The Government’s centrepiece of the 2025-26 Federal Budget was personal income tax cuts. Income tax cuts are a dazzling headline, but in reality they deliver a tax saving of up to $268 in the 2026-27 year, and a tax saving of up to $536 from the 2027-28 year. At the same time, the Australian Taxation […]
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 […]
How to take advantage of the 1 July super cap increase From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change. The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions […]
Why is my tax refund so small? The tax refund many Australians expect has dramatically reduced. There is a psychology to tax refunds that successive Governments have been reticent to tamper with. As a nation, Australia relies heavily on personal and corporate income tax, with personal income tax including taxes on capital gains representing 40% […]
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 […]
Liability limited by a scheme approved under Professional Standards Legislation.