Life has never been the same since 2020, even as things go back to “normal”. Looking at the news, you may feel there’s uncertainty everywhere. Here in Australia, we’re already a quarter of the way through 2025 and are already seeing signs of big changes to tax, retirement, cost of living, and small businesses. Here’s…
Australia’s Economy: Don’t Ignore the Red Flags The Institute of Public Accountants (IPA) has issued a serious warning about Australia’s economy, and it’s something we can’t afford to brush off. In their recent media release, IPA CEO Professor Andrew Conway said, “Australia is sleepwalking into an economic wasteland,” and it’s time to wake up. Global…
ATO Enforces Monthly GST Reporting for Some Small Businesses Starting April 1, 2025, the Australian Taxation Office (ATO) is shifting certain small businesses from quarterly to monthly GST reporting. This move primarily targets businesses with a history of non-compliance, such as late payments, missed Business Activity Statement (BAS) lodgments, or incorrect tax reporting. If your…
Beware of ATO Impersonation Scams: How to Stay Safe Scammers are getting smarter, and the Australian Taxation Office (ATO) is warning businesses to stay alert against impersonation scams. These scams often trick individuals into revealing sensitive information or making payments to fraudsters. Here’s how you can protect yourself and your business. Red Flags to Watch…
Extra super contributions are payments you put into your superannuation fund to grow your retirement savings. The nature of the extra super contributions could save you a great deal of money on taxes when you retire. Those 55 and older have a unique way of boosting their superannuation when selling their home. The downsizer contribution…
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…
When gifts are taxed In Australia, most gifts (freely given without expecting any returns) aren’t taxed by the ATO (Australian Taxation Office). But there are some exceptions. Gifts from Foreign Trusts can be taxed If you get money or assets from a foreign trust, you may need to report it on your tax return. You’ll…
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…