With the property market continuing to grow, more people are buying, developing and selling property.
Late last year, the Australian Taxation Office (ATO) released new draft guidance explaining how tax applies to rental properties and holiday homes.
In September, the ATO announced that it will be increasing scrutiny on the tax affairs of privately owned and high-net worth family groups during the 2025 – 26 financial year.
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.