Tax Archives - Vincent Young

Property Tax

25 March, 2024

Summary of New Important Changes to the Foreign Investment Legislation

The Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2024 (Fees Imposition Bill) and Treasury Laws Amendment (Foreign Investment) Bill 2024 (Foreign Investment Bill) have recently been introduced by the Federal Government to again change the foreign investment legislation. These Bills will have a substantial impact on foreign buyers acquiring Australian…

Victoria Caldwell

Building Construction Contracts Development Strata Tax

9 February, 2024

Changes To The Strata Building Bond And Method Of Calculation

The Building Legislation Amendment Act 2023 (NSW) The Strata Building Bond & Inspections Scheme (SBBIS) was introduced in 2018 to provide some protection to owners’ corporations in relation to defects. On 21 November 2023, the NSW Parliament passed the Building Legislation Amendment Act 2023 (NSW) (BLA) which makes 2 significant…

Victoria Caldwell

Projects Property Stamp duty Tax

6 October, 2023

Increase in Property Related Duties – A further revenue hit

The release of the 2023-24 budget by NSW Treasurer Daniel Mookhey on September 19, 2023, marked a significant turning point in the fiscal landscape of the state projected to yield a substantial increase in revenue, estimated at nearly $1 billion over the next four years. In this article we focus…

Vincent Young

Building Construction Development Property Tax

4 August, 2023

Minns Labor Government Introduces Housing and Productivity Contribution Scheme

Why the HAPCS? The Minns Labor Government of New South Wales is taking what it believes to be decisive action to address the challenges posed by the State's fast-growing population. With some changes already in place since its taking of Office, the Government has introduced the Housing and Productivity Contribution…

Vincent Young

Construction Development Property Tax

4 August, 2023

New state government housing tax!

Amid a housing supply and cost of living crisis, NSW Government has changed the Environmental Planning and Assessment Act introducing a new ‘Housing and Productivity Contribution’ that will immediately cost developers thousands. Undoubtedly the additional cost will be funnelled back to the purchasers. From 1 October 2023, the upfront construction…

Brett Vincent

Tax

9 June, 2023

GST on the supply of real property – A reminder

This is a reminder that goods and services tax (GST) does not only apply to the purchase price of real property but also settlement adjustments. Under s9.5 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth) (GST Act), consideration includes: any payment, or any act or forbearance, in…

bluesix

Commercial Insolvency Law Tax

2 December, 2022

Director Penalty Regime

Any moratoria in place since COVID-19 is now at an end. The Australian Tax Office (ATO) has reverted back to recovering outstanding tax liabilities. If you are a director of a company, it is important that you are aware that the ATO can, in particular circumstances, recover unpaid company tax…

bluesix

Tax

1 August, 2017

Changes to the Capital Gains Withholding Rules – What They Are and What They Mean To You

The Federal Government has reduced the threshold at which a vendor is required to provide a Foreign Resident Capital Gains Clearance Certificate (FRCGCC) to purchasers of real property. The new rules apply to all contracts for sale with a market value over $750,000 (previously $2,000,000) entered into from 1 July…

bluesix

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