From 1 April 2025, the Australian Taxation Office (ATO) has begun transitioning certain small businesses from quarterly to monthly GST reporting. This change targets businesses with a history of non-compliance, including missed payments, late or non-lodged Business Activity Statements (BAS), and incorrect GST reporting.
The Fringe Benefits Tax (FBT) year ended on 31 March 2025, and the lodgement deadline is 21 May 2025 or 25 June if lodged electronically by an appropriate registered tax agent. If you provided any non-cash benefits to employees such as vehicles, accommodation, or expense reimbursements it’s time to assess your FBT obligations.
Treasurer Jim Chalmers has delivered his fourth federal budget, setting the stage for the upcoming federal election that is likely to be called in a matter of days.
The Full Federal Court has dismissed the ATO’s long-standing position that an unpaid present entitlement (UPE) from a trust to a private company should be treated as a loan under the Division 7A deemed dividend rules.
Under the Treasury Laws Amendment Bill 2024, businesses and individuals will no longer be able to claim tax deductions for General Interest Charges (GIC) and Shortfall Interest Charges (SIC) as of 1 July 2025.
ASIC is making a crucial change that will impact businesses trading in Australia: The phased removal of trading names from the Australian Business Register (ABR).
As we approach the end of financial year, tax planning becomes essential for businesses and individuals aiming to understand their tax liability and understand their deductions. By taking a proactive approach with tax planning ahead of the end of financial year you can end up making smarter financial decisions, improving cash flow and long-term financial security.
Changing accountants is a weighty decision, there are lots of factors you will need to take into consideration and much like any decision around your finances, it’s important never to rush into this decision.
If you are a new business owner, your approach to tax should be a top priority as this can impact your longer-term success.