The Australian Taxation Office (ATO) has announced that its data-matching program for lifestyle assets information obtained from insurance providers will continue for 2023–24 to 2025–26. Data items collected include policy details for assets covered by the program and associated identification details (such as names, addresses, phone numbers, dates of birth, ABNs and email addresses). […]
26
Sep
Sep
Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it’s essential to […]
06
Sep
Sep
Treasury has released exposure draft legislation on a May 2023 Federal Budget measure to extend small and medium businesses 2-year amendment period to 4 years for income tax returns. Small and medium business entities You are a small or medium business entity for an income year if you: carry on a business during the […]
22
Aug
Aug
Opting for a self-managed superannuation fund (SMSF) may give you more control over your investment strategy and allow you to be more agile as a fund in the market. But are you fully aware of the governance and compliance responsibilities of running an SMSF? Let’s take a look at the main areas you should be […]
15
Aug
Aug
Changes to foreign resident capital gains withholding tax rate and threshold. The withholding tax rate for the capital gains tax regime for non-residents is proposed to increase from 12.5 per cent to 15 per cent and the $750,000 property value threshold is proposed to be removed and reduced to nil. What you need to know. […]
01
Aug
Aug
We provide you a summary of all the enacted legislation that comes into effect from 1 July 2024, these changes vary to apply to individuals, businesses, welfare recipients among others. Stage 3 tax cuts After being enacted with amendments by the Labor government, the stage 3 tax cuts came into effect from 1 July 2024 […]
31
Jul
Jul
New legislation currently before the Australian Senate will amend the transitional provisions of the tax law, providing an increase to the instant asset write-off threshold to $20,000. This increase is in line with the 2023–24 income year, providing consistency for small business in understanding what new assets you can immediately deduct. Eligibility criteria The following […]
24
May
May
A 2024 Federal Budget announcement will allow greater flexibility for you if you are receiving Carer payment. Also, the announcement may mean that you will become eligible when you previously were unable to claim. Review of the new rules From 20 March 2025, the following changes will apply for recipients of Carer payment: Recipients will […]
23
May
May
Months after the Australian Taxation Office (ATO) apologised for the distress caused by the letter campaign that involved informing small businesses that their on-hold historical tax debts will be recovered, the Federal government has announced in the 2024 Federal Budget a pause on using refunds to offset tax debts dating prior to 1 January 2017. […]
22
May
May
The 2024 Federal Budget, which was released with a main focus on cost-of-living measures (among others) includes an energy bill relief for every household and small business. From 1 July 2024, the following one-off rebates will be applied to energy bills: $300 to all Australian households, and $325 to eligible small businesses. This measure includes […]