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 […]
31
Aug
Aug
On the 12th day of Xmas my accountant gave to me: 12 reports, 11 actions, 10 hi-5s, 9 rums, 8 answers, 7 KPIs, 6 $ tips, 5 Core Values, 4 planning sessions, 3 coffees, 2 reminders & a Complimentary Client Review. Sing out if you didn’t get any of the above! #HappyHolidays
31
Aug
Aug
This year more than ever it’s important to get your records and tax return correct because of the unusual business circumstances and JobKeeper. Talk to us – we can help make tax time easy.
09
Aug
Aug
An ATO tax determination has clarified that earnings from an individual’s “image rights” or “fame” can only be included in that individual’s assessable income.
09
Aug
Aug
The ATO has released a tax ruling intended to provide guidance as to how the Commissioner will apply the residency tests (s 6(1) ITAA 1936) for individuals under a modernised approach.
17
Jul
Jul
Businesses with an aggregated turnover of less than $50 million will be entitled to a 20% bonus deduction for expenditure that supports electrification and more efficient use of energy.