What’s ahead in 2025?
The last few years have been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty. We explore some of the key changes and challenges. An election Welcome…
Are student loans getting too big?
Australian voters tend to reject US style education favouring more egalitarian systems where income does not determine access. In the US, average student debt is USD $37,693 (public and private debt) taking an average of…
When is a gift, not a gift?
The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends. The case of Rusanova and Commissioner of Taxation…
Is your home really tax-free?
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in…
Federal Budget 2024-25: Overview
On Tuesday night, Treasurer Jim Chalmers handed down the 2024-2025 Budget. The Treasurer promises that inflation will decline by 0.75% due to the 2024-25 Federal Budget initiatives, including energy relief for all households, a boost…
ATO issues warning on SMSF asset valuations
ATO data analysis has revealed that over 16,500 self-managed superannuation funds (SMSFs) have reported assets that have had the same value for three consecutive years. With many of these assets residential or commercial Australian property,…
Stage 3 Tax Cuts Redesigned
The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Prime Minister has announced that the…
New ATO Guidance: Contractor or Employee
Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns. Where there is…
Federal Budget Overview: 2023-24
Federal Treasurer Jim Chalmers handed down his first Federal Budget on Tuesday night. The ‘ace in the hole’ of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years. The surplus was…
Working from Home: What’s the Deal?
The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you…
