News + Events

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 ... READ MORE

The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’  The significance of legislating the objective of super is that ... READ MORE

What will the Australian community look like in 40 years? We look at the key takeaways from the Intergenerational Report. The 2023 Intergenerational Report (IGR) is a crystal ball insight into what we can expect Australian society to look like in 40 years and the needs of the community as we grow ... READ MORE

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 ... READ MORE

$1.7 billion paid out in fraudulent refunds, another $2.7bn in fraudulent claims stopped, around 56,000 alleged perpetrators and over 100 arrests to date. How did the TikTok tax scandal get out of control? “Everyone else got refunds, it's OK, it's just a temporary loan [from the ATO].” TikTok ... READ MORE

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 exposure is minimal – but this is ... READ MORE

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 ... READ MORE

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 ... READ MORE

The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to take maximise your deductions. Almost a year after the 2022-23 Federal Budget announcement, the 120% tax deduction for expenditure by small and medium ... READ MORE

The child care subsidy will increase from 10 July 2023 for families with household income under $530,000. On 1 July 2023, new parents are able to claim up to 20 weeks of paid parental leave, the superannuation guarantee increases to 11% from 10.5% and more. Employers & ... READ MORE

For employers, incorrectly calculating wages is not portrayed as a mistake, it’s “wage theft.” Beyond the reputational issues of getting it wrong, the Fair Work Commission backs it up with fines of $9,390 per breach for a corporation. In 2021-22 alone, the Fair Work Ombudsman recovered $532 million ... READ MORE

The digital games and interactive entertainment sector is the largest creative sector in the world and one of the fastest growing industries worldwide. The global digital games industry is worth around $250 billion and in Australia, grew 22% between 2020 and 2021 generating $226.5 million in income ... READ MORE

The cents per kilometre rate for motor vehicle expenses for 2023-24 has increased to 85 cents. ... READ MORE

Taxpayers claiming deductions on holiday homes are in the ATO’s sights. The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise claims: The problem is ... READ MORE

The general transfer balance cap (TBC) – the amount of money you can potentially hold in a tax-free retirement account, will increase by $200,000 on 1 July 2023 to $1.9 million. The TBC is indexed to the consumer price index each December. The TBC applies individually. If your transfer balance ... READ MORE

Legislation enabling FBT-free zero or low emission electric vehicles passed Parliament on 28 November 2022. Electric vehicles represent 3.39% of all new vehicles purchased in Australia. But in the UK, the figure is around 19%. The Government is hoping that legislation making zero or low emission ... READ MORE

This is a safe, ballot box friendly Budget as expected with a focus on jobs, cost of living, home ownership, and health. Contents For you & your family. 6 Temporary reduction in fuel excise. 6 Low and middle income cost of living tax offset increase. 6 $250 cost of living payment. ... READ MORE

FBT updates and problem areas Important FBT issues Assistance and benefits provided due to COVID-19 Many businesses are likely to have provided different types of benefits and assistance to their employees due to COVID-19.  It can be quite challenging to work out whether FBT should ... READ MORE

Inside The JobMaker Hiring Credit. 3 What is JobMaker?. 3 JobMaker Eligibility. 4 Who is not eligible for JobMaker?. 5 How to register for JobMaker. 6 The JobMaker employee notification. 6 Calculating baseline headcount and payroll 6 How is baseline headcount calculated?. ... READ MORE

In the 2017-18 Federal Budget the Government announced a series of measures intended to improve housing affordability in Australia.  To entice investors, the Government is providing an increase in the CGT discount for individuals who choose to invest in affordable housing.  The draft ... READ MORE

Australia’s insolvent trading laws impose harsh penalties on directors of companies that trade where there are reasonable grounds to suspect that the company is insolvent. Criminal and civil penalties can apply personally including penalties of up to $200,000, compensation proceedings by creditors ... READ MORE

The Government has stepped in to protect workers following months of controversial headlines uncovering poor record keeping, questionable workplace practices and exploitation, underpayments, deception, and superannuation guarantee fraud by employers.   The Protecting Vulnerable ... READ MORE

The 1 July 2017 superannuation reforms introduced a new reporting regime for funds. Funds now need to advise the ATO of key events within the fund that impact on retirement income streams (pensions): When you start a pensionWhen you stop a pension or take a lump sumWhen the fund accepts a ... READ MORE