by Financially Sorted | Apr 23, 2025 | ATO, Federal Budget, Tax & Accounting, Tax Returns
Any form of tax cut is always a welcome addition, and the personal tax cuts announced in the Federal Budget have now been passed. Although still some 14 months away, from 1 July 2026, personal income tax rates will change. On the last sitting day of Parliament before...
by Financially Sorted | Apr 22, 2025 | ATO, Government Legislation, Land Tax, Small Business
This information relates to the State Revenue Office Ruling Principal Place of Residence Exemption – Substantial Business Activity Land Tax Act 2005Revenue Ruling LTA.001 (version 2) History The principal place of residence (PPR) exemption provided by section 54(1)(a)...
by Financially Sorted | Apr 1, 2025 | ATO, Business, Government Legislation, Superannuation, Tax & Accounting
With a federal election set for 3 May 2025, there are many issues we all need to consider including interest rates, cost of living, immigration numbers and the future direction of the country. Two other key issues to be aware of are the controversial removal of GIC...
by Financially Sorted | Mar 17, 2025 | ATO, Small Business, Tax & Accounting
The ATO has announced that from 1 April 2025, it will be moving around 3,500 small businesses with a history of non-payment, late or non-lodgement, or incorrect reporting from quarterly to monthly GST reporting to improve their compliance. The ATO believe that moving...
by Financially Sorted | Mar 3, 2025 | ATO, Tax & Accounting, Tax Returns
The Senate Economics Legislation Committee has recommended that a bill containing amendments to deny income tax deductions for general interest charge (GIC) and shortfall interest charge (SIC) amounts, incurred by taxpayers, be passed by Parliament. In its report, the...
by Financially Sorted | Jan 31, 2025 | ATO, Property Investment, Tax & Accounting, Tax Returns
Records of around 2.2 million landlords, tenants and property managers will be used to track down underreported income by the ATO. The ATO is ramping up its scrutiny into millions of landlords’ tax affairs to catch those who fail to lodge income tax returns and who...
