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Please note: the information contained in our articles is general in nature and does not address the circumstances of any particular individual or entity. We endeavor to provide accurate and timely information, however cannot guarantee that it will continue to be accurate in the future. Always obtain appropriate professional advice for your circumstances . For more information or tailored advice, please contact your Ashfords advisor.

What’s this new tax:

On 20 March 2024, the Victorian State Government introduced the Commercial and Industrial Property Tax Reform Bill 2024 (legislation.vic.gov.au). The Bill is expected to become law and to take effect from 1 July 2024.

The Victorian Government, as announced in the 2023-24 Budget,  is progressively abolishing stamp duty on commercial and industrial property and replacing it with an annual tax.

The annual tax, to be known as the Commercial and Industrial Property Tax (CIPT), will be set at 1% of the property’s unimproved land value.

The tax will replace land transfer duty (stamp duty) that is currently payable on the improved value of the land when you purchase or acquire a commercial or industrial property in Victoria.

The new tax system will start to apply to commercial and industrial property if the property is transacted on or after 1 July 2024.

Last week, Ashfords hosted the latest Building Business Value seminar. Maximising Business Value: Break Through the Barriers brought together a diverse panel of experts, featuring specialists from talent, marketing and finance to help businesses identify and overcome common barriers to enhance their business value. 

Struggling to recruit workers for your business?
Job vacancies have jumped 40% in 12 months, and ABS data shows there are currently 470,000 unfilled jobs in Australia.
Ashfords brings together experienced professionals to discuss how to recruit workers from overseas, including the legal, compliance and accounting considerations for businesses. 
Australia. Employers are currently facing a chronic shortage of staff across multiple industries and the impact is being felt by businesses large and small.

Welcome to Finance Matters with George Shaheen

Read Finance Matters and be informed on what's happening in the market and the current business environment.
For George's second blog post, he talks about interest rates & CPI, business challenges and talks about a recession.

Welcome to Finance Matters with George Shaheen

Read Finance Matters and be informed on what's happening in the market and the current business environment.
For George's first blog, he talks about the cost of living, interest rates, and how to be prepared for the future. 

The 2022-23 Victorian State Budget was handed down by the Victorian Treasurer on 3 May 2022 with the Government forecasting a net operating deficit of $17.6 billion this financial year.
The budget mainly focused on health, education and infrastructure projects within Victoria and introduced no key changes to Victoria’s current taxes and duties.

From 1 November 2021, directors can apply for the new director identification number (Director ID) introduced by ASIC. ASIC introduced the requirement for all directors to hold a director identification number to verify their identity as part of these new requirements...

At Ashfords, we recognise that not all businesses are the same. This is why we offer different levels of bookkeeping, so we can work with you to choose the right services to deliver the best outcomes for your business. Find out more about our revamped bookkeeping service...

6 changes to superannuation policies you need to know

Ashfords superannuation experts outline 6 new policy changes that are crucial to be aware of.

We have all read about Daniel Andrews falling down the stairs and having broken ribs and fractured vertebrae and it looks like he will be out of action for a considerable period. It really highlights that accidents can happen at any time to anyone no matter who they are or what they do.

The year is 2021, the global pandemic has forced businesses to respond to issues lying dormant in their systems and accelerated the need to future proof the way in which they use technology. Our resident experts at Ashfords Digital know firsthand the importance of using up to date integrated software to make managing your business easier. Basically, they’re here to help our clients work smarter and not harder.

The 2020-21 State Budget has been announced by the Victorian Government with many enticing proposals. Instead of a lengthy look at all the changes that were made, we’ve compiled some of the more important key points.

Reflecting on 2020, what have we learnt? How can we use it to fuel a smart race, not a hard one for 2021?  These are some of the questions we all need to ask ourselves to start focusing on the future.

Federal Budget Announcement: The highlights

Following the recent release, we’ve compiled some of the more important key points to come out of the 2020/21 Federal Budget.

JobKeeper 2.0 is here!

As the government begins to phase out the JobKeeper subsidy, we will keep you apprised of all the latest changes.

New Business Funding Available

The Victorian Government has made available a number of new grants and supports for businesses as we move towards COVID Normal.

Expansion of the Victorian Business Support Fund

New $5000 business support grant available for Victorian business that meet the criteria

These are challenging times for all, the new normal never seems to be defined, as we all work towards trying to protect the health and wellbeing of our colleagues and family members. A COVIDSafe plan is a key essential for any business, while it may constantly evolve, there are three areas as a minimum that it needs to address.

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