The NSW Treasurer, Dominic Perrottet, handed down the NSW Budget 2020-21 on 17 November 2020. This article outlines some of the key tax measures aimed at supporting businesses.
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NSW Budget: Overview of proposed property tax
As part of the NSW Budget, the Treasurer announced a proposal to introduce a property tax regime that would provide taxpayers with a choice between paying a known amount of stamp duty at the time of purchase of a property, or an annual property tax charge.
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NSW to take superannuation contribution holiday for 2 years
The NSW Government has announced that it will take a 2-year superannuation contribution holiday.
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Insolvency reforms for small businesses introduced
The Government has introduced the Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 into Parliament.
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JobSeeker Supplement extended to March 2021 at reduced rate
The Prime Minister has announced that the temporary Coronavirus Supplement will be extended until 31 March 2021, but the payment rate will be reduced from $250 to $150 per fortnight from 1 January 2021.
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Regulation of Auditing: Senate Committee report tabled
The Parliamentary Joint Committee on Corporations and Financial Services has tabled its final report into the Regulation of Auditing in Australia.
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Sales of vacant subdivided land subject to GST: San Remo Heights Pty Ltd v FCT
The Small Business Claims Tribunal has held that a company (the “taxpayer”) was liable to GST on the sale of 2 lots of vacant land acquired in 1962: San Remo Heights Pty Ltd v FCT.
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All DGRs to be ACNC registered: draft leg released
Treasury has released exposure draft legislation which, if implemented, will require a fund, authority or institution seeking endorsement as a Deductible Gift Recipient (ie a DGR) to be an Australian government agency, a registered charity, or operated by an Australian government agency or a registered charity.
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SMSF annual returns: late lodgment may impact fund status
The ATO has reminded trustees of self-managed super funds (SMSFs) that the annual return due date for some funds is 31 October.
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The future of employer super
What will be the impact on employer super of recent Australian Government announcements in the Federal Budget?
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