From 1 July 2026, engaging an accountant or lawyer for certain transactions may involve a few extra questions and identification checks. If your adviser asks you to provide documents like your driver’s licence, passport, or details about your business or the source of your funds, there’s no need to be concerned. These requests are part…
Running a small-medium business is hard work. Most small businesses are facing labour shortages and rising costs. Meanwhile, the legal requirements keep getting more and more complex. For example, the Federal Court could fine a business up to $66,000 for failure to pay unused annual leave. Fine for Unused Annual Leave There was a case…
Inherited a home or property? You may be liable for Capital Gains Tax (CGT). Here’s a simple guide to help you understand the basics of inheritance tax in Australia. When do You Owe CGT on Inherited Property? Inheriting property can be complicated. It may take several weeks or months to iron out all the legal…
New rules in Australia are changing how tax advisers work with their clients. These changes aim to make the tax system fair and transparent. If you work with an accountant or tax agent, here’s what you need to know. Why the Rules Changed The new rules for tax advisers in Australia came about after a…
Probably. The Australian Taxation Office (ATO) new programs are focusing on investment property and luxury items owners. So, if you own luxury items like boats or planes, they may look at your assets and your tax returns more closely. Here’s what you should know. Investment Properties (Report Everything) The ATO has started collecting detailed info…