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
The federal government detailed new legislation in July 2023 for small businesses seeking energy efficiency upgrades. The Small Business Energy Incentive offers a 20% tax deduction on these upgrades, valued at up to $100,000.
The Technology Investment Boost, initially announced in the last federal budget in March and enacted into law just before the 30 June expenditure deadline, grants small businesses with a turnover of less than $50 million a 20 percent bonus deduction on technology-related expenses that support their digital operations and digitisation efforts.