Division 296 was first introduced in 2023 as part of the Government’s Better Targeted Superannuation Concessions policy. The original proposal aimed to apply an additional 15% tax on the earnings attributed to the portion of an individual’s Total Superannuation Balance (TSB) exceeding $3 million.
Financial advice is everywhere, on social media platforms like TikTok, Instagram, YouTube, and even through AI chatbots. In particular, there is an influx of information online about Self-Managed Super Funds (SMSFs).
Tax Scams are on the rise. The ATO has recently issued warnings about increased reports of tax scams. As we are in tax season, we generally have more communication from the ATO to the public and scammers are using this as an opportune time to strike.
On 3 May 2025, Australians decisively re-elected the Albanese Labor Government. With a renewed majority, Labor has promised to deliver sweeping changes aimed at simplifying the tax system, easing student debt, empowering small businesses, and reinforcing Australia’s long-term economic sustainability. Below is a breakdown of the major policies they have committed to implement.
On 3 May 2025, Australians decisively re-elected the Albanese Labor Government. With a renewed majority, Labor has promised to deliver sweeping changes aimed at simplifying the tax system, easing student debt, empowering small businesses, and reinforcing Australia’s long-term economic sustainability. Below is a breakdown of the major policies they have committed to implement.
On 3 May 2025, Australians decisively re-elected the Albanese Labor Government. With a renewed majority, Labor has promised to deliver sweeping changes aimed at simplifying the tax system, easing student debt, empowering small businesses, and reinforcing Australia’s long-term economic sustainability. Below is a breakdown of the major policies they have committed to implement.
In the last edition of our newsletter, we touched upon the High Court’s Decision regarding Unpaid Trust Entitlements (UTE) aka the Bendel case. The Bendel case refers to the Full Federal Court decision in Commissioner of Taxation v Bendel [2025] FCAFC 15 (Bendel), which challenged the Australian Taxation Office’s (ATO) longstanding position on the tax treatment of unpaid present entitlements (UPEs) to corporate beneficiaries in trusts.
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.