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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 »

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 ofa headlong rush to maximise any remaining opportunities before the Christmas lull. Busy period or not, Christmas causesRead More »

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 scam,Read More »

Directors are now required to register for a unique identification number that they will keep for life.

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.