There are changes to the Australian Taxation Office (ATO) guidelines regarding tax clearance certificates for property sales, effective 1 January 2025. Key Changes: Mandatory Clearance Certificates: From 1 January 2025, all Australian residents selling or disposing of property, regardless of the sale price, will be required to obtain an ATO tax clearance certificate. Increased […]
03
Mar
Mar
The deadline for lodging the first NFP self-review return is approaching on 31 March 2025. This new requirement applies to non-charitable NFPs with an ABN and aims to ensure only eligible organisations maintain income tax exemption. To comply, NFPs must confirm their eligibility by reviewing their purpose and activities against specific criteria within one of […]
03
Mar
Mar
Supporting financial strength of licensees is a focus area for the QBCC, as identified in their Compliance and Enforcement Strategy 2024-2026. As is early intervention for financially distressed licensees – because prevention is better than cure. As part of this strategy, the QBCC has developed a range of compliance and enforcement focus areas, some of […]
03
Mar
Mar
All parents are set to qualify for a minimum of 3 days guaranteed subsidised childcare after a bill proposing this measure was passed in the Parliament. Previously, families that applied to claim the childcare subsidy (CCS) were required to pass the income test and the activity test (or be exempt). Current requirements The current activity […]
07
Feb
Feb
There have been some recent changes to the Queensland Building and Construction Commission (QBCC) reporting process. The QBCC has discontinued its manual email service for lodging annual reports and financial statements – this means DLA and you as the licence holder can no longer email the annual reports to the QBCC. As a […]
22
Nov
Nov
As the year draws to a close, many businesses are planning end-of-year celebrations for their employees. While these events are a great way to show appreciation, it’s important to be aware of potential tax implications. As your advisor, we want to ensure you’re fully informed about these tax considerations. Christmas Parties These are some […]
21
Nov
Nov
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 […]