Federal Budget 2025
Tax cuts, cost-of-living, and housing affordabilty measures – here’s what you need to know about the 2025 Federal Budget. Treasurer Jim Chalmers has handed down his fourth Federal Budget, setting the tone for what’s expected to be a closely contested election campaign, with policies designed to win over undecided voters. The Government is positioning itself […]
Tax Update – March 2025
Below are the latest tax insights and essential updates to keep you informed and compliant. Landmark Decision in the Federal Court a Win for Taxpayers Regarding Division 7A For many private groups, it is common practice to enter into arrangements in which a trust distributes income to a corporate beneficiary (i.e. a ‘bucket company’). Where […]
Cultural Context Matters: Cheung v FCT
Cultural Context Matters: Cheung v FCT In certain cases, the Australian Taxation Office (ATO) has exercised its authority to determine that funds transferred from overseas to Australian tax residents are assessable income—unless the taxpayer can prove otherwise. It is common for individuals or families who have migrated to Australia to receive financial support from overseas […]
Tax Update – Dec 2024
Below are the latest tax insights and essential updates to keep you informed and compliant. Vacant Residential Land Tax Notifications to be Lodged by 15 January 2025 In our November 2024 newsletter, we confirmed that under the expansion to the Vacant Residential Land Tax (“VRLT”) regime you will need to notify the SRO if your […]
Super Update: What You Need to Know for 2024-2025
Superannuation Updates: What You Need to Know for 2024-2025 In this update, we cover the latest changes to contribution caps, eligibility criteria, and strategies to maximise your super. Whether it’s concessional contributions, non-concessional contributions, or specialised strategies like downsizer and catch-up contributions, there’s an opportunity for everyone to boost their retirement savings. Contribution strategies 2024-2025 […]
Tax Update – Nov 2024
Below are the latest tax insights and essential updates to keep you informed and compliant. No Deduction for GIC and SIC Currently, taxpayers may claim income tax deductions for the General Interest Charge (“GIC”) and Shortfall Interest Charge (“SIC”) in the year in which the charges are incurred. GIC is imposed for the late payment […]
