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Victoria’s Landowners To Be Hit With New Tax Measures

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In pre-budget announcements, Victoria’s Treasurer, Tim Pallas, confirmed plans to have the wealthiest homeowners and developers pay more taxes. The government estimates that these changes would raise $2.4 billion in revenues over the next four years. The proposals include a new windfall gains tax on developers whose projects are on…

Federal Tax Residency Overhaul Expected To Draw Talent

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The recently released federal budget has been geared towards helping the nation recover from the pandemic. Treasury head, Josh Frydenburg, indicated the government was not inclined towards taking austerity measures but rather aimed to lower taxes, limit the size of government, and ensure the delivery of essential services. He added…
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Understanding how the Australian Tax Office deals with Cryptocurrency

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Cryptocurrency is decentralised but it doesn’t mean it is tax free. It’s important that crypto activity is declared on a tax return as the Australian Tax Office (ATO) will be keeping a close eye on cryptocurrency activity. The ATO estimate between 500,000-1,000,000 Australians own cryptocurrency and every time any transactions…

Think Tank Proposes Standardised Deduction To Simplify Tax System

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The Blueprint Institute has just released a report dubbed ‘Bye-Bye Tax Returns’ that includes a tax reform proposal that would see over nine million taxpayers given the option to avoid having to itemise their expenses and rather opt-in for a standardised $3,000 deduction. This would apply to work-related expenses and…

Bragg Calls For Tax Reforms In Bid To Attract Foreign Investment

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Liberal senator Andrew Bragg has noted that Australia will need to make changes to its tax approach to become as competitive as other top international centres of foreign investment like Singapore, Tokyo, Malaysia, and the United Kingdom. When speaking to the Tax Institute this week, Bragg proposed three specific reforms…

Australia’s Accounting Bodies Back NSW Bid To End Stamp Duty

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Chartered Accountants Australia and New Zealand and CPA Australia are supportive of a proposed move by the New South Wales (NSW) government to eventually do away with stamp duty and gradually adopt an annual property and land tax pegged on unimproved land value. Under this proposal, property buyers would have…