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Do you have residential property held in a company or a unit trust and you don't want to pay the foreign person land tax or duty surcharges? - read on…
While there has been a lot of focus from law firms on the need to amend trust deeds for discretionary trusts that own residential land in NSW, little attention has been paid to the impact of the measures on a company or unit trust where a discretionary trust owns shares or units in the company or unit trust.
Read MoreOn 21 July 2020, the Commonwealth Government announced that the JobKeeper measure will be extended by a further period of 6 months. Dubbed "JobKeeper 2.0", the 2-tiered, watered-down JobKeeper extension will apply from 28 September 2020 to 28 March 2021.
Read MoreThis week the ATO will be sending reminders to employers that the superannuation guarantee amnesty ends on 7 September 2020.
Read MoreIn NSW when you buy land, you pay duty. When you buy shares in a company or units in a trust, you can also pay duty at land rates where the company or trust is considered a ‘landholder’. The NSW Government has now made it more likely that the acquisition of shares or units will be subject to duty at land rates, and also made it easier for them to collect that duty.
Read MoreThe Commonwealth government has recently introduced and announced some key changes to the COVID-19 stimulus measures.
Read MoreWhen preparing end of year trust distributions it is important to consider the impact of any foreign person exclusions in the trust deed. Failure to consider this and to get it right can result in the trust distribution being ineffective and the trust income being taxed to the trustee at 47%. But, the fix to the problem may be as simple as a deed amendment.
Read MoreThe Government and the ATO had been saying that JobKeeper was a "one in all in" system, and on Friday 1 May 2020 that effectively became law, with it becoming an offence for an employer that registered for the JobKeeper payments not notifying their eligible employees in writing.
Read MoreIts finally arrived! The ATO’s alternative decline in turnover test was released yesterday, 23 April 2020. We have all the answers here.
Read MoreWill you get $1,500 per fortnight for each employee under the Jobkeeper scheme? Which employees will it cover?
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