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How to value Property in your SMSF
All Self-Managed Superannuation Funds that hold property as an asset class must report to the ATO each year the market value of each property held.
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Victoria's Long Service Leave changes
Victoria's Long Service Leave Act 2018 applied from 1 November 2018. This means new rights and responsibilities for employers and employees. The changes include allowing employees access to take long service leave in smaller increments and access to long service leave after sevens years as opposed to ten years. Additionally, unpaid leave, including parental leave, counts towards long service leave which is a measure aimed at providing greater equity to the female workforce.
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ATO extends Taxable Payment Report System
The Taxable Payment Reporting System is an anti tax evasion program that first applied to the construction and building industry. It requires entities to report to the ATO payments they make to contractors & subcontractors. The ATO then uses this information for data matching to ensure contractors that received income in this industry are declaring it in their tax returns.Â
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QLD's new Additional Foreign Acquirer Duty
The QLD State government implemented more changes than any other state or territory this year in relation to property ownership and acquisition in the Sunshine State. One of the key changes is the news that foreign buyers of QLD based real estate will from 1 July 2018 be hit with a 7% transfer duty, formerly known as stamp duty, up from only 3%. This new duty rate will apply to foreign buyers regardless of legal ownership structure.
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ATO targets systemic abuse of work related deductions
A submission to a parliamentary committee demonstrates that millions of Australian illegally claimed work related expenses. The ATO has published that such claims have cost the Crown 2.5 billion a year which is more than the cost of multinational tax avoidance.
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