The Australian Taxation Office (ATO) has significantly expanded the scope of its Property Management Data Matching Program (DMP) . This initiative is a major effort aimed at bolstering tax compliance and detecting discrepancies or under-reporting of rental income nationwide. This is a critical alert: the ATO is not just hunting for major mistakes; they are employing advanced technology to uncover even the smallest differences between what you declare and the data they have c

Are you ready for a major change in your personal finances? Effective from 1 July 2024, Australia is officially implementing a new individual income tax framework, marking the most significant tax adjustment in many years. This reform is driven by the Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024 , which the Australian Government passed on 25 January 2024. The core objective is to ease the burden of the Cost of Living and help Australian workers keep more money

Employers & business 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 restrictions for student visa holders reintroduced to 48 hours per fortnight. The cap on claims via the small claims court procedures for workers to recover unpaid work entitlements increases f

As a business owner, you know that the 30 June deadline is not just the end of the financial year. It’s your last chance to execute strategies for Tax Savings for your Business . Effective End of Financial Year (EOFY) Tax Planning is crucial for small and medium enterprises (SMEs) to optimise their position, boost cash flow, and ensure compliance before the slate is wiped clean for the new financial year. Don't leave your tax planning to the last minute. Strategic actions t

The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to take maximise your deductions. Almost a year after the 2022-23 Federal Budget announcement, the 120% tax deduction for expenditure by small and medium businesses (SME) on technology, or skills and training for their staff, is finally law. But there are a few complexities in the timing – to utilise the technology investment boost, you had to

Thinking about redrawing from your Investment Loan? While convenient, this action can permanently destroy your ability to claim interest deductions, according to the ATO. This urgent guide explains why redrawing violates the core tax principles and provides safer alternatives (like an Offset Account) to safeguard your tax benefits. Don't let a small mistake lead to massive financial losses in your investment portfolio. Is it a good idea to redraw from investment loans ? I. Co

Thinking of claiming your study costs on your tax return? The Australian Taxation Office (ATO) has released a new draft ruling on self-education expenses, clarifying what taxpayers can and can’t claim as deductions in the 2024 financial year . Self-education what you can claim as an deduction ? This article explains the latest ATO guidance, gives real-world examples, and helps you understand how to stay compliant while maximising your tax benefits. I. What the New ATO Ruling

21 February Lodge and pay December 2023 monthly business activity statement for business clients with up to $10 million turnover who report GST monthly and lodge electronically. Lodge and pay January 2024 monthly business activity statement. 28 February Lodge tax return for non-taxable large and medium entities as per the latest year lodged (except individuals). Payment (if required) for companies and super funds is also due on this date. Payment for trusts in this category i

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 to nudge the investment behaviour of small and medium businesses, this time towards more efficient energy use and electrification. Fossil fuels are out, gas is out, electricity is the name of the game. Legislation