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Learn more about tax areas and issues that may impact you.

JAN 2018
TAX ALERT - New Vacant Residential Land Tax applies to homes in the Melbourne metropolitan area from 1 January 2018.
Introduction: From 1 January 2018 a new vacant residential land tax (VRLT) applies to homes in inner and middle Melbourne that were vacant for more than six months in the preceding calendar year. This is a new Victorian tax and is different to land tax, the absentee owner surcharge and the federal annual vacancy charge.

If you own a property that was unoccupied for more than six months during 2017, you must notify the State Revenue Office (SR) about the property through the SRO online portal by 15 January 2018.
MAR 2018
TAX ALERT
Introduction The end of the Fringe Benefits Tax (FBT) year is fast approaching on 31 March 2018, so we take this opportunity to revisit some hot FBT issues for both employers and employees, including:

Motor Vehicles - using the company car outside of work
Utes and commercial vehicles - the new safe harbour to avoid FBT
Car parking
Living away from home allowances
FBT rate change
Should you be registered for FBT?
2018
FEDERAL BUDGET - SUMMARY AND FULL COMMENTARY UPDATES
The 2018 Federal Budget was handed down by Scott Morrison on the evening Tuesday 8th May.

Lowe Lippmann is pleased to provide the following commentaries, explaining the key issues released in the budget.

For further clarification, contact your Relationship Partner at Lowe Lippmann.
JUN 2018
TAX ALERT - SUPERANNUATION CONTRIBUTION LIMITS FOR THE YEAR ENDING 30TH JUNE 2018
Introduction

The superannuation contributions caps for concessional (before tax) and non-concessional (after tax) contributions have changed significantly for the 2017/2018 year.

Concessional contributions include your employer's compulsory Superannuation Guarantee contributions, your salary-sacrificed contributions, or any contributions claimed as a tax deduction.

Non-concessional (after-tax) contributions are super contributions made from after-tax dollars or non-taxed savings.

Concessional Contributions Cap

From 1 July 2017, the general concessional contributions cap dropped to $25,000 for all ages.

Non-Concessional Contributions Cap

The non-concessional (after tax) contributions cap for the 2017/2018 year is $1000,000.
OCT 2018
TAX ALERT - REVISIT R&D INCENTIVE PROPOSED CHANGES FOR 2019 YEAR
Introduction

During the delivery of the May 2018 Federal Budget, a number of changes to the Research & Development ("R&D") Tax Incentive scheme were announced.

These changes were made to encourage additional investment in R&D Projects, and will affect companies accessing the R&D Tax Incentive with income years commencing on or after 1 July 2018.

While the legislation to enact the changes is yet to be introduced to Parliament, given the 2019 tax year is well underway, we thought it may be useful to revisit the details of the announce changes.
NOV 2018
TAX ALERT - EXPANDING THE TAXABLE PAYMENTS REPORTING SYSTEM FOR I.T. CONSULTANTS
Introduction

Businesses involved with building and construction were the only industry segment required to lodge a Taxable Payments Reporting System (TPRS) disclosure, for the year ended 30 June 2018, with the Australian Taxation Office (ATO) by 28 August 2018.

The Government announced in the 2018 Budget that it would extend the TPRS regime to a comprehensive list of information technology (IT) service businesses, starting from 1 July 2019.

The new measures classify the IT industry as high risk in terms of likelihood of tax avoidance, placing it alongside cash-in-hand heavy sectors like cleaning, building and construction and the security industry.