Category: Tax Planning

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 toRead More »

This tax season, we’ve seen a surge in questions about whether interest on a loan can be claimed as a tax decuction. 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 to know. The purpose ofRead More »

If you’re carrying an Australian Taxation Office (ATO) debt there is a good chance that it will cost you even more from 1 July 2025 onwards. This is because from 1 July 2025 two types of interest charges imposed by the ATO are no longer deductible. What are the interest charges? There are two mainRead More »

Division 296 super tax is a controversial Federal Government proposal to impose an extra 15% tax on some superannuation earnings for individuals if their total superannuation balance (TSB) is over $3 million as at 30 June of the relevant income year. This measure is not yet law and must still pass both Houses of Parliament.Read More »

Cryptocurrencies, like Bitcoin, are independent and not regulated by any central authority. Until recently, these digital currencies were not treated in the same way as cash for tax purposes in Australia.

Company tax rates are reducing for some businesses – is yours one of them? Tax planning now can help you plan ahead for your tax liability and create effective tax minimisation strategies. Get in contact to start your 2021 tax planning today.