09 December 2024 The Festive Season is here – It is time for employers to consider the Fringe Benefits Tax (FBT) and other tax consequences of Christmas functions and gifts. Many employers are celebrating by providing Christmas functions and gifts to their employees and clients. Putting on a Christmas function is classified as an entertainment benefit for tax purposes, Read more…

28 November 2024 As Australia edges closer to a federal election, the likelihood of the proposed changes to tax superannuation on balances exceeding $3 million being passed in the current Parliament has significantly diminished. However, the possibility of the legislation resurfacing early next year cannot be ruled out entirely, keeping the industry and affected individuals Read more…

10 October 2024 What You Need to Know The House of Representatives have today passed the Bill (Better Targeted Superannuation Concessions and Other Measures) that will introduce the Division 296 provisions. Since the concept of Division 296 was developed, industry bodies have been lobbying for significant changes to the proposed legislation, with some of the Read more…

04 October 2024 The Export Market Development Grants (EMDG) program has been a critical driver for Australian SMEs seeking to enter or expand in global markets. To reinvigorate the program, Austrade, the agency responsible for administering the EMDG, is launching Round 4 in November 2024, following a strategic overhaul. This new round introduces key updates Read more…

20 September 2024 The ATO recently announced that they will be directing resources towards reviewing rental property related claims for the 2024 year.  With their enhanced data matching capabilities, it has become easier for the ATO to identify when mistakes have been made. Furthermore, changes to the tax rules dealing with rental properties over the Read more…

09 May 2024 As the 2024 FBT year has ended, employers will be in the process of reviewing benefits provided during the year and ensuring they obtain and keep the appropriate records to support both the calculation of fringe benefits and the exemptions and reductions that are available. We provide you with the latest updates Read more…

12 December 2023 The circumstances in which a loss realised on the sale of a residential property may be deductible was considered by the Administrative Appeals Tribunal (AAT) in a recent unusual decision that is likely to have an impact on both losses and gains realised on property. This recent decision highlights the breadth of Read more…

13 October 2023 A recent decision by the Administrative Appeals Tribunal (AAT) has challenged the Australian Taxation Office’s (ATO) long-standing treatment of unpaid present entitlements (UPEs) as loans under Division 7A. Background Contrary to the view of tax professionals, the ATO has considered UPEs (i.e. distributions from trusts to corporate beneficiaries which have not yet Read more…

10 October 2023 In exciting news for businesses, the Treasury Laws Amendment (2022 Measures No.4) Act 2023, received royal assent on 23 June, 2023. This legislation introduced the technology investment boost being a 20% bonus deduction aimed at incentivising investments in digital technology and the digitisation of business operations. The 20% Bonus Deduction Explained The Read more…

06 October 2023 What You Need to Know On 3 October 2023, the much-anticipated draft legislation for the Government’s Better Targeted Superannuation Concessions was unveiled. These changes are set to kick in on 1 July 2025. Stay the Course The draft legislation closely mirrors the initial proposals outlined in the consultation paper, with minor adjustments Read more…