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South Australian Stamp Duty Relief for Commercial Property Transactions

The State Government brought forward the stamp duty concession reductions. For all commercial property contracts signed after 7 December 2015 the stamp duty would be reduced by one third. Further reductions of one third will take effect on the 1 st July 2017 and 1 July 2018. Thereafter there will be no stamp duty on the transfer of eligible commercial property.

 

 

 

GST - The  going concern exemption.

 

Presently if you buy a business or an occupied commercial property, and both the vendor and purchaser agreed and were both registered, there would be no GST payable. This not only has  the cashflow advantage but also there is no (state) stamp duty levied on the GST.

Tax Facts - PAYG Withholding

Pay as you go (PAYG) withholding is a system for withholding amounts from payments to employees and businesses. An entity will have withholding obligations if the entity:

  • Has employees, including company directors and officeholders
  • Has other workers such as contractors, and voluntarily agrees to withhold tax from payments to them
  • Makes payments to other businesses, if they don't quote an Australian business number (ABN) to the entity

If you are an employer or run a business and withhold amounts from payments, you need to:

  • Register for PAYG withholding
  • Register as an employer of working holiday makers (417 or 462 visa's) if applicable.
  • Withhold amounts from wages and other payments
  • Lodge activity statements and pay the withheld amounts to the Australian Taxation Office (ATO)
  • Provide payment summaries to employees and other payees
  • Provide the ATO with an annual report once each income year has ended.

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