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...