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Tax News
On 13 July 2021, the NSW and Federal Governments announced their economic support package aimed at supporting businesses and residents to deal with the recent COVID-19 lockdown.
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The Australian Government has announced its Future Made in Australia agenda which supports the development of Australia’s renewable energy sector. Based on the 2024-2025 Australian Federal Budget, the Australian Government will provide an estimated $19.7 billion worth of funding over a 10 year period to accelerate the Government’s Future Made in Australia priority industries through the…
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Government announces changes to proposed Changes ‘Stage 3’ tax cuts Despite previous assurances, and after much speculation, the Government has announced tweaks to the’Stage 3′ tax cuts that will apply from 1 July 2024. More particularly, the Government proposes to:  reduce the 19% tax rate to 16%; reduce the 32.5% tax rate to 30% for…
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Super contribution caps to rise   The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year.
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ATO’s lodgment penalty amnesty is about to end   The ATO is remitting failure to lodge penalties for eligible small businesses.  Businesses which have not yet taken advantage of the ATO’s lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria in order to be eligible for…
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Tax issues for businesses that have received a support payment   Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income. Grants are generally treated as assessable income, and taxpayers…
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Taxpayers need to get their ‘rental right’   The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time.  When preparing their tax returns, taxpayers should make sure all rental income is included, including income from short-term rental arrangements, renting part of a home, and…
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Appointing an SMSF auditor   The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return.
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Claiming GST credits for employee expense reimbursements   Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses that are directly related to their business activities.
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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…
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