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

Up to 10 years in prison for deliberate ‘wage theft’

2024-01-21T15:35:14+10:00December 21st, 2023|Corporate, General, News|

Legislation currently being debated in Parliament will introduce a new criminal offence for intentional “wage theft”. If enacted, in addition to the criminal offence, a fine will apply. The fine is three times the underpayment and: For individuals - 5,000 penalty units (currently $1,565,000). For businesses - 25,000 penalty units (currently $7,825,000). The reforms

Fixed-term employment contracts limited to 2 years

2023-12-08T06:07:22+10:00December 6th, 2023|Corporate, General, News|

From 6 December 2023, employers can no longer employ an employee on a fixed-term contract that: is for 2 or more years (including extensions) may be extended more than once, or is a new contract: o   that is for the same or a substantially similar role as previous contracts o   with substantial continuity of

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

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