The ATO’s Property management data-matching program helps the ATO to identify and address a number of tax risks, including: failure to lodge – taxpayers with a rental property may fail to lodge a tax return and their rental property schedule on or before the relevant due date omitted or incorrect reporting of income – taxpayers […]
Recently Treasurer Jim Chalmers provided a long-awaited announcement regarding the proposed Division 296 tax and super balances exceeding $3 million. Here’s a quick summary of it: The Super Tax as a deferred start date and will become effective 1st of July 2026. Only future realised earnings will be taxed, in other words you will only […]
The Medicare levy helps fund some of the costs of Australia’s public health system – Medicare. The levy is collected from individuals in the same way as income tax. Generally, your employer takes the levy from your salary or wages at the rate of 2% of your taxable income for the pay period. Then the total […]
When you have tax to pay, it’s important that you pay it in full and on time. If you don’t pay when your Taxes are due, the ATO will apply general interest charge (GIC) on your unpaid amounts. It’s worth noting that the GIC is no longer tax deductible, so best to seek finance from other […]
Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. Unlike many other countries where Tax is added on additionally to a price listed for a product or service, retail prices in Australia are required to have GST included in their pricing. […]
From 1 July 2025, the superannuation guarantee (SG) rate officially rose to 12% of ordinary time earnings (OTE). This is the final step in the gradual increase legislated under previous reforms. Up until the end of the financial year the Super Guarantee was at 11.5% (up to 30 June 2025) from July 1st the super […]
When you’re busy running a business there’s many balls to keep in the air and understanding the tax rules can take a backseat to other priorities you have. Small businesses work hard to get things right; however sometimes mistakes happen. Some common mistake areas for sole traders are: reporting income – income earned outside of […]
In the world of business, boards and committees, the importance of keeping accurate records cannot be overstated. One crucial aspect of this is the documentation of decisions made during meetings—specifically minutes and resolutions. These records aren’t mere formalities; they ensure transparency, accountability, and legal compliance within a company. Minutes serve as the official record of […]
How super contributions are treated depends on whether they’re before-tax (concessional) or after-tax (non-concessional). The tax paid on your super contributions generally depends on whether: the contributions are out of your before-tax or post-tax income you exceed the concessional or non-concessional contribution caps you’re a high-income earner. Contribution caps are the limits on how much […]
If you’re carrying an Australian Taxation Office (ATO) debt there is a good chance that it will cost you even more from 1 July 2025 onwards. This is because from 1 July 2025 two types of interest charges imposed by the ATO are no longer deductible. What are the interest charges? There are two main […]
With as many as 6 million Australians impacted by the recent data breach of Qantas’ call centre and customer servicing platforms. Hackers gained access to customer data by compromising one of Qantas’ call centres in Manila in the Philippines. With email addresses, birth dates, phone numbers and frequent flyer points now firmly in the hands […]
Happy New Financial year! Now that 2024/25 financial year has closed, it’s a great time to get organised and download our simple Tax Return Checklist and see what records you need to compile to make your tax return as simple and efficient as possible. Additional investments If you have additional income from dividends, interest, or […]
The Australian Taxation Office (ATO) has revealed some of the ‘wild’ work related expense tax claims people have tried to put past the ATO, and spoiler alert: an air fryer generally won’t make the cut. Some of the most outrageous deduction attempts the ATO saw last year included: A mechanic tried to claim an air […]
As we prepare to close the books on the 2024-25 financial year, it’s a good opportunity to get your records in order. There are a number of employee records that you must keep for 7 years and they must include certain information. Some records may be updated as part of your day-to-day business operations, like time and wages. […]
With the recent Federal Election finalised, the Labor party settle back into their seats having secured a majority in the House of Representatives. We look at the campaign promises and the unfinished business from the last term. Individuals – Personal income tax cuts: the 2025-26 federal budget introduced a modest income tax cut for all […]
A Will is a legal document you write saying how you want your estate handled after you pass away. It’s often your last message to your loved ones, but it also serves important legal purposes. A well-written and current Will helps make sure: your family are financially provided for after you pass away you know […]
Superannuation is intended to support people during their retirement. In Australia, you can generally access your superannuation funds when you reach 60 and have retired, or when you turn 65, even if you are still working. Sometimes life can throw us some curve balls and in very limited circumstances it’s possible to access your super […]
Whether you’re in building and construction, bussing tables or working retail, the remuneration requirements of jobs are covered in an Award. Awards (modern awards) are legal documents that outline the minimum pay rates and conditions of employment. There are more than 100 industry or occupation awards that cover most people who work in Australia. Fairwork […]
Whether it’s managing your personal finances or running a business, there are many challenges that impact finances. It could be something small, like an unpaid invoice/bill every now and then, or a bigger curve ball like a natural disaster or an out-of-control debt. Big or small, these financial pressures can build up and can become […]
With the 2025 FBT year wrapping up on 31 March, it’s important you’re on track to meet your obligations and are prepared for any changes. Recent announcements by the ATO have made it clear that FBT represents a key audit target for the 2025 FBT year, with the FBT ‘gap’ having grown to nearly $2 billion. As a result, […]
