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Key Changes and What They Mean for You As we progress through the financial year, it’s crucial to stay updated on the latest tax changes that could impact both individuals and businesses. In this July summary, we’ll cover essential updates from the Australian Government and the Australian Taxation Office (ATO), shedding light on the new […]

A Strategic Wake-Up Call for Australian Companies The latest data from the Australian Securities and Investments Commission (ASIC) paints a stark picture for businesses across the nation. Corporate insolvencies have surged by 39% compared to the previous financial year, with construction, accommodation, and food services industries bearing the brunt of this increase. This rise in

Understanding Tax Implications in Australia In the complex world of taxation, the line between what constitutes a gift and what qualifies as assessable income can often blur. A recent Federal Court case, Rusanova and Commissioner of Taxation, serves as a cautionary tale for Australian residents. It reminds us that what might seem like a generous

Sharing Economy Income: What You Need to Know It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return. Since 1 July 2023, the platforms delivering ride-sourcing, taxi travel, and short-term accommodation (under 90 days), have been required to report transactions made through their

Will 2024-25 be another year of volatility or a return to stability? Personal Tax & Superannuation From 1 July 2024, personal income tax cuts are effective, and the superannuation guarantee (SG) rate increased to 11.5%. Employers must update payroll systems and salary sacrifice agreements to reflect these changes. Ensure PAYG withholding is accurate. Superannuation Obligations

The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple.  As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the Australian Taxation Office’s (ATO) interpretation of a main

New Instant Asset Write-Off Threshold: Boosting Small Business Cashflow Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year. Purchases of depreciable assets with a cost of less than $20,000 that a small business makes between

ATO’s warning on common Division 7A mistakes The ATO is warning that a series of common mistakes are being made in relation to Division 7A, which can apply when shareholders or their associates access money and assets from a private company.  Division 7A is a focus area of the ATO. If taxpayers fail to identify

What did I miss? This month, the ATO has issued a warning on trust distributions, we explore the issues. Plus, this month, the House of Representatives rejected the Senate amendments to the Bill containing the 2023-24 instant asset write-off and electrification measures, and the non-arm’s length expenses reforms. As change occurs, we’ll keep you posted