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Super Tax Shake-Up: Big Balances Beware
If your super balance is comfortably below $3 million, you can probably relax — the proposed changes to the super rules shouldn’t adversely affect you (yet). But if your super is nudging that level, or if you’re clearly over, the Treasurer’s latest announcement could change how you think about super’s generous tax breaks. For some time now the Government has
Proposed Extension of the Instant Asset Write-Off and Other Tax Measures
A new Bill before Parliament – the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025 – proposes several key changes that could affect small businesses, listed companies, and the not-for-profit sector. The headline measure is the proposed extension of the $20,000 instant asset write-off for another year, to 30 June 2026. Small Business Boost: $20,000 Instant Asset
ATO warning regarding private use of work vehicles and FBT
Employers that supply work vehicles to their employees need to check how the work vehicles are used and whether any exemptions apply to determine if they attract fringe benefits tax (‘FBT’). FBT generally applies when a work vehicle is made available for private use, even if it is not actually used. Private use includes any travel not directly related to
Correctly dealing with rental property repairs
Taxpayers who have had work done on their rental property should ensure the expense is categorised correctly to avoid errors when completing their tax return. A deduction for ‘repairs and maintenance’ expenses can be claimed for work done to remedy, or prevent defects, damage or deterioration from using the property to earn income. These expenses can be claimed in the
ATO Interest Charges Are No Longer Deductible – What You Can Do?
Leaving debts outstanding with the ATO is now more expensive for many taxpayers. As we explained previously, 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 to past or future income years. With GIC currently at 11.17%, this
Trust Resolutions – Why Timing and Evidence Matter
A recent decision of the Administrative Review Tribunal (Goldenville Family Trust v Commissioner of Taxation [2025]) highlights the importance of documentation and evidence when it comes to tax planning and the consequences of not getting this right. The case involved a family trust which generated significant amounts of income. For the 2015, 2016 and 2017 income years, the trustee attempted
Employees incorrectly treated as independent contractors
The ATO is warning businesses that if they incorrectly treat an employee as an independent contractor, then they risk receiving penalties and charges, including: PAYG withholding penalty for failing to deduct tax from worker payments and send it to the ATO; Super guarantee charge (‘SGC’), which is more than the super that would have been paid if the worker was
ATO AFCX data-matching program
The ATO will acquire relevant account and transaction data from the Australian Financial Crimes Exchange (‘AFCX’) for the 2025 to 2027 income years, including the following: Client identification details (names, addresses, phone numbers, dates of birth, identity verification document details, IP addresses, etc); and Bank account transaction details (bank account details, transaction date and amount, IP addresses, etc). The ATO
Small Business Superannuation Clearing House is closing
The Small Business Superannuation Clearing House (‘SBSCH’) will close on 1 July 2026. The SBSCH is a free online service provided by the Australian Government through the ATO. The SBSCH can be used by employers to pay superannuation for all their employees through a single payment. The SBSCH will then distribute the money to each employee’s superannuation fund according to
Getting the main residence exemption right
The ATO has the following tips for taxpayers in relation to the CGT main residence exemption. They should consider if they have bought or disposed of property in the past income year. If they have sold property, were they using it solely as their primary place of residence, earning income from it (rental or business), or was it vacant land?