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.
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.
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.
The 2024-25 Financial Year is upon us and it has brought several new laws which may impact you.
The Australian Tax Office (ATO) has outlined its focal points for this tax season. These areas mirror focus areas from the previous year however, they should still be regarded as important to ensure correct compliance.
For many retirees and people approaching retirement, their home makes up a significant portion of their wealth. Many people are under the assumption that the only way to access the equity in their home is to sell and downsize. However, there is another option. A reverse mortgage is a tool homeowners aged 60 and older can utilise to convert a portion of their home equity into cash.
As the end of the year approaches, many businesses have begun to focus on planning Christmas parties for their teams. However, it’s important to remember that there are often fringe benefit tax (FBT) implications associated with providing these benefits