As previously announced, from 1 July 2023, access to the Government’s Home Guarantee Scheme will be expanded to joint applications from “friends, siblings, and other family members” and to those who have not owned a home for at least 10 years. Specifics & breakdown First Home Guarantee Guarantees part of a first homeowner’s home loan...Read More

Learn about the non-arm’s length income rules and the confirmed tax on super earnings above $3 million, and how it affects super funds and investors in this informative article. Clarifying the non-arm’s length income rules for superfunds The Non-Arm’s Length Income (NALI) rules aim to prevent superannuation trustees from artificially inflating the fund’s balance and...Read More

Discover how your small or medium-sized business could benefit from up to $20,000 in bonus deductions for energy-efficient upgrades and electrification. Eligible assets include induction cooktops, heat pumps and more, with the incentive available between 1 July 2023 and 30 June 2024. Don’t miss out! The incentive As previously announced, the Small Business Energy Incentive...Read More

When you start up a business, inevitably, it consumes not just a lot of time but a lot of cash and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running the business can pay you back. Right? As a business...Read More

Earn-out clauses for the sale of a business are increasingly common. We look at the positives and negatives that every business owner should consider. In the world of business, it’s not uncommon to include earn-out clauses in transactions. These clauses enable vendors to ‘earn’ a portion of the purchase price based on the performance of...Read More

Starting on July 1st, 2023, there will be a new reporting requirement for platforms that provide taxi services, such as ridesharing, as well as short-term accommodation. These platforms will need to report their transactions to the ATO annually. Beginning on July 1st, 2024, this reporting requirement will be expanded to include all other platforms. We...Read More

The ‘Ace in the Hole’ of the 2023-2024 Federal Budget was the $4.2 billion surplus, the first in 15 years. The Federal Budget at a glance The surplus was driven by a surge in the corporate and individual tax take: High commodity prices, inflation, and high employment have all pushed up corporate and individual tax...Read More

Just in time for the Fringe Benefits Tax (FBT) year that started on 1st April, the Australian Taxation Office (ATO) has released new details on electric vehicles. The FTB exemption for electric cars Starting from 1 July 2022, employers may be eligible for an FBT exemption if they provide their employees with the use of...Read More