hamilton-reid-2025

Banning foreign purchases of established dwellings

Thu, 01 Apr 2021 07:19:08 GMT

Banning foreign purchases of established dwellings

Changes to foreign purchases of established dwellings.

On 16 February 2025, the Government announced that it will impose a temporary ban on foreign purchases of established dwellings for at least 2 years and crack down on land banking.

From 1 April 2025 to 31 March 2027, foreign persons, including temporary residents and foreign-owned companies, cannot apply to buy an established dwelling in Australia, unless an exception applies. These limited exceptions will include investments that significantly increase housing supply or support the availability of housing supply, and for the Pacific Australia Labour Mobility (PALM) scheme.

Other existing exceptions remain in place, such as for purchases by:

permanent residents
New Zealand citizens
spouses of Australian citizens, permanent residents or New Zealand citizens (when purchased as joint tenants).

review will be undertaken to determine if the ban should be extended beyond 31 March 2027.

We will enforce the ban through enhanced screening of foreign investment proposals relating to residential properties.

We will carry out a full audit of current foreign investment approvals for vacant residential land development.

We will also take a tougher stance on compliance of foreign investment approvals for vacant residential land development. This will help ensure that foreign investors who have bought or want to buy vacant residential land meet development conditions.

Fringe benefits tax (FBT) time is almost here

ian@digitalwise.com.au (Ian Campbell) — Thu, 01 Apr 2021 07:19:08 GMT

Fringe benefits tax (FBT) time is almost here

It’s time to get your obligations sorted and prepare for upcoming FBT changes.

With the 2025 FBT year wrapping up on 31 March, it’s important you're on track to meet your obligations and are prepared for any changes.

Follow these steps to help you get it right:

Work out if you have an FBT liability for fringe benefits you’ve provided to your staff or their associates between 1 April 2024 and 31 March 2025.
If you have an FBT liability you need to lodge an FBT return and pay the amount due by 21 May 2025.
Let us know if you don’t need to lodge an FBT return and you’re currently registered for FBT.
Report each employee's reportable fringe benefits amount in their end of year payment information.

Small Business Support – $20,000 instant asset write-off

ian@digitalwise.com.au (Ian Campbell) — Thu, 01 Apr 2021 07:19:08 GMT

Small Business Support – $20,000 instant asset write-off

On 14 May 2024, as part of the 2024–25 Budget, the government announced it will continue to provide support for small businesses by extending the $20,000 instant asset write-off limit for a further 12 months until 30 June 2025.

This measure is not yet law.

Under the measure small businesses with an aggregated turnover of less than $10 million, will be able to deduct:

the full cost of eligible depreciating assets costing less than $20,000 that are first used or installed ready for use between 1 July 2024 and 30 June 2025
an amount included in the second element (cost addition) of eligible depreciating asset's cost that they have incurred between 1 July 2024 and 30 June 2025, if they claimed an immediate deduction for the asset under the simplified depreciation rules in a prior income year where the amount is:
the first amount of second element cost incurred after the end of the income year in which the asset was written off; and
less than $20,000.

The proposed $20,000 limit under the measures applies on a per asset basis, so small businesses can instantly write off multiple assets.

Under the proposed measure assets valued at $20,000 or more will continue to be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each income year after that.

In addition, pool balances under $20,000 at the end of 2024–25 income year can be written off.

hamilton-reid-2025

Banning foreign purchases of established dwellings

Banning foreign purchases of established dwellings

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Fringe benefits tax (FBT) time is almost here

Fringe benefits tax (FBT) time is almost here

﻿

Small Business Support – $20,000 instant asset write-off

Small Business Support – $20,000 instant asset write-off

Temporary increase of the instant asset write-off limit from $1,000 to $20,000 for the 2024–25 income year.