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 […]
21
May
May
Roughly 3 million eligible Australians will have their Higher Education Loan Program (HELP debt) and other student loans reduced under a cost-of-living measure announced in the lead up to the 2024 Federal Budget. Currently, the Consumer Price Index (CPI) is used to calculate the indexation rate. The proposed reduction in indexation will be backdated to […]
20
May
May
Announced in the 2024 Federal Budget as an integrity measure, are changes to the foreign resident CGT regime that will ensure foreign residents pay their fair share of tax. Commencing from 1 July 2025, these reforms aim to provide certainty to foreign investors by aligning Australian tax law closely with the OECD standards and international […]
17
May
May
As part of the 2024 Federal Budget, the Federal government has announced a one year extension to the increase in the instant asset write-off threshold to $20,000. With the temporary threshold increase announced (yet to be legislated) in the 2023 Federal Budget due to expire on 30 June 2024, this extension means small businesses can […]
16
May
May
The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024. Described as a “responsible Budget that helps people under pressure today”, the Treasurer has forecast a second consecutive surplus of $9.3 billion. The main priorities of the government, as reflected in the Budget, are helping […]