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 […]

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 […]

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 […]

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 […]

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 […]

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. […]

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 […]

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. […]