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Threshold for tax-free retirement super increases
The amount of money that can be transferred to a tax-free retirement super account will increase to $2m on 1 July 2025. The transfer balance cap - the amount that can be transferred to a tax-free retirement account – is indexed to the Consumer Price Index (CPI)...
New Small Business Wage Compliance Code
The new year brought with it a new Australian Small Business Wage Compliance Code, which means intentionally underpaying an employee’s wages or entitlements can now be treated as a criminal offence. Understanding this code is essential to ensure all employees are...
Superannuation Update – Summer edition
Superannuation - what lies ahead in 2025? There are certainly a few big-ticket items causing quite a stir in the world of Superannuation. $3m Super Cap - Division 296 Fortunately, the proposals around the Division 296 “$3m super cap” didn’t get passed through the...
The company’s money is not your money
Common beliefs like “I can use company money any way I like” or “I don’t need to keep records” are causing Division 7A mistakes, the ATO has told taxpayers. What is Division 7A? Division 7A applies to certain payments, loans and debt forgiveness made by trustees to a...
ATO landlord crackdown
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...
What’s ahead in 2025?
The last few years have certainly been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty.Let's explore some of the key changes and challenges that may lie ahead. An election Welcome to political advertising...
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