Gift and loan back arrangements – are they still viable?

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Gift and loan back arrangements are a popular strategy for a number of reasons, including for estate planning and asset protection. Many advisers have actively used this strategy as it does not trigger the same adverse tax or duty outcomes as when transferring the asset, but largely achieves the same economic outcome. The recent case… Read more »

Virus biosecurity timebomb for Queensland

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If Foot and Mouth Disease (FMD) reaches Australia, the economic losses would be devastating. Biosecurity has never been more critical, from the borders to the farm gates. Experts agree that the potential fall in agricultural production as a consequence of an FMD outbreak could negatively affect Australia’s exchange rate by approximately 2.5%. Nationwide, nearly 34,000… Read more »

Foreign investors left out of pocket as FIRB application fees double

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The Foreign Acquisitions and Takeovers Fees Imposition Amendment (Fee Doubling) Regulations 2022 (Cth) will double application fees payable by foreign investors under the FIRB regime with effect from 29 July 2022. All applications made under the FIRB regime are subject to a prescribed fee. From 29 July 2022, the lowest application fee will be $4,000,… Read more »

Why is that gift or inheritance from overseas subject to tax?

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We have recently seen a surge of unhappy cases where Australian residents inherit or receive gifts from overseas relatives, and those amounts have been taxed under section 99B of the Income Tax Assessment Act 1936. Section 99B is a particularly harsh provision because it taxes capital, not income, in circumstances where an Australian resident beneficiary… Read more »

Australia’s FIRB regime: an overview for foreign investors

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The regulatory framework that governs foreign investment in Australia is complex and often requires expert assistance to navigate. Known as the ‘FIRB’ regime, this article provides an overview of the: policy, legislation and regulatory instruments that govern foreign ownership of Australian businesses decision-making roles and powers of the federal Treasurer and the Foreign Investment Review… Read more »

Recent amendments to Model WHS Act

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The national Model Work Health and Safety (WHS) Laws were recently amended, with states and territories likely to implement changes in the near future. Introduction On 6 June 2022, the national Model WHS Laws were amended to consider a wide range of matters, including recommendations from Marie Boland’s independent review of the laws in 2018…. Read more »

Binding death benefit nominations, self-managed superannuation funds and the High Court decision in Hill v Zuda

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On 15 June 2022, the High Court handed down its decision in Hill v Zuda Pty Ltd as trustee for The Holly Superannuation Fund [2022] HCA 21. The case concerns BDBNs in SMSFs and whether they need to comply with the technical requirements in the superannuation regulations. The decision The High Court decided that regulation… Read more »

Minimum wage to increase by 5.2% from 1 July 2022

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What are the increases? The national minimum wage will increase to $812.60 per week (or $21.38 an hour) from 1 July 2022. The weekly rate is based on a 38-hour week for a full-time employee. This constitutes an increase of 5.2%, which is $40 per week or $1.05 an hour. Additionally, minimum wages in modern… Read more »