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]
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) commenced. This new tax relies [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]
If residential land in Victoria has been or will be vacant for more than 6 months in a calendar year, the property owner is required to notify the State Revenue Office (SRO). Property owners have until the 15 January to notify the SRO for the prior calendar years’ use and occupation (U+O) of the property. [read more]
This is part 10 of our series of ‘employee versus contractor’ articles. Part 10 focuses on recently updated guidance from the ATO regarding 12 common myths that result in engaging entities incorrectly classifying an employee as a contractor or vice versa. The webpage (QC 33185) can be found here. The other articles (parts 1-9) are linked [read more]
The non-arm’s length income (NALI) provisions contained in s 295-550 of the Income Tax Assessment Act 1997 (ITAA 1997) continue to be a divisive topic, with recent non-arm’s length expense (NALE) changes providing some welcome relief while also highlighting the urgent need for further legislative change for specific NALI and the capital gains tax (CGT) [read more]
Yesterday, Treasury released exposure draft regulations to allow people to exit certain legacy pensions. This expands on and supports implementation of the 2021–22 Budget measure to allow exiting certain legacy retirement products. For some this will be highly welcome news! In the next SMSF Online Update, Bryce Figot will unpack these regulations in detail, discussing: [read more]
As a lawyer, I do a substantial amount of work advising and representing approved SMSF auditors who are being audited/reviewed by the ATO and/or who have been referred to ASIC. Accordingly, I paid considerable attention to certain new statistics that the ATO released recently regarding ‘SMSF auditor case outcomes 2023–24. ATO referrals to ASIC are [read more]
Non-arm’s length income (NALI) applies a 45% tax to both ordinary and statutory income of a superannuation fund. A net capital gain is statutory income. However, how does NALI interact with the capital gains tax (CGT) provisions? The ATO has recently released Tax Determination (TD) 2024/5 to outline its current view on the interaction between [read more]
