David McRae

The Government has announced a temporary ban on investors buying established homes between 1 April 2025 to 31 March 2027. The measure aims to curb foreign “land banking.” From 1 April 2025, foreign investors (including temporary residents and foreign-owned companies) will be prohibited from acquiring established dwellings unless they qualify for specific exemptions. While exemptions exist, they are limited. In addition, foreign investors purchasing vacant land will be required to meet… Read More »Ban on Foreign Property Purchases

The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025.​ The transfer balance cap – the amount that can be transferred to a tax-free retirement account – is indexed to the Consumer Price Index (CPI) released each December. If inflation goes up, the general transfer balance cap (TBC) is indexed in increments of $100,000 at the start of the… Read More »Threshold for tax-free retirement super increases

Important Updates on Study and Training Loan Repayment Changes The Australian Government recently passed legislation to adjust the annual indexation of study and training loans. Going forward, the indexation will be based on the lower of either the Consumer Price Index (CPI) or the Wage Price Index (WPI). The Universities Accord (Student Support and Other Measures) Bill 2024 passed both Houses on 26 November 2024 and is awaiting Royal Assent.… Read More »Changes to Study and Training Loan Indexation

Treasury has released draft legislation that proposes to amend the way the Luxury Car Tax (LCT) applies to fuel-efficient vehicles. Proposed to take effect from 1 July 2025, the amendments encourage the uptake of electric vehicles to reduce Australia’s greenhouse gas emission targets. Under the current LCT regime, a higher threshold applies to fuel-efficient vehicles, and a lower threshold to all other luxury vehicles. The Government is proposing to tighten… Read More »Luxury Car Tax on Electric Vehicles

It’s essential to maintain thorough records of your crypto assets and all associated transactions to accurately determine your capital gains or losses. Here’s a guide on what to keep and for how long. Records You Should Keep for Crypto Assets To meet your tax obligations, you need to maintain detailed records for each crypto asset as they are considered separate Capital Gains Tax (CGT) assets. Key records to keep include:… Read More »Managing Records for Crypto Assets and Transactions

Do you own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in tax returns matches up. The Australian Taxation Office (ATO) has initiated two data matching programs impacting investment property owners and those lucky enough to hold expensive lifestyle assets. Investment property What investment property owners declare and claim in… Read More »Property and ‘lifestyle’ Assets in the Spotlight

When it comes to earning points, business owners often look beyond everyday expenses and consider how larger outlays—such as tax payments—can work to their advantage. By strategically using the right credit card, you can not only manage your tax obligations more efficiently but also accumulate a significant number of points, which can be redeemed for valuable rewards. Why Use a Credit Card for Tax Payment? While most credit cards allow… Read More »Maximising Rewards: Using Credit Cards for Tax Payments

Victoria is introducing significant changes to the way commercial and industrial properties are taxed by introducing Commercial and Industrial Property Tax (CIPT) from 1 July 2024. The abolition of stamp duty on these properties represents a major shift in the tax landscape, impacting how businesses calculate and manage the costs associated with property transactions. Stamp duty will be progressively abolished and replaced with CIPT. Properties will transition to the new… Read More »Key Changes to Commercial Property Stamp Duty and Industrial Property Tax Effective 1 July 2024