The Commissioner gains power to not apply refunds against old tax debts

DLA Partners Professional Accountants and Advisors in Brisbane The Commissioner Gains Power To Not Apply Refunds Against Old Tax Debts

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. […]

Taxpayers with HELP student loans set to receive indexation credits

DLA Partners Professional Accountants and Advisors in Brisbane Taxpayers With Help Student Loans Set To Receive Indexation Credits

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 […]

Foreign resident CGT regime – integrity changes to be adopted

DLA Partners Professional Accountants and Advisors in Brisbane Foreign Resident Cgt Regime – Integrity Changes To Be Adopted

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 […]

Instant asset write-off extended for small business

DLA Partners Professional Accountants and Advisors in Brisbane Instant Asset Write Off Extended For Small Business

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 […]

Why it’s Never Too Late to Plan

by Terry Edwards, Director With the end of the financial year fast approaching, it may be tempting to assume that there is no time left for business and tax planning. I disagree. In fact, early June is not too late to take simple action to maximise your financial position, but you need to act now. […]

How being financially organised directly benefits your prosperity

by Debbie Reed, Director Every year, business owners resolve to be better organised when it comes to the financial management of their business. Yet year after year we are surprised by the sudden arrival of June 30. This year, turn good intentions into action. Planning now can minimise your tax, grow your wealth and allow […]