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Understanding Stage 3 Tax Cuts
January 30th, 2024You’ve doubtless heard the term “Stage 3 Tax Cuts” in the headlines recently, but what’s it all about? The Australian Government is set to implement significant changes to the tax system with Stage 3 Tax Cuts, initially legislated a few years ago under the Morrison government. The federal cabinet has recently approved adjustments to thisread more
Tax Debt Firmly in the ATO’s Sights
September 19th, 2023If you have operated a business for the past few years, you are probably aware that the Australian Taxation Office (ATO) were a little more willing than normal to extend payment deadlines and work with businesses to ensure the prevailing economic conditions didn’t put them in dire financial straits. More recently, however, the ATO hasread more
Tax Lessons Learned from the 2023 Women’s World Cup
August 22nd, 2023Just like that, the Women’s World Cup is finished! Over the past month, we’ve seen an impressive run to the semifinals from the Aussies, a few favourites knocked out early, and some intense competition on the pitch. And wouldn’t you just know it, we’ve learned a few tax-related lessons along the way! If you’re readyread more
Audit Insurance: Protecting Businesses & Sophisticated Individuals
August 2nd, 2023In today's ever-changing and complex compliance landscape, the Australian Taxation Office (ATO) has also become more vigilant over time and enhanced their data-matching capabilities to increase their scrutiny of financial records – meaning individuals & businesses of all sizes and shapes face a higher risk of being audited. To safeguard against the potential financial burdenread more
Electric Vehicles – Efficient for the Environment… and Your Tax Bill?
November 11th, 2022As the world begins to embrace electric vehicles as a suitable alternative to fossil fuel-powered transport, the Australian Government has planned to reach “net zero emissions” following the passing of Climate Change Bills. The Government’s objective in providing the FBT exemption for electric cars is to encourage increased use of electric cars on the roadread more
MP+ Federal Budget Update October 2022
October 26th, 2022Federal Budget October 2022 - A "Strong & Sensible" Budget The October 2022-23 Federal Budget was handed down on Tuesday 25 October 2022 by Treasurer Jim Chalmers of the Albanese government off the back of their election win earlier in the year, with the preceding Morrison government handing down a pre-election budget in March. Inread more
Section 100A – How the ATO’s Crackdown on Family Trusts Might Impact You
March 30th, 2022For years, many Australians, particularly those operating businesses, have used family trust structures as a wealth creation vehicle. The ATO has previously put trust distributions and their tax treatment under the microscope but have now refocused their attention to Section 100A ‘Reimbursement Agreements’. This could significantly impact on the overall tax position of any familyread more
31 October Tax Deadline – Are You Ready?
October 28th, 2021It may feel like 1 July was only the other week, but wouldn’t you just know it – we’re just about at the end of October. With that, it’s worth the reminder that 31 October is the deadline for lodging your tax return if you are planning on doing so yourself. This means you haveread more
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