With the introduction of Payday Super from 1 July 2026, employers face stricter deadlines for paying employee superannuation. Under the new rules, Super Guarantee (SG) contributions must generally be received by an employee’s nominated super fund within seven business days of each payday. While the new system is designed to improve the timeliness of super […]
With the new financial year underway, it’s understandable that many Australians want to lodge their tax return as soon as possible. Whether you’re hoping to receive a refund quickly or simply want to tick another task off your to-do list, lodging on 1 July isn’t always the best strategy. In fact, waiting a few weeks […]
The Federal Government has released draft legislation proposing a new “instant” standard tax deduction of $1,000 for work-related expenses. If implemented, this measure would allow eligible taxpayers to claim a flat deduction at tax time without the need to retain receipts—replacing the current $300 no-receipt threshold administered by the Australian Taxation Office. It’s important to […]
Owning an investment property can be a highly effective long-term wealth strategy, particularly from a tax perspective. However, it is also one of the most closely scrutinised areas of individual tax returns by the Australian Taxation Office (ATO). With increasingly sophisticated data-matching capabilities, the ATO is quick to identify inconsistencies or claims that fall outside […]
Establishing a Self Managed Superannuation Fund (SMSF) provides trustees with a high level of control over their retirement savings and investment strategy. However, this control comes with significant regulatory responsibility. SMSFs operate within a complex legislative framework, and trustees are personally accountable for ensuring ongoing compliance. Where breaches occur, the Australian Taxation Office (ATO) is […]
If you’re planning an overseas trip, it’s worth doing a quick check of how your travel may affect any Centrelink or government payments you receive. A little preparation now can help you avoid paused payments, surprises when you return, or unexpected tax issues later. Centrelink Payments: What Happens When You Travel Each government payment has […]
If you’re a small business owner looking to upgrade your tools, technology, or equipment, there’s good news on the horizon. The Federal Government has announced plans to extend the $20,000 instant asset write-off for another 12 months — through to 30 June 2026. What’s Changing:This measure was announced by the Treasurer on 4 April 2025 […]
Managing your tax doesn’t have to be complicated. Whether you’re preparing your return yourself or assisting someone else, the Australian Taxation Office (ATO) provides a range of free tools and support services designed to make the process more approachable, accurate, and stress-free.Explore ATO Online Services Safely with the Simulator. If you’re new to lodging your […]
The Australian Government has announced the closure of the ATO’s Small Business Superannuation Clearing House (SBSCH) as part of the introduction of “payday super” reforms. If your business currently uses the SBSCH to make superannuation contributions, it is important to be aware of the upcoming changes and plan for a smooth transition. Key Dates Why […]
As part of its government-mandated review into ways to strengthen productivity and economic resilience, the Productivity Commission has released an interim report proposing significant changes to Australia’s company tax system. The Commission highlights that Australia’s current company tax regime is complex, internationally uncompetitive, and disproportionately disadvantages smaller and newer businesses. In particular: Key draft recommendations […]
The Federal Government’s commitment to reduce student loan debts by 20% has now been legislated, providing significant relief to over three million Australians with outstanding education debts. Who is eligible? The reduction applies to all student loan types, including: To be eligible, you must have had a student loan balance outstanding on 1 June 2025. […]
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 […]
Dealing with the loss of a loved one is never easy. On top of the emotional toll, there are also important tax and administrative responsibilities that must be addressed—particularly if you’ve been appointed to handle the deceased’s estate. As a legal personal representative (LPR), you are responsible for finalising their tax obligations with the Australian […]
While it may be tempting to submit your tax return as soon as the financial year ends—especially with rising living costs and the potential for a refund—the Austral-ian Taxation Office (ATO) advises caution. Lodging too early can significantly increase the risk of errors, which may delay your return or result in ATO-initiated amendments. In July […]