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The proposed ban on non-compete clauses
In the 2025-26 Federal Budget the Government announced a ban on non-compete clauses and “no poach” agreements. In the 2025-26 Federal Budget, the Government announced its intention to ban non-compete clauses for low and middle-income employees and consult on the use of non-compete clauses for those on high incomes (under the Fair Work Act the high income threshold is currently
ATO’s appeal against decision that UPEs are not “loans” fails
The Full Federal Court recently dismissed the ATO’s appeal against an AAT decision that unpaid present entitlements (‘UPEs’) owing by a trust to a corporate beneficiary were not “loans” for Division 7A purposes. A corporate beneficiary had become entitled to a share of the income of a trust for the 2013 to 2017 income years. Parts of these entitlements remained
A Guide to the Federal budget 2025-26
The AKW Accountants team is available to assist you to capitalise on any of the Budget measures or minimise your risk. As always, the detail is important so please let us know if we can assist. This article is general in nature and may omit detail that could be significant to your particular circumstances and should not be taken as
Ban on foreign property purchases
The Government has announced a temporary ban on investors buying established homes between 1 April 2025 to 31 March 2027. The measure aims to curb foreign “land banking.” From 1 April 2025, foreign investors (including temporary residents and foreign-owned companies) will be prohibited from acquiring established dwellings unless they qualify for specific exemptions. While exemptions exist, they are limited. In addition, foreign investors
Trade wars and tariffs
Global Google searches for the word “tariffs” spiked dramatically between 30 January and 2 February 2025, a +900% increase to the previous 12 months. We look at what tariffs really mean. Who pays for tariffs? Tariffs increase the price of imported goods and reduce trade flows of that good or service. Traditionally used to protect specific domestic industries by reducing
ATO “busts” Not-For-Profit Myths
As the Not-for-profit (‘NFP’) self-review return is due in March, the ATO has recently published a document ‘busting’ various NFP ‘myths’. NFP isn’t just charities, your NFP’s include social clubs, such as gardening groups, your golf social club or your bird club. Myth 1: All NFPs are income tax exempt. ATO response: This is not true. Some NFPs are income
Will credit card surcharges be banned?
If credit card surcharges are banned in other countries, why not Australia? We look at the surcharge debate and the payment system complexity that has brought us to this point. In the United Kingdom, consumer credit and debit card surcharges have been banned since 2018. In Europe, all except American Express and Diners Club consumer surcharges are banned. And in
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 babyboomer Australians, particularly those with successful family-controlled businesses, are planning and structuring
When to lodge SMSF annual returns
All trustees of SMSFs with assets (including super contributions or any other investments) as at 30 June 2024 need to lodge an SMSF annual return (‘SAR’) for the 2023/24 financial year. The SAR is more than a tax return — it is required to report super regulatory information, member contributions, and pay the SMSF supervisory levy. However, not all SMSFs
Study/Training Loans, What’s New?
The indexation rate for study and training loans is now based on the Consumer Price Index (‘CPI’) or Wage Price Index — whichever is lower. This change has been backdated to indexation applied from 1 June 2023 for all HELP, VET Student Loan, Australian Apprenticeship Support Loan, and other study or training support loan accounts. Individuals who had a study