobKeeper scheme is not only unprecedented in its size and application, but also unique in the speed in which it was rolled out. Treasury and the ATO must be praised for the incredible amount of work they undertook in such a short time to release this material. There is no doubt that a great …
Continue reading “Practical applications of the JobKeeper stimulus measures”
In a relatively short period of time, COVID-19 has changed many things – from the way we interact with each other to the way we do business. Whilst year end tax planning is always an important focus, a number of COVID-19 induced factors means that your year end tax planning for this financial year will …
Continue reading “Year end tax planning in a pandemic: this year’s top 10 “must-dos””
The Federal Government has introduced the JobKeeper scheme to assist employers to keep their employees on during the COVID-19 outbreak despite its economic consequences. In short, the scheme entitles eligible entities who have suffered a specified substantial decline in turnover to a payment of $1,500 per fortnight (before tax) for salary or wages paid to …
On 22 March 2020, the Federal Government announced the second stage of its economic plan to support Australian businesses and their workers through the unchartered waters created by the spread of the Coronavirus. The stimulus package extends a number of the key measures announced in the first package on 12 March 2020 (see our recent …
Continue reading “Stage Two – Cushioning the economic impact of COVID-19”
The SG Amnesty bill has finally passed. Employers who voluntarily disclose during the Amnesty Period can access various concessions, including a deduction of the SGC liability and a remission of administration fees and Part 7 penalties. If an employer suspects that they may have historic unpaid superannuation guarantee contributions, we recommend that they seek advice …
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Impractical exemptions to the FIRB regime contained in Free Trade Agreements largely unused yet often overstated Australia’s general policy towards inbound foreign investment is that it is welcome – in fact it is positively encouraged. That said, certain foreign investment into Australia must first be reviewed by the Foreign Investment Review Board (FIRB) to ensure …
Continue reading “Re(FIRB)ishing foreign investment laws before the new FTAs move in”
WHO SHOULD READ THIS WHAT YOU NEED TO KNOW WHAT YOU NEED TO DO The Victorian State Revenue Office (VSRO) has announced that from 1 March 2020, a discretionary trust that has any potential foreign beneficiaries will be considered to be a foreign trust, and subject to an additional 8% foreign purchaser duty on the …
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This week, the Victorian and New South Wales governments have advised that they will be providing tax relief to businesses, families and individuals in bushfire-affected communities, and in certain circumstances, to those who have assisted bushfire victims. A summary of the relief offered in each state is below. Victoria State Government New South Wales State Government …
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WHO SHOULD READ THIS Anyone who owns, buys or leases land in Queensland. WHAT YOU NEED TO KNOW Land tax changes may increase the land tax assessed on land that you own, or the amount you are required to pay under a contract or lease. WHAT YOU NEED TO DO If you own land in …
