Restructures and the New Thin Capitalisation and Debt Deduction Rules The ATO has released a draft guideline (PCG 2024/D3) explaining how it will assess compliance and risk for business restructures under the new thin capitalisation and debt deduction rules. Starting...
From Government The End of the AAT The Administrative Review Tribunal (ART) started operations and replaced the Administrative Appeals Tribunal (AAT) on 14 October 2024. The new tribunal functions similarly to the AAT and reviews the same types of decisions. While...
As a business owner, you have to deal with numerous tasks related to business finances. In this world of finance, various professionals play a crucial role in managing a small business. The most common roles you will encounter are tax agents and BAS agents. These are...
Apart from dividing your assets and knowing who should get what, it’s crucial to consider tax implications for how your assets will flow through to your beneficiaries. When assets shift from a deceased individual to a beneficiary of the estate, the impact of the tax...
Under a new government proposal, there will be a total ban on genetic tests to prevent life insurers from discriminating based on adverse predictive genetic test results. Predictive genetic tests identify gene variants associated with hereditary disorders that may...
From 1 July 2026, employers will be required to pay superannuation guarantees (SG) on behalf of their employees on the same day as wages and salaries, replacing the current quarterly payment schedule. This change aims to minimise the estimated $3.4 billion gap between...
The increase to the instant asset write-off threshold to $20,000 from $1,000 for 2023-24 has passed Parliament just days prior to the end of the financial year. This increase offers cash flow benefits by allowing small businesses to claim an immediate tax deduction...
The software company is planning to increase its turnover with a simple strategy that will strengthen tech offerings for small businesses. Xero will introduce an AI-powered chatbot for accounting tasks. It says that it will drive revenue and simplify the lives of...
In recent times there have been many proposals, exposure drafts, consultation papers, and legislation released associated with superannuation and retirement. Some of these relate to measures that have been outstanding for some time. In this blog, we’ll look at some of...
The government announced new changes to individual income tax rates and thresholds on 25 January 2024 that may come into effect from 1 July 2024. Keep in mind that these changes are not yet law. From 1 July 2024, the tax cuts will: • 19% tax rate will be reduced and...