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EOFY Important Actions & Tips
Reduce your tax exposure. Maximise opportunities. Reduce your risk of audit. With the end of the financial year fast approaching, this update will help you with these end of financial year goals. What's new 1. Medicare levy low-income threshold The Medicare levy...
Working From Home Deduction
One of the most-claimed work-related expenses each year is a working from home deduction. As such, this is a focus area for the ATO and work from home deductions will be under scrutiny. There are two ways you can calculate your deduction for additional expenses you...
Year-End Tax Planning
Year-end Tax Planning Opportunities & Risks for Individuals & Businesses With the end of the financial year fast approaching, we outline some opportunities to maximise your deductions and give you the low down on areas at risk of increased ATO...
Tax Deduction “Pub Test”
The ATO has revealed a list of “unbelievable” tax deduction attempts to remind taxpayers that their air fryer purchase “generally won’t make the cut”. With its priority list for the fast-approaching tax time, the ATO has reminded taxpayers that its role is to collect...
Proposed Tax and Super Reforms
Labor’s win in the 2025 Federal election sets the stage for a wave of economic and tax reforms that could reshape the financial advice and accounting landscape. Superannuation, trusts, wealth transfer and investment structures are on the radar with these proposals...
ATO small business benchmark tools updated
The ATO has updated its small business benchmarks with the latest data taken from the 2022–23 financial year. These benchmarks cover 100 industries and allow small businesses to compare their performance, including turnover and expenses, against others in their...
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