The Redesigned Stage 3 Personal Income Tax Cuts

2024-01-30T13:24:28+10:00January 30th, 2024|ATO, Budget, General, News|

The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Government has announced that they will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. This will mean that more

The key influences of 2024

2024-01-21T16:25:34+10:00January 18th, 2024|ATO, Budget, Corporate, General, News, SMSF, Super|

Uncertainty has reigned over the last few years, but can we expect more consistency as we kick off 2024? We explore some of the key issues and influences. Inflation and labour supply RBA Governor Michelle Bullock stated, “Inflation is past its peak and heading in the right direction, but it is likely to return

Warning: Redrawing investment loans

2023-11-13T10:20:43+10:00November 13th, 2023|ATO, General|

The ATO estimates that incorrect reporting of rental property income and expenses is costing around $1 billion each year in forgone tax revenue. A big part of the problem is how taxpayers are claiming interest on their investment property loans. We’ve seen an uptick in ATO activity focussing on refinanced or redrawn loans. This

30% tax on super earnings above $3m

2023-10-12T12:11:23+10:00October 12th, 2023|ATO, General, News, SMSF, Super|

Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to reality. The draft legislation appears largely unchanged

The case of the taxpayer who was paid too late

2023-09-20T23:50:55+10:00September 11th, 2023|ATO, General|

What a difference timing makes. A recent case before the Administrative Appeals Tribunal (AAT) is a reminder about the tax impact of the timing of employment income. In this case, the taxpayer was a non-resident working in Kuwait. As part of his work, he was entitled to a ‘milestone bonus’ but, the employer was

Succession: What does it take to and your business to the next generation?

2023-09-20T23:04:53+10:00August 23rd, 2023|ATO, Family, General|

What is the end game for your business? Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value for you, the owners. When it comes to generational succession of a family business, there are a few important aspects: • Succession

Why is my tax refund so small?

2023-08-20T13:18:51+10:00August 8th, 2023|ATO, General|

The tax refund many Australians expect has dramatically reduced. We show you why. There is a psychology to tax refunds that successive Governments have been reticent to tamper with. As a nation, Australia relies heavily on personal and corporate income tax, with personal income tax including taxes on capital gains representing 40% of revenue

Thinking of subdividing? The tax implications and pitfalls of small-scale subdivisions

2023-08-20T13:19:07+10:00July 28th, 2023|ATO, General|

Thinking of subdividing? The tax implications and pitfalls of small-scale subdivisions You’ve got a block of land that’s perfect for a subdivision. The details have all been worked out with Council, the builders, and the bank. But, one important aspect has been left out; the tax implications. Many small-scale developers often assume that their

Tax Planning 101

2023-06-18T15:11:42+10:00June 3rd, 2023|ATO, Budget, General, Support|

Tax planning applies to anyone who lodges a tax return and receives a tax assessment. In light of the Australian Taxation Office (ATO) shifting its focus to the small business ATO debt accumulated during the COVID-19 pandemic, understanding your tax payment schedule is vital for maintaining healthy personal and business cash flows. Tax planning

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