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Australia has joined over 140 countries in implementing the 15% global minimum tax, referred to as Pillar Two, which will impact multinational groups with turnover exceeding €750 million for income years starting on or after 1 January 2024.

How often do you take stock of your inventory—literally? While stocktakes might seem like a time-consuming and costly exercise, they’re an essential investment for long-term business success. Regular stock takes don’t just streamline your operations; they empower you to make smarter, data-driven decisions that can boost financial performance over time. In this blog, we’ll explore why consistent stock management is the backbone of a thriving business and how it can transform your operations.

The Government has passed changes to the Foreign Resident Capital Gains Tax withholding regime with affect from 1 January 2025 requiring purchasers of Australian real estate to withhold 15% from the purchase price of all property unless the seller produces a Clearance Certificate issued by the Australian Taxation Office (ATO). Previously the withholding rules only applied to properties sold for $750,000 or more and at a rate of 12.5%.

In a new era where sustainability is a business imperative, Sumday and Forvis Mazars in Australia are excited to announce a partnership to digitally enable carbon accounting for Forvis Mazars clients. Together, Sumday and Forvis Mazars aim to empower organisations with cutting-edge carbon accounting solutions that enable them to track, measure, and manage their emissions effectively.

If you own a property in Victoria that isn't your principal residence, there’s an important new tax obligation you need to be aware of - Vacant Residential Land Tax (VRLT).