Superannuation death benefits
What you need to know about receiving a superannuation death benefit after someone has died.
General transfer balance cap to be indexed on 1 July
Indexation of the general transfer balance cap (‘TBC’) will occur on 1 July 2025.
Increase to rate for working from home running expenses
Prefer claiming actual Working From Home expenses? You still can – just keep detailed records to back up your claim.
CGT withholding measure now law
In January, the Government recently passed legislation making changes to the foreign resident capital gains withholding laws.
ATO reminder about family trust elections
Family Trust Elections: Key Considerations for Trustees Understand the Benefits, Risks, and Family Group Implications to Avoid Costly Taxes Taxpayers may be considering whether they should make a family trust election (‘FTE’) for a trust, or an interposed entity election (‘IEE’) for a trust or other entity. Making an FTE provides access to certain tax […]
Deductions for financial advice fees
Understanding Tax Deductions for Financial Advice Fees When individuals can claim deductions on financial advice fees linked to income generation and tax management. The ATO has provided guidance about when an individual not carrying on an investment business may be entitled to a deduction for fees paid for financial advice. An individual is entitled to […]
Christmas Parties and Gifts December 2024
Year-end (and other) staff parties With the well-earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients. FBT and […]
Could your staff celebration attract FBT?
Consider if fringe benefits tax (FBT) may apply or you could end up with an unexpected FBT liability. With the holiday season kicking off, you may be planning a celebration with your staff. Before you hire a restaurant or book an event, make sure you work out if the benefits you provide your employees are […]
Avoid a tax time shock
Smart Tax Planning: Key Steps to Stay on Top of Your Obligations Ensure you’re setting aside the right amount of tax by reviewing loans, insurance and income details—learn how proactive steps can save you from a surprise tax bill! Individual taxpayers can take the following steps right now to ensure the correct amount of tax […]
Taxpayers able to apply CGT small business concessions
AAT Ruling on CGT Small Business Concessions Trust Eligible to Reduce Capital Gain to Nil Amid Valuation Dispute with the ATO The Administrative Appeals Tribunal (‘AAT’) recently held that a trust was entitled to apply the CGT small business concessions and, therefore, it could reduce a capital gain it made down to nil. In March […]
