Many business clients like to review their tax position before the end of the income year and evaluate any strategies that may be available to legitimately reduce their tax.  Traditionally, year-end tax planning for profitable small businesses is based around accelerating deductions and deferring income.  Small Business Entities (‘SBEs’) – i.e., those with an aggregated…Read More

Tax saving strategies prior to 1 July 2023 A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward any expected or planned deductible expenditure from a later income year.  However, any individuals with potentially reduced income for the 2023 tax season may want to…Read More

2023/24 Budget Update   On 9 May 2023, Treasurer Jim Chalmers handed down the 2023/24 Federal Budget. Some of the measures announced by the Government (including some which were actually announced prior to the Budget), include: from 1 July 2026, employers will be required to pay their employees’ superannuation at the same time as their…Read More

The Federal Treasurer, Dr Jim Chalmers, handed down the 2023–24 Federal Budget at 7:30 pm (AEST) on 9 May 2023. The following is a summary of the key tax reforms.Read More

Last chance to claim deductions under temporary full expensing   Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023.Read More

New 15% super tax to apply from 1 July 2025   The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation.  The new measure is expected to commence from 1 July 2025 (i.e., the start of the 2026 income year).Read More

Significant change to claiming working from home expenses   Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses.Read More

Super guarantee contributions for the December 2022 quarter   A reminder to employers that their December 2022 superannuation guarantee (‘SG’) contributions were due by 28 January 2023.Read More

Year-end (and other) staff parties Editor:  With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event.  However, there are important issues to consider, including  the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients. Read More

ATO warning to SMSFs: “Paying the price for non-compliance”   There are various courses of action available to the ATO when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws, including applying administrative penalties.Read More