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...