Super Tax Shake-Up: Big Balances Beware
If your super balance is comfortably below $3 million, you can probably relax — the proposed changes to the super rules shouldn’t adversely affect you (yet). But if your super is nudging that level, or if you’re clearly over, the Treasurer’s latest announcement could change how you think about super’s generous tax breaks. For some […]
ATO Interest Charges Are No Longer Deductible – What You Can Do
Leaving debts outstanding with the ATO is now more expensive for many taxpayers. As we explained in the July edition of our newsletter, general interest charge (GIC) and shortfall interest charge (SIC) imposed by the ATO is no longer tax-deductible from 1 July 2025. This applies regardless of whether the underlying tax debt relates to […]
Creating a more dynamic and resilient economy
The Productivity Commission (PC) has been tasked by the Australian Government to conduct an inquiry into creating a more dynamic and resilient economy. The PC was asked to identify priority reforms and develop actionable recommendations. The PC has now released its interim report which presents some draft recommendations that are focused on two key areas: […]
Interest deductions: risks and opportunities
Interest deductions: risks and opportunities This tax season, we’ve seen a surge in questions about whether interest on a loan can be claimed as a tax deduction. It’s a great question as the way interest expenses are treated can significantly affect your overall tax position. However, the rules aren’t always straightforward. Here’s what you need […]
Superannuation rates and thresholds updates
Superannuation rates and thresholds updates Super guarantee rate now 12%: what it means for employers From 1 July 2025, the superannuation guarantee (SG) rate officially rose to 12% of ordinary time earnings (OTE). This is the final step in the gradual increase legislated under previous reforms. What’s changed? Old rate: 11.5% (up to 30 June […]
Tax Deductions to Avoid
From Airfryers to Swimmers: Tax Deductions to Avoid. With the 2025 tax season fast approaching the Australian Taxation Office (ATO) is reminding taxpayers to be careful when claiming work related expenses. This is in reaction to a spate of claims that didn’t quite pass the ‘pub test’. To give you a few examples of what […]
Personal Tax Cuts & Super Guarantee Complexity
Personal Tax Cuts & Super Guarantee Complexity Inside this month, we explore super guarantee complexities. Plus, personal tax cuts. Personal Tax Cuts From 1 July 2026, personal income tax rates will change. On the last sitting day of Parliament, the personal income tax rate reduction announced in the 2025-26 Federal Budget was confirmed. The modest […]
FBT 2025: What you need to know
FBT 2025: What you need to know The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT exemption for electric cars Employers that provide employees with the use of eligible electric vehicles (EVs) can potentially qualify for an FBT exemption. This should normally be the […]
Why the ATO is targeting babyboomer wealth
Why the ATO is targeting babyboomer wealth “Succession planning, and the tax risks associated with it, is our number one focus in 2025. In recent years we’ve observed an increase in reorganisations that appear to be connected to succession planning.” ATO Private Wealth Deputy Commissioner Louise Clarke The Australian Taxation Office (ATO) thinks that wealthy […]
What’s ahead in 2025?
What’s ahead in 2025? The last few years have been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty. We explore some of the key changes and challenges. An Election Welcome to political advertising slipping into your social media, voicemail, and television viewing – most likely with […]
