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ATO clarifies who can have interest charges reduced or removed
The Australian Taxation Office (ATO) has released new guidance explaining when it may reduce or cancel the General Interest Charge (GIC). The GIC is the interest applied to unpaid tax debts after the due date. This update provides useful clarity on when relief may be...
SMEs to feel the pinch as CPI spikes
Following December’s spike in inflation & the recent rise to interest rates, economists are warning small businesses to brace themselves to feel the impact. On Wednesday 28 January, the Australian Bureau of Statistics (ABS) released the headline CPI figure, which...
CGT discount in spotlight – what it could mean for investors
The capital gains tax (CGT) discount has recently returned to the media and policy spotlight, with renewed discussion about whether changes could form part of broader housing affordability reforms. The Australian Council of Trade Unions (ACTU) has suggested that...
Final Division 296 Legislation Means it’s Time to Act Sooner than Later
When the Government reworked Division 296 in late 2025, many of the most concerning features of the original proposal were softened. Unrealised gains were removed, thresholds were tiered, and the start date was pushed back to 1 July 2026. At the time, it appeared...
Money Loves Water
Holiday reflection by Peter Locandro, CEO, Financially Sorted Over Christmas, I was lucky enough to visit my son in the USA continuing to follow and support his basketball journey. Over the years, I have met so many different people from many different countries and...
Tax Debts and Overseas Travel: ATO Warning
For most taxpayers, overseas travel isn’t something they ever need to think twice about. However, if a person or business has a significant unpaid tax debt, it’s important to understand how this can affect travel plans. The Australian Taxation Office (ATO) has...
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