Client Information Bulletin | May 2025
Topics covered in this edition of our Client Information Bulletin are: What’s new Election proposals From the ATO FBT issues Key tax dates Click here to DOWNLOAD CIB – May edition 2025
No. 106: ATO General Interest Charge and Shortfall Interest Charge no longer tax deductible from 1 July 2025
Author: Jack Ruan, Director 15/05/2025 Background General interest charge (“GIC”) is applied by the Australian Taxation Office (“ATO”) if a tax related liability remains unpaid after the date it was originally due for payment. Shortfall interest charge (“SIC”) is applied when there is a tax shortfall upon amendment of a tax return, and it is
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No.105: Full Detailed Federal Budget Report 2025/26
The Federal Budget for 2025/26 was handed down by the Treasurer Dr Jim Chalmers at 7.30 pm (AEST) 25 March 2025. Guided by 5 main priorities, including helping with the cost-of-living, building more homes and investing in education, the Budget includes 2 new personal tax cuts for all Australian individual taxpayers, increased Medicare levy thresholds,
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No.104: Federal Court rules against ATO in tax case regarding Unpaid Present Entitlements owing to company beneficiaries
Author: Brett Jackson, Tax Partner 24/02/2025 On 19 February 2025, the Federal Court ruled in favour of the taxpayer in Commissioner of Taxation v Bendel [2025] FCAFC 15. The case heard by the Federal Court was an appeal against an earlier decision by the Administrative Appeals Tribunal where a company beneficiary had an unpaid present
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No.103: Vacant Residential Land Tax (Victoria)
The purpose of this Client Alert is to provide an update on developments and changes to the Vacant Residential Land Tax (“VRLT”) rules since our client alert on the topic which was issued in February 2024. You can find that earlier client alert here. The State Taxation Further Amendment Act 2024 received Royal Assent on
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No.102: Short Stay Levy in Victoria: What You Need to Know
On 29 October 2024, the Victorian Government enacted the Short Stay Levy Act 2024, introducing significant changes to the short-term accommodation sector. Effective from 1 January 2025, this legislation imposes a 7.5% levy on short-stay bookings in Victoria aimed at addressing the ongoing housing affordability issues. Here’s what property owners need to know about the
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Client Information Bulletin | June 2024
Topics covered in this edition of our Client Information Bulletin are: Year-end tax tips What’s in the legislative pipeline? From the ATO FBT issues Key tax dates Click here to DOWNLOAD CIB – June edition 2024
Client Information Bulletin | May 2024
Topics covered in this edition of our Client Information Bulletin are: Stages 3 personal income tax cuts redesigned From the ATO Starting a franchise Understanding Division 7A – avoid common errors Franking offset holding rule – LIFO method Superannuation/SMSFs FBT issues Key tax dates Click here to DOWNLOAD CIB – May edition 2024
No.101: Full Detailed Federal Budget Report 2024/2025
The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024. Described as a “responsible Budget that helps people under pressure today”, the Treasurer has forecast a second consecutive surplus of $9.3 billion. The main priorities of the Government, as reflected in the Budget, are helping
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Client Information Bulletin | March 2024
Topics covered in this edition of our Client Information Bulletin are: What has the Government been up to? From the ATO: – Employee or independent contractor – ATO’s compliance approach – Are your ABN details up to date? – Taxable payments annual report – Applying for a substituted account period (SAP) – Depreciating assets –
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