Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators. The Victorian Government’s recent Housing Statement announced Australia’s first short-stay property tax. The additional tax,...

Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step...

The Australian Taxation Office have released a new draft ruling on self-education expenses. We revisit the deductibility of self-education expenses and what you can and can’t claim. If you undertake study that is connected to your work you can normally claim your...

Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency. We show you how to maximise the deduction. The small business energy incentive is the latest measure providing a bonus tax deduction...

$1.7 billion paid out in fraudulent refunds, another $2.7bn in fraudulent claims stopped, around 56,000 alleged perpetrators and over 100 arrests to date. How did the TikTok tax scandal get out of control? “Everyone else got refunds, it's OK, it's just a temporary...

What a difference timing makes. A recent case before the Administrative Appeals Tribunal (AAT) is a reminder about the tax impact of the timing of employment income.  In this case, the taxpayer was a non-resident working in Kuwait. As part of his work, he was entitled...

What will the Australian community look like in 40 years? We look at the key takeaways from the Intergenerational Report. The 2023 Intergenerational Report (IGR) is a crystal ball insight into what we can expect Australian society to look like in 40 years and the...

The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’ The significance of legislating the...

What is the end game for your business? Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value for you, the owners. When it comes to generational succession of a...

You’ve got a block of land that’s perfect for a subdivision. The details have all been worked out with Council, the builders, and the bank. But, one important aspect has been left out; the tax implications. Many small-scale developers often assume that their tax...

The ATO continues to see instances in which closely held groups seek to inappropriately divert profits to a related SMSF to access concessional tax rates.   Taxpayer Alert TA 2023/2 outlines our concerns with arrangements that we have recently identified in which the...

The tax refund many Australians expect has dramatically reduced. We show you why. There is a psychology to tax refunds that successive Governments have been reticent to tamper with. As a nation, Australia relies heavily on personal and corporate income tax, with...

Superannuation guarantee increases to 11% from 10.5% National and Award minimum wage increases take effect. The minimum salary that must be paid to a sponsored employee - the Temporary Skilled Migration Income Threshold - increased to $70,000 from $53,900. Work...

Beware: For employers, incorrectly calculating wages is not portrayed as a mistake, it’s considered “wage theft.” Beyond the reputational issues of getting it wrong, the Fair Work Commission backs it up with fines of $9,390 per breach for a corporation. In 2021-22...

The digital games and interactive entertainment sector is the largest creative sector in the world - and one of the fastest growing industries worldwide. The global digital games industry is worth around $250 billion and in Australia, grew 22% between 2020 and 2021...

The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to maximise your deductions. Almost a year after the 2022-23 Federal Budget announcement, the 120% tax deduction for expenditure by...

Are you a small business, and have an overdue tax return, BAS or FBT return?  There is a new ATO amnesty that allows small business to lodge their outstanding returns without incurring a failure to lodge penalty.  Announced as part of the Federal 2023-24 budget, the...

Tax deductions for topping up super You can make up to $27,500 in concessional contributions each year assuming your super balance has not reached its limit. If the contributions made by your employer or under a salary sacrifice agreement have not reached this $27,500...

Key tax time targets include:  Rental property income and expenses  Income and ‘gifts’ from online content creation (OnlyFans, YouTube, TikTok etc.,)  Cryptocurrency gains  Gig economy workers (not declaring income)  Foreign income (not declared)  Work from home...

If you are earning income from an investment property, you can claim deductions for your expenses. These expenses fit into two categories:  What you can claim now, and   What is claimed over time. You can claim:  interest on loans,   council rates,   repairs and...