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]
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]
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. Income [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]
This article is the first in a series on SMSF succession planning. In Part 1, we examine the key characteristics of a sound SMSF succession plan including in relation to planning for control of the fund to pass into trusted hands in the event of a member’s death or loss of capacity. Introduction For many [read more]
