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ATO shifts non-compliant small businesses to monthly GST
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...
Profitability and sustainability crucial goals for long term business success
Individuals looking to establish a business must understand the sacrifices and challenges that can accompany it. Establishing a small business can come with multiple hurdles and considerations that often go ignored by new owners, eventually leading the business to...
What the RBA cash rate reduction means for Australians
On 18 February 2025, the Reserve Bank of Australia (RBA) announced a reduction in the cash rate, bringing it down to 4.10% from 4.35%. This is a significant moment for the Australian economy, as it is the first rate cut in over four years. The decision reflects...
Government to push ahead with GIC deduction changes
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...
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...
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