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When you are selling your business, one important area which is often underestimated is undoubtedly the financial due diligence (FDD) exercise. FDD involves the prospective buyer analysing the financial data of the company for the last say 3-5 years and its future forecasts.

On 12 October 2022, the NSW Treasurer introduced into Parliament the much-anticipated Property Tax (First Home Buyer Choice) Bill 2022 (the Property Tax Bill). Under the new tax regime, first home buyers will be entitled to choose to pay an annual Property Tax rather than the current upfront transfer duty liability.

The Australian Federal Budget announcements of a proposed change to Individual and Corporate tax residency, having not been enacted, have now lapsed with a change of Government. This has left taxpayers eagerly awaiting the new Labor Federal Government Budget in late October 2022 to determine whether these prior announcements will be adopted.

On 16 August 2022, the Australian government released information on proposed legislative amendments to extend the review period for certain small and medium entities to a standard of four years where the entity has complex affairs or significant international tax dealings.

International audit, tax and advisory firm Mazars announces the appointment of Matthew Ashley as the sole Managing Partner of Mazars Sydney office, with effect from 1 September 2022. Matthew currently holds a Joint Managing Partner role alongside Jim Mascitelli, who will step down from the Managing Partner responsibilities. During Jim’s time as Managing Partner the firm experienced significant growth and achieved several milestones.