The Australian Government is moving ahead with its plan to implement an additional 15% tax on earnings associated with total superannuation balances exceeding $3 million. First announced in February 2023, this measure aims to rebalance the super system, which has long provided generous tax concessions that disproportionately benefit high-balance account holders. The proposed legislation — […]
As the new financial year begins, it’s common for Australians to review the performance of their superannuation funds. Unfortunately, this period also brings a rise in unsolicited calls, social media advertisements, and offers promoting “free super health checks” or services to “find your lost super”. While these offers may appear helpful, they are often designed […]
From 1 July 2025, businesses will no longer be able to claim income tax deductions for interest charges imposed by the Australian Taxation Office (ATO) on unpaid or underpaid tax liabilities. This change applies to both the General Interest Charge (GIC) and the Shortfall Interest Charge (SIC) for amounts incurred in income years starting on […]
In welcome news for small and medium-sized enterprises (SMEs), the government has extended the timeframe for amending income tax returns, providing business owners with greater flexibility and certainty when managing their tax affairs. From the 2024–25 income year onwards, businesses with an aggregated annual turnover under $50 million will now have four years (up from […]
On 23 July 2025, the Federal Government introduced a Bill aimed at delivering on its election commitment to ease the burden of student debt for Australians. The proposed legislation includes a number of key reforms to the Higher Education Loan Program (HELP) and other eligible student loan arrangements: These measures build on changes made in […]