FBT 2025: What you need to know The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT exemption for electric cars Employers that provide employees with the use of eligible electric vehicles (EVs) can potentially qualify for an FBT exemption. This should normally be the…
Why the ATO is targeting babyboomer wealth “Succession planning, and the tax risks associated with it, is our number one focus in 2025. In recent years we’ve observed an increase in reorganisations that appear to be connected to succession planning.” ATO Private Wealth Deputy Commissioner Louise Clarke The Australian Taxation Office (ATO) thinks that wealthy…
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 of how. If you…
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.…
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…
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…
The instant asset write-off The instant asset write-off threshold increased from $1,000 to $20,000 for 2023-24. Here’s what it means: The increase to the instant asset write-off threshold provides a major cashflow advantage by enabling small businesses to claim an immediate tax deduction for certain assets in the year of purchase, instead of spreading…
The essential 30 June guide 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…
Contents The Price is Right: Budget 2024-25. 3 The team.. 4 Individuals & families. 5 Personal income tax cuts confirmed. 5 Medicare levy low-income thresholds increase. 5 $300 energy relief for households. 5 Capping indexation of HELP debts. 6 Superannuation on paid parental leave. 6 Increasing commonwealth rent assistance. 7 Improving aged care support.…
Company money crackdown The ATO is cracking down on business owners who take money or use company resources for themselves. It’s common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing ‘the business’ from their life can be blurred.…