Tax cuts for 11 million Australians will flow in the coming weeks after the Federal Government secured the passage of the legislation through the Parliament.
Treasury Law Amendments (Combating Illegal Phoenixing) Act 2020 extends the director penalty regime to make the directors of a company personally liable for the company’s unpaid GST, in some circumstances.
Treasury Law Amendments (combating Illegal Phoenixing) Act 2020, was passed and received Royal Assent on the 17th of February 2020.
From 1 March 2020, the State Revenue Office (SRO) in Victoria has introduced an additional 8% stamp duty on the purchase of residential property by a discretionary trust. This duty will also apply to a residential property purchase by a unit trust or company that is owned or controlled by a discretionary trust.
On the 7th of February 2018, a Bill was introduced into Federal Parliament requiring purchasers of new residential premises and new subdivisions of potential residential land to remit the GST on the purchase price directly to the ATO as part of the settlement process.