The ATO has the following tips to help taxpayers get their BAS right before they lodge: q They should make sure they enter the figures for their obligations at the correct label, and only complete applicable fields. q If lodging online, or through a registered tax or BAS agent, they may be able to get […]
Taxpayers who employ staff should remember the following important dates and obligations: Fringe benefits tax (‘FBT’) 31 March 2025 marks the end of the 2024/25 FBT year. Employers should remember the following regarding their FBT tax time obligations. n They should identify if they have provided a fringe benefit. If they have, they should determine […]
All trustees of SMSFs with assets (including super contributions or any other investments) as of 30 June 2024 need to lodge an SMSF annual return (‘SAR’) for the 2023/24 financial year. The SAR is more than a tax return — it is required to report super regulatory information, member contributions, and pay the SMSF supervisory […]
The indexation rate for study and training loans is now based on the Consumer Price Index (‘CPI’) or Wage Price Index — whichever is lower. This change has been backdated to indexation applied from 1 June 2023 for all HELP, VET Student Loan, Australian Apprenticeship Support Loan, and other study or training support loan accounts. […]
The ATO will acquire rental bond data from State and Territory rental bond regulators bi-annually for the 2024 to 2026 income years, including details of the landlord and tenant, managing agent identification details, and rental bond transaction details. The objectives of this program are to (among other things) identify and educate individuals and businesses who […]
Division 7A of the tax legislation is intended to prevent profits or assets being provided to shareholders or their associates tax free. A payment or other benefit provided by a private company to a shareholder or their associate can be treated as a dividend for income tax purposes under Division 7A, even if the participants […]
The Government recently passed legislation making changes to the foreign resident capital gains withholding laws (among other changes). Foreign resident capital gains withholding is relevant for all vendors selling certain taxable real property (e.g., Australian land). Even Australian residents can be caught by these laws because, if they do not have a valid ‘clearance certificate’ […]
If your business was hit by the destructive forces of Tropical Cyclone Arthur during 1-16 March 2025, there’s now additional disaster recovery funding open to Queensland small businesses. Here’s the lowdown on who’s eligible, how much you can claim and what the process is for putting through a claim for funding. Who’s eligible for the […]
As reiterated in the recent Federal Budget, the Albanese Labor Government is extending protections against unfair trading practices to small businesses. This initiative acknowledges the power imbalances you may sometimes experience as a small business dealing with larger entities that have more buying power. But what do these protections actually mean for your company? What […]
In the 2025 Federal Budget, the Albanese Labor Government made a promise to extend the existing $20k instant asset write-off, if elected. So, what is the instant asset write-off and how could it be helping your business? What is the $20k instant asset write-off? The $20,000 instant asset write-off is a tax measure that allows […]