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Victorian State Budget summary 2024-25
The Victorian Government today announced a 2024-25 budget with a $2.2 billion deficit, adding $19.3 billion to debt when capital works are added – continuing the trend of the biggest State Government deficits in Australian history. Victoria’s net debt will grow to $187.8 billion by 2028 – the highest State Government debt in Australian history.
New thin capitalisation rules receive Royal Assent
Mazars and Xero announce three-year global framework agreement
Xero will provide enriched data and insights to Mazars member firms who establish it as their cloud accounting solution.
Commercial and industrial property tax – Victoria’s quiet revolution
Not a day goes by without an economist, academic or media commentator spruiking our nation’s urgent need for comprehensive tax reform. Yet while the Stage 3 tax cuts, bracket creep and the GST distribution amongst the states are constantly making the headlines, the Victoria Labor Government has continued its quiet revolution in property tax reform.
When is the right time to start the aged care conversation?
No-one likes to talk about getting old. But at what age should you start thinking about your aged care needs? The answer is simple - any age is a good time. This is regardless of whether you are in your early retirement years or well into retirement.
What is a Fringe Benefits Tax (FBT)?
Fringe Benefits Tax (FBT) is a tax paid by employers on certain benefits provided to their employees, their families, or other associates.
The importance of keeping a record of your investment purchase history
Investing is a strategic journey that involves making thoughtful decisions to secure financial well-being.
Director ID enforcement
Company directors are now required by law to apply for a director identification number (director ID). If you plan to become a director, you must apply for a director ID before you are appointed. If you are already a director and don't have a director ID, you must take immediate action as it is a criminal offence for a director not to apply on time and with heavy penalties for individuals at stake.
QBCC adopts MFR regulation amendment easing burden on small licensees
New Minimum Financial Requirements (“MFR”) regulation, from February 2024, allows small licensees to submit Special Purpose Financial Statements (“SPFS”). This change will ease the burden imposed by previous regulations which required General Purpose Financial Statements (“GPFS”).
Mazars announces another year of record revenues as it builds global ambition
February 2024 – Mazars, the international audit, tax and advisory firm, has released its global financial results for 2022/2023.