News

For decades, trust structures have been a cornerstone of the Australian tax and financial system, prized for their asset protection and flexibility when it comes to income distributions. However, with regulatory changes and mounting administrative complexity the shine has been wearing off lately, prompting some businesses and investors to rethink their use.   Is there a shift away from trusts?

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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 main types of interest that

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A little heads up, as of 01 July 2025 Xero are increasing their subscription fees. From 1 July 2025, Xero will be increasing their subscription fees for their Grow, Comprehensive and Ultimate plans. Read more from Xero. The new monthly prices will be as follows: Grow – $75.00 inc GST Comprehensive – $100.00 inc GST Ultimate 10 – $130.00 inc GST

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Taxpayers should remember that they are legally required to keep certain records for their not-for-profit (‘NFP’). All organisations including NFPs are required to keep accurate and complete records of all transactions relating to their tax and superannuation affairs. Generally, for tax purposes, taxpayers must keep their records in an accessible form (either printed or electronic) for five years. Records that

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The ATO wants taxpayers to know that having a foreign resident capital gains withholding (‘FRCGW’) clearance certificate does not mean they do not have any further CGT obligations. If taxpayers have sold property, they still need to include capital gains, losses or an exemption or rollover code in their tax return.  If an amount of FRCGW was withheld from the

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An SMSF must pay a minimum amount each year to a member who is receiving an account-based pension. This minimum amount is calculated by applying the relevant percentage factor based on the member’s age by the member’s pension account balance calculated as of 1 July 2024, or on a pro-rata basis if the pension commenced part way through the 2025

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The ATO has the following tips for small business owners “that can make your tax life easier”: They should keep an eye on upcoming expenses, and regularly update their books and reconcile their accounts. They should set aside the GST they collect (e.g., by transferring it into another bank account within the business to keep it separate from their cash

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With 30 June just around the corner, we wanted to quickly remind you about superannuation contributions and how they can affect your tax deductions. To claim a deduction for this financial year, any personal super contributions need to be paid and received by your super fund before 30 June. It’s always a good idea to allow a little extra time to ensure

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The ATO has updated its small business benchmarks with the latest data taken from the 2022–23 financial year. These benchmarks cover 100 industries and allow small businesses to compare their performance, including turnover and expenses, against others in their industry. While the ATO doesn’t use the benchmarks in isolation, small businesses who fall outside the ATO’s benchmarks are more likely

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As the urban sprawl continues in most major Australian cities, we are often asked to advise on the tax treatment of subdivision projects. Before jumping in and committing to anything, it is important to understand the tax liabilities that might arise from these projects. Unfortunately, many people make incorrect assumptions about the way that subdivision projects will be taxed, often

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