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Fiscal Watch - Payroll Tax - Aug 2017

State and Territory Revenue Offices have become aggressive in chasing State taxes including payroll tax. This has been particularly so in relation to the areas of contracting and grouping.

Alan Jessup, Partner, provides insight into the latest Payroll Tax legislation issues.

Fiscal Watch - Land Tax – Land Banking - Aug 2017

It is not uncommon for developers to acquire tracts of farming land for future residential development. There is an exemption from land tax for land used for primary production.

In a recent case a developer had acquired large tracts of farming land for future residential development. It was common ground that the land was, at all material times, used for the maintenance of cattle for the purpose of selling them or their natural increase or bodily produce.

Alan Jessup, Partner, discusses the decisions of the Chief Commissioner and NSW Court of Appeal.

Fiscal Watch - Stamp Duty – Deceased Estates - Aug 2017

Nominal duty is only payable in respect of a transfer of dutiable property by the legal personal representative of a deceased person to a beneficiary in certain specified circumstances. In addition an acquisition by a person of an interest in a land holder is an exempt acquisition where it is acquired solely as a result of the distribution of a deceased person.

Alan Jessup, Partner, discusses the decision made by the Supreme Court. 

Fiscal Watch - Land Tax – Foreign Surcharge – Family Trusts - Aug 2017

If you have a family trust which owns residential land in NSW or proposes to acquire residential land in NSW you may need to amend your trust deed to avoid a land tax surcharge applicable to foreign persons.

In NSW, a foreign person who owns residential land in NSW, must pay a surcharge of 0.75% from the 2017 land tax year onwards. 

Alan JessupPartner, summarises the actions you must take to avoid a land tax surcharge applicable to foreign persons.

Foreign Ownership of Australian Water - Don't forget to register! - Jul 2017

Foreign persons (including temporary residents) who invest in Australian water now need to register their interest with the Australian Taxation Office. Senior Associate and Taxation Specialist Will Fennell discusses.

Taxation Bill to encourage innovation and investment in early stage companies released - Mar 2016

On Wednesday 16 March 2016, the Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016 (Bill) was introduced into Parliament. The Bill is part of the Government’s $1.1 billion National Innovation and Science Agenda, containing proposed tax incentives for early stage investors and for venture capital investment.

The Government has consulted widely with investors, industry bodies, universities and the start-up community during the development of the Bill through the Tax Incentives for Early Stage Investors Policy Discussion Paper (see article: Defining criteria for tax incentives for early stage investors). However, notably, there was no public consultation process on exposure draft legislation. The acceleration echoes the intention to implement the measures with effect from 1 July 2016. 

Partner, David Cornwell, Partner, Alan Jessup, and Senior Associate, Kimberley Levi discuss the key aspects of the Bill.

Taxation Issues and Equity Crowdfunding in Australia - Oct 2015

The Government is soon to introduce a regulatory framework to facilitate equity crowdfunding. However, to date, there has been minimal focus on the taxation treatment of equity crowdfunding. It is hoped that the Government will prioritise the tax treatment of equity crowdfunding as part of the “national innovation agenda” however until the Government does so, it is important to be mindful of the Australian Taxation Office’s views on the application of the existing tax laws to equity crowdfunding. Partner, David Cornwell, Associate, Kimberley Levi and Law Clerk, Stephaine Skevington discuss the current taxation implications on equity crowdfunding in Australia.

Fiscal Watch September 2015 - Sep 2015

Welcome to the September 2015 edition of Fiscal Watch, where Partner, Alan Jessup and Associate, Kimberley Levi explore:

  • The capital vs revenue distinction - what was the money really paid for?
  • Foreign resident CGT withholding tax
  • Changes to transfer pricing documentation - countering multinational tax avoidance

Changing foreign investment framework in Australia - Jul 2015

Tony Abbott, Prime Minister of Australia, issued a media release on 11 February 2015 which outlined that the Government was in the process of better scrutinising our foreign investment laws and was considering changes to the foreign investment processes in Australia. Since then a number of events have occurred, some changes have become effective and future changes would seem imminent. It is now more important than ever for foreign investors in Australia to be aware of these changes. Senior Associate, Kara Pennisi takes a look.

Resurrecting Employee Share Schemes - Jan 2015

Partner, Judy Choate discusses the evolution of Employee Share Schemes and considers how the forecast changes to the tax treatment of these Schemes will affect public and private companies. This article has been accepted for publication in the April edition of the respected industry journal, The Tax Specialist. A link to this will be provided in due course.

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