In a shift towards clearer compliance measures, not-for-profit entities operating with an active Australian Business Number (ABN) will now be required to lodge a NFP self-review return to maintain access to income tax exemption from the 2023–24 financial year onwards.

This article focuses on a recent change in the land tax rules in New South Wales, specifically regarding unutilised land value allowances (UVA).

Land Tax in NSW
Before we go deeper into the specifics, let's ensure we have a solid understanding of the fundamentals.
Land tax is a fee imposed on the value of your land, and it's a significant part of state revenue. The rules governing this in NSW are in the Land Tax Management Act 1956.

In an exciting turn of events, the corridors of the New South Wales Parliament have witnessed a transformative development with the passage of the Revenue, Fines, and Other Legislation Amendment Bill 2023 (NSW). This landmark legislation carries pioneering amendments that are poised to revolutionize the taxation landscape and redefine how breaches of confidentiality are handled. Let's delve into the essential highlights of this momentous legislative stride:

In a recent legal precedent, the Administrative Appeals Tribunal (AAT) made a momentous ruling concerning the taxation of delayed bonus payments. This ruling brings to light the intricate timing intricacies that dictate the taxability of such payments, especially when a taxpayer's residency status undergoes a shift between entitlement and reception. In this blog post, we will delve into the particulars of the case, examine the arguments put forth, and elucidate the outcome of the AAT's verdict.