Changes to capital gains withholding
The Australian Tax Office (ATO) introduced changes to the Foreign Resident Capital Gains Withholding (FRCGW) rules on 01 January 2025 that will affect all Australian residents selling property. …
What lies ahead in 2025?
The past few years have been a rollercoaster ride of instability; with the COVID-19 pandemic, interest rate rises, limited housing affordability and availability, cost-of-living pressures and more. There's no guarantee, but we're al …
Hiring staff for the festive season
As the festive season approaches and holiday trading ramps up, small business employers may be considering hiring new staff to help with the likely increase in sales activity. When taking on new staff, business owners should keep in …
General Interest Charge: ATO gets tough on penalties
Quite often as tax agents, our role is to liaise with the Australian Tax Office on behalf of our clients to apply for General Interest Charge (GIC) penalties to be reduced or waived, and to arrange payment plans for tax liabilities …
More women using ‘downsizer’ contributions to boost their superannuation
If you are aged 55 years or older, the "downsizer contribution" rules enable you to place up to $300,000 from the proceeds of the sale of your home into your superannuation fund (eligibility criteria applies), and recent statistics …
It wasn’t me: the tax fraud scam
You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100,000 issued. But it wasn’t you. And you certainly didn’t get a $100,000 refund …
What do people typically do with their super when they retire?
If everything has gone to plan, you’ll have accumulated enough super throughout your working years to achieve a comfortable lifestyle in retirement. But there’s more than one way that super can be paid …
The rise in business bankruptcy
ASIC’s annual insolvency data shows corporate business failure (those companies entering external administration) is up 39% in 2023-2024, compared to the previous financial year. The industries with the highest …
Becoming the 'Bank of Mum & Dad'
FACT: When we roll into 01 January 2025, every Baby Boomer will be aged 60 or older – many well cashed up and with a healthy asset base. With surplus time and money on their hands, the great wealth transfer from the baby boomer gene …
The Essential EOFY '24 Guide
With the end of the 2023-2024 financial year fast approaching, we outline the areas at risk of increased Australian Tax Office scrutiny and the opportunities to maximise your tax deductions by 30 June. …