Over the past year, many Australian states have seen an increase in surcharges for foreign investors. The first round of foreign persons duty and land tax surcharges were introduced in the Victorian Government’s 2015 state budget.
The Turnbull Government recently announced a U-turn on its proposal to introduce a $500,000 lifetime non-concessional contributions cap on superannuation. In order to recover the cost of scrapping the lifetime cap, the Government has proposed a number of changes to its super package announced in the Federal Budget.
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One of the central reasons for establishing a Self Managed Superannuation Fund (“SMSF”) is the flexibility they provide to their members. Investing through a SMSF allows access to a greater spectrum of asset classes, such as direct property, unlisted private companies and trusts, collectables and more.
Today’s CFO is responsible for many things – increasing profitability, improving operating efficiency, tightening the cost structure and developing analytical tools for risk management and decision making. Tax can play an important role in all of these things, however it is often overlooked or underutilised.