No major new super measures announced The Government did not announce any new major superannuation measures in the Budget. The only super item of note was some additional funding to extend an ATO Tax Integrity Program which is expected to raise an extra $31 million in unpaid superannuation from medium and large businesses and wealthy groups […]
Support for small business franchisees The Government will provide $7.1 million over two years from 2025–2026 for the Australian Competition and Consumer Commission (ACCC) to strengthen regulatory oversight of the Franchising Code of Conduct and ensure a more transparent and effective regulatory framework for the franchising sector. The Government will also provide $0.8 million in 2025–2026 for […]
Extending subsidies for apprentices and fee-free TAFE The Government will provide $722.8 million over four years from 2025–2026 to deliver increased support for apprentices. Funding includes: As previously announced, the Government will also provide $253.7 million over two years from 2026–2027 (and an additional $1.4 billion from 2028–2029 to 2034–2035) to make Free TAFE a permanent program, funding […]
Personal tax rates cut from 1 July 2026 and 2027 The Government has proposed to cut the personal income tax rate for the income threshold ($18,200 to $45,000) from 16% to 15% (from 1 July 2026) and 14% (from 1 July 2027). Under the proposed changes, every Australian taxpayer will receive a tax cut of up to […]
From 1 July 2025, the general transfer balance cap for superannuation will increase by $100,000 to $2.0 million, following the release of the December 2024 Consumer Price Index (CPI). What Is the Transfer Balance Cap?The transfer balance cap is a lifetime limit on how much super you can transfer into a retirement phase income stream. […]
Your superannuation investments play a crucial role in securing your retirement. Understanding the different investment options and their risks can help you make informed decisions that align with your financial goals and risk tolerance. Types of Super Investment OptionsMost super funds offer a range of premixed investment options with different asset allocations: Choosing Your Investment […]
If you’re a small business owner, getting GST right is essential—but mistakes can happen. If you’ve accidentally charged GST when you shouldn’t have, don’t panic! There are steps you can take to correct the issue. Common GST MistakesYou may have incorrectly charged GST if:✅ You treated something that isn’t a sale as a taxable sale.✅ […]
If you own vacant land and are hoping to claim tax deductions, you’ll need to meet strict conditions set by the Australian Taxation Office (ATO). Eligible deductions may include interest payments on loans, land taxes, council rates, and maintenance costs, but only under specific circumstances. What Counts as Vacant Land?According to the ATO, land is […]
Have you come across an investment opportunity claiming to be from Bunnings? Be cautious! The Australian Securities and Investments Commission (ASIC) has issued a warning about scammers impersonating the popular retailer to promote fake “sustainability investment bonds.” These scammers lure people in with promises of high returns—up to 9%—and claim that the investment is government-protected. […]
Regulations Provide Exit Path for Legacy Super Income Streams Self-managed super fund (SMSF) members with legacy lifetime, life expectancy, and market-linked superannuation income stream products—typically established before 20 September 2007—now have a long-awaited opportunity to exit these restrictive arrangements. However, careful planning is essential to maximize the benefits of the recent regulatory changes. New regulations, […]
Australia’s superannuation system is a cornerstone of retirement planning, designed to provide financial security in later years. However, the taxation of superannuation can seem complex. To clarify, the Australian superannuation system follows a TTE (taxed, taxed, exempt) model, meaning contributions and investment earnings are taxed, while withdrawals in retirement are generally tax-free. Key Taxation Points […]
The Australian Taxation Office (ATO), in collaboration with the Serious Financial Crime Taskforce (SFCT), has issued a strong warning to businesses against fraudulent GST refund schemes. While tax minimisation strategies can be legitimate, it’s critical to avoid arrangements that could lead to serious legal and financial consequences. GST Fraud: What You Need to Know The […]
The Australian Taxation Office (ATO) has announced its key focus areas for small businesses in 2025. Understanding these priorities will help ensure your business stays compliant and avoids unnecessary scrutiny or penalties. 1. Keeping Business and Personal Finances Separate The ATO is reinforcing the importance of separating business and personal finances. Using company funds for […]
From 10 June 2025, significant regulatory changes will take effect for Buy Now, Pay Later (BNPL) services, enhancing consumer protections and aligning BNPL with traditional credit products like credit cards. Previously, BNPL services operated outside the National Consumer Credit Act, leaving a gap in consumer protections. However, under new laws passed in late 2024, BNPL […]
As Australia faces another summer of unpredictable weather, natural disasters such as fires, floods, earthquakes, and cyclones can bring significant upheaval. While your focus will rightly be on recovery and rebuilding, it’s also important to understand the tax implications of any assistance payments and insurance payouts you receive. Are Insurance Payouts Taxable? The tax treatment […]