Blogs

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 messages from […]

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Tax and tinsel Q&As

Tax and tinsel Q&As

Tax and tinsel Q&As Can you avoid giving the Australian Tax Office a gift this Christmas? The top Christmas party questions What can I do to make the staff Christmas party tax deductible or tax-free? Not have one? Ok, seriously, it’s likely that you will pay tax one way or another; it’s just a question […]

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When Overseas Workers are Australian Employees

When Overseas Workers are Australian Employees

The Fair Work Commission has determined that a Philippines based “independent contractor” was an employee unfairly dismissed by her Australian employer.   Like us, you are probably curious how a foreign national living in the Philippines, who had an ‘independent contractors’ agreement with an Australian company, could be classified as an Australian employee by the […]

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What Makes or Breaks Christmas?

What Makes or Breaks Christmas?

The cost of living has eased over the past year, but consumers are still under pressure. For business, planning is the key to managing Christmas volatility. The countdown to Christmas is on and we’re in the midst of a headlong rush to maximise any remaining opportunities before the Christmas lull. Busy period or not, Christmas […]

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Payday super: the details

Payday super: the details

‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers. From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary and wages instead of the current quarterly […]

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01. Succession: the series

01. Succession: the series

Ok, not that Succession series. Each month we’ll bring you a new perspective on transferring property. Be it estate planning, managing an inheritance, or the various forms of business succession. This month, we look at the tax consequences of inheriting property. Beyond the difficult task of dividing up your assets and determining who should get […]

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The ban on genetic test insurance discrimination

The ban on genetic test insurance discrimination

The ability for life insurers to discriminate based on adverse predictive genetic test results will be banned under a new Government proposal. Predictive genetic tests detect gene variants associated with heritable disorders that appear after birth, often later in life, but are not clinically detectable at the time of testing. To overcome concerns about discrimination […]

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It wasn’t me: the tax fraud scam

It wasn’t me: the tax fraud scam

You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you. And you certainly didn’t get a $100k refund in your bank account. What happens now?   In what is rapidly becoming the most common tax […]

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Property and ‘lifestyle’ assets in the spotlight

Property and ‘lifestyle’ assets in the spotlight

Own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in tax returns matches up.   The Australian Taxation Office (ATO) has initiated two data matching programs impacting investment property owners and those lucky enough to […]

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The rise in business bankruptcy

The rise in business bankruptcy

ASIC’s annual insolvency data shows corporate business failure is up 39% compared to last financial year. The industries with the highest representation were construction, accommodation and food services at the top of the list. Restructuring appointments grew by over 200% in 2023-24. Small business restructuring allows eligible companies – those whose liabilities do not exceed […]

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The Changes to How Tax Practitioners Work with Clients

The Changes to How Tax Practitioners Work with Clients

The Government has amended the legislation guiding registered tax practitioners to include compulsory reporting of material uncorrected errors to the Tax Commissioner. The Government has legislated a series of changes to the Tax Agents Services Act 2009 that place additional requirements on registered tax practitioners and how they interact with clients. The reforms are in […]

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Divorce, you, and your business

Divorce, you, and your business

Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved. What happens when there is a family company? For couples that have assets tied up in a company, the tax consequences of any settlements paid from the company will need […]

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Earned an income from the sharing economy?

Earned an income from the sharing economy?

It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return. Since 1 July 2023, the platforms delivering ride-sourcing, taxi travel, and short-term accommodation (under 90 days), have been required to report transactions made through their platform to the ATO under the sharing economy […]

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Is Your Family Home Really Tax Free?

Is Your Family Home Really Tax Free?

The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple.   Remember: If you are thinking of disposing of a property – contact our office on 02 4957 6999, we are experts at capital gains disposal and […]

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$20k Instant Asset Write-off Passes Parliament

$20k Instant Asset Write-off Passes Parliament

Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year. Purchases of depreciable assets with a cost of less than $20,000 that a small business makes between 1 July 2023 and 30 June 2024 can potentially […]

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What is ahead for 2024-25?

What is ahead for 2024-25?

Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the superannuation guarantee (SG) rate increased by […]

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Helping your new business understand taxable payments reporting

Helping your new business understand taxable payments reporting

Taxable payments reporting – what it means for you We want your new business to have the best chance of success, so we’re letting you know about the taxable payments reporting system (TPRS) and what it means for you. TPRS applies to businesses that make payments for the following services: building and construction cleaning courier […]

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Xero Payroll Year End Checklist 2024

Xero Payroll Year End Checklist 2024

Xero Payroll Year End Checklist 2024 Use this checklist to help you navigate the Xero end of year payroll process from start to finish.   […]

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The Essential 30 June Guide, For Your Business

The Essential 30 June Guide, For Your Business

The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions. For your business Opportunities Bonus deductions There are a series of bonus deductions available to small business in 2023-24, these include the instant asset write-off, energy incentive, and the […]

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The Essential 30 June Guide, For You

The Essential 30 June Guide, For You

The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions. For you Opportunities Take advantage of the 1 July 2024 tax cuts by bringing forward your deductible expenses into 2023-24. Prepay your deductible expenses where possible, make any deductible […]

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