ATO Interest Charges Non-Deductible from 1 July 2025 We are writing to inform you about a significant change announced by the Australian Taxation Office (ATO) that will impact your tax planning and financial management. Starting from 1 July 2025, taxpayers will no longer be able to claim deductions for interest charges imposed by the ATO. […]
The essential 30 June Guide The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions. Individuals Opportunities Take advantage of the 1 July 2024 tax cuts by bringing forward your deductible expenses into 2023-24. Prepay your deductible expenses where […]
What Changed on 1 July 2023 Employers & business Superannuation guarantee increases to 11% from 10.5% National and Award minimum wage increases take effect. The minimum salary that must be paid to a sponsored employee – the Temporary Skilled Migration Income Threshold – increased to $70,000 from $53,900. Work restrictions for student visa holders reintroduced […]
The 2023-24 Federal Budget estimates a $4.2bn surplus; the first in 15 years. The surplus was driven by a surge in the corporate and individual tax take. High commodity prices, inflation, and high employment have all pushed up corporate and individual tax receipts. But the gains can’t be relied on long term. The Budget is […]
How Does Tax Apply to Electric Cars? Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles (EVs). The FBT exemption for electric cars If your employer provides you with the use of a car that is classified […]
Topics Covered Director ID application reminder QLD land tax changes Register your .au domain 120% deduction for skills training and technology costs Acquiring collectibles inside your SMSF Director ID Application Reminder The deadline for director ID applications is approaching. To avoid penalties, please ensure you submit your application prior to the dates advised below. Who […]
Superannuation Update There are a large number of changes to the superannuation legislation that commence on 1 July 2022. Below is our summary of these upcoming changes and how they may impact you in addition to a reminder about the 2022 financial year contribution caps. Changes Impacting Employers & Employees from 1 July 2022 Superannuation […]
The Treasurer handed down the 2022-23 federal budget on Tuesday 29 March 2022. In our view, the budget contained no major changes to the tax system. A significant portion of the budget content on the Federal Government Budget website is dedicated to recapping previous budget measures and funding announcements that have already been legislated. Below […]
Single Touch Payroll (STP) works by sending tax and super information from your STP-enabled payroll or accounting solution to the ATO as you run your payroll. In the 2019–20 Budget, the Australian Government announced that STP would be expanded to include additional information. The expansion of STP, also known as STP Phase 2 (STP2), will […]
Director IDs The Australian government has introduced a new requirement for directors of companies registered with the Australian Securities and Investments Commission (ASIC) to obtain a director identification number (director ID). A director ID is a unique identifier that individuals will keep forever. The introduction of director IDs will help the relevant government agencies to: […]
Liability limited by a scheme approved under Professional Standards Legislation.