Blog
Federal Budget March 2025
PERSONAL TAXATION Personal tax rates cut from 1 July 2026 and 2027 The Government has proposed to cut the personal income tax rate for the income threshold ($18,200 to $45,000) from 16% to 15% (from 1 July 2026) and 14% (from 1 July 2027). Under the proposed changes,...
General transfer balance cap increases to $2.0 million
The December 2024 Consumer Price Index (CPI) number has been released, confirming that the superannuation general transfer balance cap will increase by $100,000 to $2.0 million for the 2025–2026 income year. The transfer balance cap was introduced in 2017, and...
Making smart super investment choices
Choosing the right investment option for your superannuation is important for your retirement savings. It’s essential to understand the different types of investment options and their associated risks to ensure you choose the one that’s right for you. Super funds...
Made a mistake charging GST? Don’t panic
As a small business owner, you know how important it is to get your GST right. If you’ve realised you’ve incorrectly charged GST on a sale, don’t panic – there are steps you can take to rectify the situation. First, let’s look at how this might have occurred: You...
Claiming tax deductions for vacant land
Hoping to claim tax deductions on your vacant land? You need to meet a number of strict conditions to claim for costs such as interest payments on relevant loans, land taxes, council rates and maintenance costs. So, what is vacant land? To satisfy the ATO, there are...
ASIC warns of scammers impersonating Bunnings with fake investment bonds
If you’ve spotted what looks like an amazing investment opportunity from Bunnings recently, beware! The Australian Securities and Investments Commission (ASIC) has issued an urgent warning about scammers impersonating the retailer to promote fake “sustainability...
Super legacy pensions: Regulations offer window to exit
For legacy lifetime, life expectancy and market-linked superannuation income stream products that generally commenced prior to 20 September 2007, the shackles have finally been released but care is still required. Regulations that came into effect on 7 December 2024...
How tax works in Australia’s superannuation system
Australia’s super system plays a vital role in ensuring financial security for individuals in retirement. However, how superannuation is taxed can appear complex. In Australia, superannuation is taxed at three main points: contributions, investment earnings and...
ATO warns about GST refund fraud: Check your arrangements
The ATO-led Serious Financial Crime Taskforce (SFCT) has issued a warning to businesses against trying to cheat the tax and super system by committing GST fraud. While seeking ways to optimise your tax position is legitimate, it's important to steer clear of...
ATO launches its small business focus areas for 2025
Understanding the ATO's focus areas for 2025 is essential to ensuring your business remains compliant and successful. The ATO has outlined specific areas of concern to help you avoid common pitfalls and manage your tax obligations effectively. Business income is not...
Changes coming 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 coming that will give you stronger consumer protections from 10 June 2025. BNPL services will soon be regulated more like traditional credit products such as...
Recovering from a natural disaster: What you need to know about tax
As Australia experiences another summer of unpredictable weather patterns, it's essential to be prepared for the unexpected – natural disasters like fires, floods, earthquakes and cyclones can turn your world upside down. While you’re focused on rebuilding and...
JobKeeper assessment: Treasury report released
Treasury has released the Independent Evaluation of the JobKeeper Payment Final Report. The report considers both the impact and processes of JobKeeper. The evaluation assesses the effectiveness of JobKeeper in achieving its objectives, and records lessons learned...
$20,000 instant asset write-off for small business: beware timing
Legislation is currently before Federal Parliament that proposes to allow a deduction of $20,000 (up from $1,000) for the instant asset write-off of depreciating assets acquired by small business entities in the period from 1 July 2023.These new rules were previously...
Simplified payroll reporting and STP Phase 2: employers take note
While Single Touch Payroll Phase 2 (STP Phase 2) started on 1 January 2022, many digital service providers have a deferral in place to enable them to transition their customers over time. Under STP Phase 2, businesses report certain information directly to the ATO...