Unrealised capital gains Taxation of unrealised capital gains has been contentiously debated amongst OECD countries. Australia appears set to join the ranks of Norway and Switzerland with the Labor Government seeking to pass legislation that effectively taxes unrealised capital gains. This will be a major step in tax law in Australia and may result in [read more]
The ATO estimates that around $5.2 billion in superannuation guarantee (SG) contributions for the FY2021–22 was not paid on time. This is a major reason why the government wants to introduce Payday Super (PDS). Thus, on 14 March 2025, the draft legislation to introduce the PDS regime, due to commence from 1 July 2026, was released [read more]
Victoria’s vacant residential land tax (VRLT) has undergone several changes since it was first introduced on 1 January 2018. From 1 January 2025, the VRLT went from being a flat 1% of the land’s capital improved value (CIV) to a progressive tax rate of up to 3% of CIV determined by the number of consecutive [read more]
In this article, we consider the implications for SMSFs of the recent Federal Court of Australia (Full Court) decision in Commissioner of Taxation v Bendel [2025] FCAFC 15 (Bendel). In particular, we consider Bendel’s impact for SMSFs with investments in pre-1999 unit trusts. This article contains many generalisations and simplifications. For the full text of [read more]
Earlier this month, the ATO released data in a report titled ‘Self-managed super funds: A statistical overview 2022–23’ (Report). The Report shows that SMSFs continue to grow and there are many interesting statistics that can be seen. We outline some here. SMSF key numbers As at 30 June 2024: There were over 625,000 SMSFs, an increase [read more]
Overview In today’s market, there are numerous options available for obtaining legal documents such as SMSF, company and trust deeds and related documents (Legal Documents). This article explores the advantages and disadvantages of sourcing documents from a non-legally qualified supplier (Non-Qualified Supplier) compared to a law firm. In this article, we aim to provide relevant [read more]
Background Since 1 July 2023, a Windfall Gains Tax (WGT) has been applied to land in Victoria that is rezoned from one zone type to another where the rezoning results in a value uplift to the land of more than $100,000. WGT is a substantial tax on the increased value of land in Victoria with [read more]
The streaming of different types of income in a discretionary trust to different beneficiaries is a common strategy to optimise the tax outcome for beneficiaries (eg, to maximise the value of franking credits and the general 50% CGT discount). Many advisers assume that any deed will allow for streaming, however, this is not always the [read more]
On 13 December 2024, the Victorian Government announced a substantial increase (between 100% to 190%, depending in the type of land involved) and other changes to the Fire Services Property Levy (FSPL). All property owners in Victoria are required to pay this levy apart from certain exemptions and concessions. Rename the levy The current FSPL [read more]
The Victorian Government announced changes to the congestion levy as part of its 2024/25 Budget Update on 13 December 2024. This levy affects off-street car parking spaces in Melbourne’s central business district (CBD) and surrounding inner suburbs. This article follows on from the recent DBA article Congestion levy on parking spaces (Melbourne) and discusses some [read more]
