Reading Room
After 1 July 2025 taxpayers will no longer be able to claim an income tax deduction for ATO interest charges (being the general interest charge (GIC) and the shortfall interest charge (SIC)).
The ATO has updated its small business benchmarks with the latest data taken from the 2022–23 financial year. These benchmarks cover 100 industries.
As the urban sprawl continues in most major Australian cities, we are often asked to advise on the tax treatment of subdivision projects. Before jumping in and committing to anything, it is important to understand the tax liabilities that might arise from these projects. Unfortunately, many people make incorrect assumptions about the way that subdivision projects will be taxed, often believing that any tax exposure will be minimal. However, the reality is that there are a number of important issues that need to be considered and that could have a significant impact on the overall profitability of the project.
The Government has finally passed legislation increasing the instant asset write-off threshold for the year ending 30 June 2025 to $20,000.
With the end of the financial year approaching we outline opportunities to maximise deductions and give you the low down on areas at risk of increased ATO scrutiny.
The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025. If you're already taking a retirement income stream, indexation applies to your unused transfer balance cap.
In the 2025-26 Federal Budget the Government announced a ban on non-compete clauses and “no poach” agreements.
The SG definition of an employee is broad and just how far it extends has sparked debate of late about the rights of performers, gym instructors and others not typically considered employees.
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 Federal Budget was confirmed.
