The politicians have weighed in on the Reserve Bank of Australia’s economic policy and their reticence to reduce interest rates in the face of community pressure. We look at what the numbers are really showing. Treasurer Jim Chalmers has stated that global uncertainty and rate rises are “smashing the economy”. Former Treasurer Wayne Swan […]
Is the RBA to blame? The economic state of play Read More »
Own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in tax returns matches up. The Australian Taxation Office (ATO) has initiated two data matching programs impacting investment property owners and those lucky enough to
Property and ‘lifestyle’ assets in the spotlight Read More »
You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you. And you certainly didn’t get a $100k refund in your bank account. What happens now? In what is rapidly becoming the most common tax
It wasn’t me: the tax fraud scam Read More »
The Government has amended the legislation guiding registered tax practitioners to include compulsory reporting of material uncorrected errors to the Tax Commissioner. The Government has legislated a series of changes to the Tax Agents Services Act 2009 that place additional requirements on registered tax practitioners and how they interact with clients. The reforms are in
The changes to how tax practitioners work with clients Read More »
Here’s a brief summary of the key changes coming into effect on 1 July 2024: Tax cuts reduce personal income tax rates and change the thresholds. Superannuation guarantee increases from 11% to 11.5% – check the impact on any salary package arrangements. Superannuation caps increase from $27,500 to $30,000 for concessional super contributions and from
What’s changing on 1 July 2024? Read More »
The ATO has warned that it is looking closely at how trusts distribute income and to who. The way in which trusts distribute income has come under intense scrutiny in recent years. Trust distribution arrangements need to be carefully considered by trustees before taking steps to appoint or distribute income to beneficiaries. What
ATO fires warning shot on trust distributions Read More »
The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions. For You Opportunities Take advantage of the 1 July 2024 tax cuts by bringing forward your deductible expenses into 2023-24. Prepay your deductible expenses where possible, make
The Essential 30 June Guide Read More »
The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax. Two new cases before the Administrative Appeals Tribunal demonstrate how serious the Australian Taxation Office (ATO) is about making sure professional services firms – lawyers, accountants, architects, medical practices, engineers, architects etc., – are appropriately
The assault on professional services Read More »
The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero. According to election guru Antony Green, the window for the next election starts on Saturday, 3 August 2024, “the first possible
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024. Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after. Resident individuals Tax rate 2023-24 2024-25 0% $0 –
Revised stage 3 tax cuts confirmed for 1 July Read More »
