Preferences? How are they fair?
Tips on defending a liquidator’s preference claim. Preferences are payments or transfers of assets that give a creditor an advantage over other creditors. Any payments or transfers made to a creditor within a certain period before a company is placed into liquidation, may in certain circumstances be recovered by a liquidator. Preferences are usually payments […]
Cross Collaterisation
Do you have cross collaterised assets or do you know what it means? Cross collateralisation is where your lender has taken security over more assets than those that you have financed, this may be a taking security over your home for a business loan, or taking security over your entire business for a vehicle loan. […]
Experience counts, unless it doesn’t
The development of your business calls into your own experience together with those around you. The more experienced the advisor, the better, right? We recently assisted a family group where the professional advisory team had been in place for over 40 years, they had grown up together as a business colleagues and things started to […]
Land Tax Western Australia
Land Tax – Western Australia Generally the land tax position in Western Australia is: Rates Land tax rate scale Aggregated Taxable Value of Land Rate of Land Tax Not Exceeding $0 $300,000 Nil $300,001 $420,000 Flat rate of $300 $420,000 $1,000,000 $300 + 0.25 cent for each $1 in excess of $420,000 $1,000,000 $1,800,000 […]
Basics of Victorian Land Tax
An introduction to Victorian land tax Up to 2.25% land tax is payable each calendar year (sec. 8 LTAV 2005) by the owner or deemed owner of Victorian land (sec. 10 LTAV 2005) on the aggregated taxable value of Victorian land as at 31 December of the preceding year (sec. 19 and sec. 35 LTAV […]
Foreign Land Tax – Western Australia
Land Tax – Western Australia – Foreign Entities At this time there is no implemented surcharge after the proposal was defeated in parliament. Generally the land tax position in Western Australia is: Rates Aggregated Taxable Value of Land Rate of Land Tax Not Exceeding $0 $300,000 Nil $300,001 $420,000 Flat rate of $300 $420,000 […]
Foreign Land Tax – Queensland
Land Tax – Queensland – Foreign Entities When addressing land tax in Queensland, where there is a foreign party that owns the assets, certain rules need to be adhered to. In Queensland a person is classified as a foreign person if they are not an Australian citizen or permanent resident. Foreign people and entities in […]
Foreign Land Tax – Victoria
Surcharge for absentee owners of land All property in Victoria is subject to land tax, unless an exemption applies or the property is below the threshold (which is currently $250,000). An assessment is made on the value of all your taxable property at midnight on 31 December each year to determine the amount of land […]
Foreign Land Tax – Northern Territory
At present the Northern Territory does not subject landowners to any form of land tax. This exemption extends to foreign individuals and corporate entities. Although, residents of the Northern Territory are obligated to pay Stamp Duty on the acquisition of a home, land or a business property. There appears to be a growing interest from […]
Foreign Land Tax – Tasmania
Foreign Persons A foreign person in Tasmania includes a foreign corporation, foreign natural person and a foreign trustee. Although there is a Foreign Investor Duty Surcharge for Stamp Duty in Tasmania, foreign entities aren’t subject to any additional foreign land tax surcharges at this time. Land tax in Tasmania is an annual tax payable by […]
