The Victorian government has introduced a range of new or increased taxes in recent times. This article provides a brief summary on some of the recent changes to Victorian taxes relating to real estate. Commercial and Industrial Property tax From 1 July 2024 the Commercial and Industrial Property tax (CIPT) began. This new tax [read more]
This article is part of a series on SMSF succession planning. In Part 2, we explored the important role of binding death benefit nominations (BDBNs). In Part 3, we examine tax considerations for superannuation death benefits, as well as planning options for arranging a timely payment of benefits to the member before their death. [read more]
This article is part of a series on SMSF succession planning. In Part 1, we explored the key elements of a robust SMSF succession plan with a particular focus on planning for loss of capacity or death. In Part 2, we focus on the important role of binding death benefit nominations (BDBNs). What is a [read more]
Owners and operators of off-street car parking spaces located in the Melbourne CBD and surrounding suburbs are liable to pay an annual congestion levy unless an exemption or concession applies. This article provides an overview on the levy under the Congestion Levy Act 2005 (Vic) (CLA). What is a leviable parking space? Broadly, the levy applies [read more]
A 7.5% levy on the total booking fees will apply for short stay rentals from 1 January 2025. The total booking fee is the sum of all fees and charges related to the booking, eg, cleaning fees, GST etc. However, the total booking fee does not include credit card fees/surcharges. The short stay levy (Levy) [read more]
