Summary of the 2021 Victorian State Budget
On Thursday 20th May, the Victorian Treasurer Tim Pallas delivered the State Budget for 2021-22. The Budget was described by the state government as Victoria’s road to recovery, this plans to achieved by investing in some transformational changes, especially in the space of mental health support. During the 2020-21 financial year Victoria recorded a significant […]
Not in the will… does it count?
A recent decision in the Supreme Court of Western Australia shows that pre-testamentary wishes are difficult to prove unless they are expressly provided for under a valid Will. In Caratti, the deceased mother made a decision during her lifetime that her son, and future beneficiary of her estate, could reside at her house for as long as he wished. However, there was no provision of this right in her Will. The consequence was that the deceased’s son was not eligible for an exemption to land tax despite using the property as his place of residence.
What is a provisional liquidator?
Provisional liquidation is a temporary measure used to protect the assets of a company in certain situations. The law on provisional liquidation allows the provisional liquidation process to be activated only under certain circumstances. Whether you’re a creditor, shareholder, or director of a company, you might be considering provisional liquidation to protect and preserve the […]
Voluntary Administration for Directors
As a director, you have legal duties and obligations to fulfill throughout the stages of your company’s life cycle. Going through voluntary administration can be difficult for company directors as it accentuates a range of legal implications. You’ll want to be aware and prepared for these, so you can continue to fulfill your obligations and […]
You may have to lodge your T-BAR report
From 1 July 2018, all SMSFs must report the following events that affect their member’s transfer balances that occur after 1 July 2017: Commencing retirement income streams. Pension commutations. Certain limited recourse borrowing arrangement payments. Personal injury contributions. This transfer balance account events reporting (T-BAR) will enable the ATO to determine whether both the $1.6 […]
Getting Help – Debt Arrangements
Debt agreements are usually available to people who cannot pay their debts, but don’t want to go bankrupt. They are a binding agreement between you and your creditors that allows you to agree on an amount of money that you can afford to pay over a period of time to settle your debts. Debt agreements […]
Launch of our video platform
We have recently been working through a range of education and information videos to support our partners or to give you some understanding of the issues that arise in the management of taxation or restructure issues. Understanding that some of the issues that arise are complicated and need further explanation, each video tries to cover […]
Understanding the PPSR
Setting up your registrations On the Personal Property and Securities Register (‘PPSR’), you can place a notice that shows that you have enforcement rights over personal property. You should have a security agreement in writing before you register a security interest on the PPSR. Before you register your security interest you will need to know […]
Issues for Property Owners
Because property ownership is such an important issue for many people, we want to remind everyone of some recent changes to: The tax treatment associated with residential rental properties (e.g. travel deduction and depreciation changes); Withholding tax obligations on purchasers of property: 12.5% CGT withholding on the sale of any property for $750,000 or more […]
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 […]