For decades, trust structures have been a popular feature of the Australian financial and tax landscape. Valued for their flexibility in distributing income and protecting assets, trusts have been a go-to for many businesses and investors. But as rules change and administration becomes more complex, some are now reconsidering whether trusts are still the best...Read More

If you’re currently carrying ATO debt – or might in the future – there’s a key change coming that could increase the cost of doing so. From 1 July 2025, two types of interest charges imposed by the Australian Taxation Office will no longer be tax-deductible: the General Interest Charge (GIC) and the Shortfall Interest...Read More

The proposed Division 296 superannuation tax could impact Australians with large super balances. If passed into law, this Federal Government measure would apply an additional 15% tax on certain super earnings where a person’s total super balance exceeds $3 million, as at 30 June of the relevant income year. Although not yet law, the Government...Read More

The Australian Taxation Office (ATO) is intensifying its focus on investment properties and high-value lifestyle assets, using advanced data-matching programs to ensure tax compliance. Here’s what you need to know to stay on the right side of the law. Investment Properties: A Key Focus for the ATO Investment properties have long been under the microscope...Read More

Brace yourself: 2024 brings fresh tax cuts and a higher superannuation guarantee, reshaping your finances and business obligations in unexpected ways! Personal tax & super As of July 1, 2024, significant financial changes are in effect due to the introduction of personal income tax cuts and an increase in the superannuation guarantee rate to 11.5%....Read More

The Instant Asset Write-Off brought in 2023-24 has been extended until June 30 2025. This write-off threshold was increased from $1000 to $20,000 back in 2023-24. What does that mean for you? The increase in the instant asset write-off threshold offers a significant cash flow benefit to small businesses. This allows them to claim an...Read More

As the end of the financial year approaches, here are some areas at risk of increased ATO scrutiny and opportunities to maximise tax deductions. For Individuals Opportunities Bring forward your deductible expenses into 2023-24. Prepay your deductible expense where possible, make any deductible superannuation contributions and plan any philanthropic gifts to utilise the higher tax...Read More

The ATO is cracking down on business owners who take money or use company resources for their personal uses. With a blurry line between personal and working life for business owners, they often utilise company resources for their personal uses. Whilst there are tax laws preventing individuals from accessing profits or assets of the company...Read More

Wealth transfer from the baby boomer generation has begun and home ownership is the catalyst. The average price of a home around Australia (from highest-lowest) is: NSW: $1,184,500 ACT: $948,000 VIC: $895,000 NT: $489,200 With the target cash rate expected to remain steady at a 12-year high of 4.35% in 2024, parents and family feel...Read More

The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax. Two new cases before the Administrative Appeals Tribunal demonstrate how serious the Australian Taxation Office (ATO) is about making sure professional services firms – lawyers, accountants, architects, medical practices, engineers, architects etc., – are appropriately taxed. ...Read More