“Half of the cost of a house and land package in Sydney is red tape and taxes,” stated Tim Reardon, HIA’s Chief Economist.
Tax time is fast approaching—it’s important to do your homework and know exactly what tax deductions you can claim.
The Taxation Office is lending a helping hand to nearly four million small businesses to get their tax right this tax time.
The Australian Taxation Office (ATO) has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible.
The Australian Chamber of Commerce and Industry, Australia’s largest and most representative business network, warmly welcomes the passage of the personal income tax package through the Senate.
APRA’s decision on residential mortgage lending guidelines and successful passage of the Federal Government’s personal income tax cuts package will provide a welcome shot of confidence for the property sector at a critical time for the Australian economy.
“The expected passage through the Senate today (July 4 2019) of the Government’s personal income tax reform program is important in its own right and an encouraging start to the new term of the Parliament,” Ai Group Chief Executive, Innes Willox, said.
“The passing of the Federal Governments income tax package, means that millions of Australians will have extra income to put towards a deposit for a new home,” stated HIA’s Managing Director, Graham Wolfe.
“Replacing stamp duty with a more predictable and equitable tax would provide state governments with a more reliable source of revenue,” explained HIA Chief Economist, Tim Reardon.
The latest ABS data on Australian taxation revenues reinforces the need for comprehensive reform of our federal, state and local tax systems when it comes to property.