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You may have to face numerous challenges when you run your own business, as you have to fulfil various responsibilities. Finance management is an essential aspect of running a business successfully. Accurate accounting ensures your business will remain compliant and...

Payroll Tax Vs Income Tax: What’s the Difference? To meet your company’s tax obligations, you must understand the difference between payroll tax and income tax. As an employer, you are responsible for managing these withholdings, but each is different and serves a...

If you have recently received a letter from the ATO about PAYG Instalments, you might be wondering how it can impact your business tax obligations. Pay As You Go Instalment helps individuals and businesses manage their income tax payments throughout the year by...

In the Australian income tax system, income tax is imposed on taxable income during the fiscal year, from 1 July to 30 June. Now, you may have a question: what is total taxable income? How is taxable income different from assessable income? Learn about the difference...

On 1 July 2025, the amount that can be transferred to a tax-free retirement account will increase to $2m. Each year, advisers await the release of inflation statistics. The reason for the transfer balance cap is straightforward: it is associated with the Consumer...

In the 2025-26 Federal Budget, the Government announced plans to ban non-compete clauses and “no poach” agreements for low- and middle-income workers. They will also consult on the use of non-compete clauses for high-income workers (currently anyone earning over...

Employers must pay a compulsory Superannuation Guarantee (SG) to those classified as employees according to SG regulations. The SG definition of an employee is extensive, and recent discussions have arisen regarding the rights of performers, gym instructors, and...

Starting on 1 July 2026, personal income tax rates will be revised. On the final day of Parliament's session, the personal income tax rate reduction was confirmed from the 2025-26 Federal Budget. This modest 1% reduction affects the $18,201 - $45,000 tax bracket,...

This blog will highlight an overview of FBT, how FBT applies, what deductions you are allowed to claim, and what FBT obligations you need to meet. What is Fringe Benefits Tax? Fringe Benefits Tax is a tax paid by employers on some benefits offered to their employees,...

A Bill has been introduced and passed by both Houses of Parliament that addresses individual income tax cuts and adjustments to Medicare levy thresholds, as announced in the 2025-26 Federal Budget on 25 March 2025. The Bill is now awaiting Royal Assent. Schedule 1...

Interim Decision Impact Statement – Bendel The ATO has also issued an interim decision impact statement in response to the Full Federal Court’s ruling in the Bendel case (Commissioner of Taxation v Bendel [2025] FCAFC 15). This case addresses whether a private...

Taxable Payments Annual Report The ATO reminds businesses to pay contractors for services covered by the taxable payments reporting system (TPRS). They must submit a taxable payments annual report (TPAR) by 28 August each year. The TPRS services include: Building and...

Treasury has released draft legislation for Payday Super, which will require employers to pay superannuation when they pay employee wages, starting 1 July 2026. Under the new rules, employers must make super contributions within seven days of paying wages, instead of...

As the financial year comes to a close, businesses must start preparing for a smooth transition into the new fiscal period. The EOFY introduces numerous responsibilities, tax duties, and financial factors that can heavily influence your business's success. Business...

Non-Compete Clauses To Be Banned The government has announced a ban on non-compete clauses for low and middle-income workers (currently defined as those earning under $175,000 under the Fair Work Act). Non-compete clauses are terms in employment contracts that...

Almost $1bn to the ATO for Tax Compliance The Government has allocated $999 million over four years to expand the ATO’s compliance programs, which include: Tax Avoidance Taskforce Shadow Economy Compliance Program Personal Income Tax Compliance Program Tax Integrity...

Growth Australia’s economy is expected to grow slowly at 2.25% in 2025-26 and 2.5% in 2026-27. The direct economic impact of Ex-Tropical Cyclone Alfred is estimated to be up to 0.25% of GDP. The budget will record a deficit of $42.1bn in 2025-26 before improving. Debt...

You have prepared your business activity statement, submitted it, and moved on. However, what if there is an error in your lodged business activity statement? It could be something as simple as categorising a transaction in the wrong way, flipping two numbers, or even...

With numerous tax obligations, understanding how much tax your business must pay is crucial for compliance and financial planning. The Australian Taxation Office is vital in regulating these taxes to ensure every business meets its responsibilities. A clear...

It’s time to sort out your obligations and prepare for the latest FBT changes. With the 2025 year approaching on 31 March, it’s essential to stay on track to meet your tax obligations and be ready for the upcoming changes. Follow these steps to get it right: Check if...

Goods and Services Tax is a tax of 10% on most goods, services, and other items used or sold in Australia. Goods that don’t have GST included are known as GST-free sales. In this blog, you will come to know how and when your business needs to be registered for GST....

Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024 The bill that creates the Hydrogen Production Tax Incentive and the Critical Minerals Production Tax Incentive has successfully passed both Houses and has received Royal Assent. Update on...

A Practice Statement has been issued by the ATO which highlights the approach that the staff of the ATO must follow to check out whether to allow an extension of time to apply for direction identification number for individuals. Typically, an individual must apply for...

Updated guidance on land and subdivision projects The ATO has revised its document, ‘Examples of tax consequences of sales of land, including small-scale land subdivision,’ to add more examples. It now features seven instances addressing the income tax and GST...

From 1 April 2025 to 31 March 2027, no foreign investor can buy built homes. The idea is to curb foreign land banking and ensure the availability of houses for Australians. From 1 April 2025, foreign investors will not be able to buy built homes unless they qualify...