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News + Events

Discover the latest industry insights, expert updates and important events on our news page.

Stay ahead with GENFOCUS as your partner in success,
'BRINGING YOUR AMBITIONS TO LIFE'.

Instant asset write-off threshold finally confirmed

Instant asset write-off threshold finally confirmed

8 May, 2025

It has been a long time coming, but the Government finally passed legislation increasing the instant asset write-off threshold for the year ending 30 June 2025 to $20,000. This was announced back in the 2024-25 Federal Budget but the Government faced a number of hurdles in terms of passing the ... READ MORE

The ATO’s updated small business benchmarking tool

The ATO’s updated small business benchmarking tool

6 May, 2025

The ATO has updated its small business benchmarks with the latest data taken from the 2022–23 financial year. These benchmarks cover 100 industries and allow small businesses to compare their performance, including turnover and expenses, against others in their industry. While the ATO doesn’t use ... READ MORE

Property subdivision projects_ the tax implications

Property subdivision projects: the tax implications

5 May, 2025

As the urban sprawl continues in most major Australian cities, we are often asked to advise on the tax treatment of subdivision projects. Before jumping in and committing to anything, it is important to understand the tax liabilities that might arise from these projects. Unfortunately, many ... READ MORE

Year-end tax planning opportunities & risks

Year-end tax planning opportunities & risks

2 May, 2025

With the end of the financial year fast approaching we outline some opportunities to maximise your deductions and give you the low down on areas at risk of increased ATO scrutiny. Opportunities Bolstering superannuation  If growing your superannuation is a strategy you are pursuing, ... READ MORE

Threshold for tax-free retirement super increases

Threshold for tax-free retirement super increases

17 April, 2025

The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025. Each year, advisers await the December inflation statistics to the be released. The reason is simple, the transfer balance cap – the amount that can be transferred to a tax-free r ... READ MORE

The proposed ban on non-compete clauses

The proposed ban on non-compete clauses

15 April, 2025

In the 2025-26 Federal Budget the Government announced a ban on non-compete clauses and “no poach” agreements. In the 2025-26 Federal Budget, the Government announced its intention to ban non-compete clauses for low and middle-income employees and consult on the use of non-compete clauses for tho ... READ MORE

Super guarantee rules catch up with venues and gyms

Super guarantee rules catch up with venues and gyms

15 April, 2025

The superannuation guarantee rules are broad and, in some circumstances, extend beyond the definition of common law employees to some directors, contractors, entertainers, sports persons and other workers. Employers need to pay compulsory superannuation guarantee (SG) to those considered ... READ MORE

Personal tax cuts

Personal tax cuts

14 April, 2025

From 1 July 2026, personal income tax rates will change. On the last sitting day of Parliament, the personal income tax rate reduction announced in the 2025-26 Federal Budget was confirmed. The modest reduction of 1% applies to the $18,201-$45,000 tax bracket, reducing from its current rate of ... READ MORE

Budget 2025 - 26 Show me the money

Budget 2025-26: Show me the money

26 March, 2025

Budget 2025-26 is one that the government clearly did not expect to have to deliver. The Government’s big moment in the 2025-26 Federal Budget was the personal income tax cuts. Income tax cuts are a dazzling headline but in reality, they deliver a tax saving of up to $268 in the 2026-27 year, ... READ MORE

FBT 2025_ What you need to know

FBT 2025: What you need to know

17 March, 2025

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT exemption for electric cars  Employers that provide employees with the use of eligible electric vehicles (EVs) can potentially qualify for an FBT exemption. This should n ... READ MORE

Debunking Division 7A Myths_ What You Need to Know

Debunking Division 7A Myths: What You Need to Know

14 March, 2025

For private company owners, understanding Division 7A is crucial to avoid costly tax consequences when accessing company money or benefits. Division 7A prevents private companies from distributing profits to shareholders or their associates tax-free, covering payments, loans, and other ... READ MORE

Trade wars and tariffs

Trade wars and tariffs

13 March, 2025

Global Google searches for the word “tariffs” spiked dramatically between 30 January and 2 February 2025, a +900% increase to the previous 12 months. We look at what tariffs really mean. Who pays for tariffs? Tariffs increase the price of imported goods and reduce trade flows of that good or se ... READ MORE

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