Blog
What happens when SMSF trustees breach super laws?
Setting up your own self managed super fund (SMSF) can have its benefits, but it also comes with significant obligations. These include appointing trust members, trustees and a registered super fund auditor; valuing assets each year; paying levies and taxes; ensuring...
Accrued leave: take a holiday or take the payment?
If retirement is on the horizon and you have a large amount of accrued leave, you may well be contemplating whether to take a big holiday now, or just take the lump sum payment when you retire. There are some tax, super and possibly social security implications you...
When someone dies: the tax to-do list
If someone close to you dies and you’re the one responsible for taking over their tax affairs, there are a number of steps you need to take to advise the ATO of their passing. This starts with establishing your identity with the ATO as the deceased’s representative,...
Regulations have changed for buy now pay later services
If you're one of the millions of Australians who use buy now pay later (BNPL) services, important changes are now in effect that will give you stronger consumer protections. Here's what you need to know about the new law and regulations that apply from 10 June 2025....
Get it right this tax time: don’t lodge your return too early
It might seem like a good idea to lodge your tax return as soon as the financial year ends – with costs of living rising you might be hoping for a refund, or you might just want to tick it off your to-do list for another 12 months. But the ATO has warned that early...
ATO warns about misinformation on super changes circulating online
Are you worried about rumours claiming your super preservation age will change from 1 June 2025? Take a deep breath – the ATO has confirmed these claims are false. The ATO has recently issued a warning about misleading information regarding supposed changes to...
Playing music in your business? Get your licensing sorted
Music can be a powerful tool in creating the right atmosphere for your business. However, it’s important to understand that most music is legally protected by copyright, meaning businesses need permission or a licence to play it in public settings. When music is...
Instant asset write-off extended to 30 June 2025
Announced as part of the 2024–2025 Budget, and now legislated, the $20,000 instant asset write-off limit has been extended for a further 12 months until 30 June 2025 to continue to provide support for small businesses. The instant asset write-off enables eligible...
Working out your WFH expenses this tax time
To be eligible to claim working from home (WFH) expenses, you need to be genuinely working from home to fulfil your employment duties, not just checking emails or taking occasional calls. You must also incur additional running expenses because of your WFH arrangement....
Tax and your child’s money: what parents need to know
As a parent or guardian, it’s essential to understand how tax applies to your child’s money. If your child has a savings account or receives other income, you need to know how to help them manage their finances and meet their tax obligations. Tax can apply to money...
What payday super could mean for you
The way superannuation is paid may be about to undergo a significant transformation. The Labor government’s proposed “payday super” reforms would require employers to pay employees’ superannuation contributions within seven calendar days of every payday. Draft laws...
Keeping your super account secure
In the wake of recent cyber-attacks on several large Australian super funds, you might be wondering how to protect your retirement savings. The past few years have seen significant data breaches from well-known Australian companies outside of the superannuation...
Sole trader or company: what are the tax differences?
You may be starting out in business and trying to decide whether to become a sole trader or to set up a company. Alternatively, you may already be an established sole trader and considering switching to become a company. Tax considerations are vital in deciding which...
Beyond the booking: tax implications for short-term rentals of your home
In today's sharing economy, platforms like Airbnb have made it easier than ever to earn extra income by renting out a spare room or your entire home – but many Australians are unaware of the tax implications that come with these arrangements. When you rent out all or...
Upskilling? You may be able to claim your self-education expenses
If you’ve thought about upskilling or undertaking professional development this year, you may be able to claim some of your self-education expenses in your 2024–2025 income tax return. You incur self-education expenses when you: take courses at an educational...