Author: Daniel Bolzonello, Partner 5/12/2025 Background The ATO has recently released the following draft taxation ruling and practical compliance guideline that may affect those who own holiday homes or rental properties that are also used privately: TR 2025/D1 Income tax: rental property income and deductions for individuals who are not in business, which outlines the
Read More…
Author: Natasha Sweeting, Partner 15/10/2025 More than two years on from the first announcement and after much anticipation, on Monday 13 October 2025, Treasurer Jim Chalmers announced major changes to the proposed $3M super tax legislation (known as Division 296 tax). It was a controversial tax in its original form and after much campaigning, the
Read More…
Author: Jack Ruan, Director 15/05/2025 Background General interest charge (“GIC”) is applied by the Australian Taxation Office (“ATO”) if a tax related liability remains unpaid after the date it was originally due for payment. Shortfall interest charge (“SIC”) is applied when there is a tax shortfall upon amendment of a tax return, and it is
Read More…
The Federal Budget for 2025/26 was handed down by the Treasurer Dr Jim Chalmers at 7.30 pm (AEST) 25 March 2025. Guided by 5 main priorities, including helping with the cost-of-living, building more homes and investing in education, the Budget includes 2 new personal tax cuts for all Australian individual taxpayers, increased Medicare levy thresholds,
Read More…
Author: Brett Jackson, Tax Partner 24/02/2025 On 19 February 2025, the Federal Court ruled in favour of the taxpayer in Commissioner of Taxation v Bendel [2025] FCAFC 15. The case heard by the Federal Court was an appeal against an earlier decision by the Administrative Appeals Tribunal where a company beneficiary had an unpaid present
Read More…
The purpose of this Client Alert is to provide an update on developments and changes to the Vacant Residential Land Tax (“VRLT”) rules since our client alert on the topic which was issued in February 2024. You can find that earlier client alert here. The State Taxation Further Amendment Act 2024 received Royal Assent on
Read More…
On 29 October 2024, the Victorian Government enacted the Short Stay Levy Act 2024, introducing significant changes to the short-term accommodation sector. Effective from 1 January 2025, this legislation imposes a 7.5% levy on short-stay bookings in Victoria aimed at addressing the ongoing housing affordability issues. Here’s what property owners need to know about the
Read More…
The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024. Described as a “responsible Budget that helps people under pressure today”, the Treasurer has forecast a second consecutive surplus of $9.3 billion. The main priorities of the Government, as reflected in the Budget, are helping
Read More…
Vacant Residential Land Tax (“VRLT”) was introduced in Victoria back in 2017 and was effective from 1 January 2018. However, this state tax was not widely known because its operation had been largely limited to foreign property owners in urban Melbourne council areas. However, clients with property interests in Victoria outside of metropolitan Melbourne will
Read More…
This update is intended to assist you in navigating the rules regarding several key changes and to provide topical information with respect to superannuation. Disclaimer: The information contained in this bulletin contains factual information and makes no recommendation or gives any opinions. Accordingly, it is not financial product advice and should not be relied upon
Read More…
