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News relating to tax

Stage 3 personal income tax cuts redesigned

The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.

After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. […]

By |2 February, 2024|Tax|Comments Off on Stage 3 personal income tax cuts redesigned

Tax on super balances above $3m hits Parliament

Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament.

While not a concern for the average worker,if enacted, those with significant property or other illiquid assets in their superannuation fund are most at risk, for example farmers and business operators who own their business […]

By |18 December, 2023|Superannuation, Tax|Comments Off on Tax on super balances above $3m hits Parliament

Bah humbug: The Christmas tax dilemma

Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season. 

1. Keep team gifts spontaneous

$300 is the minor benefit threshold for FBT so anything at or above this level will mean that your Christmas generosity will result […]

By |14 December, 2023|Business, Tax|Comments Off on Bah humbug: The Christmas tax dilemma

The Controversial case of the taxpayer who claimed a loss on their home

A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction.

In this case, the taxpayer successfully […]

By |12 December, 2023|Property, Tax|Comments Off on The Controversial case of the taxpayer who claimed a loss on their home

When is food GST-free?

Chobani plain yogurt is GST-free but Chobani’s ‘flip’ range is taxable? A recent case before the AAT demonstrates how fine the dividing line is between GST-free and taxable foods.

Back in 2000 when the Goods & Services Tax (GST) was first introduced, basic food was excluded to secure the support of […]

By |12 November, 2023|Tax|Comments Off on When is food GST-free?

30% tax on super earnings on balances above $3 million

Treasury has released draft legislation for consultation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025.This is the final step before the legislation is introduced into Parliament.

From a planning perspective, for those with superannuation […]

By |10 November, 2023|Superannuation, Tax|Comments Off on 30% tax on super earnings on balances above $3 million

Self-education: What can you claim?

The Australian Taxation Office have released a new draft ruling on self-education expenses. We revisit the deductibility of self-education expenses and what you can and can’t claim.

If you undertake study that is connected to your work you can normally claim your costs of that study as a tax deduction – […]

By |13 October, 2023|Tax|Comments Off on Self-education: What can you claim?

30% tax on super earnings above $3m

Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to reality.

The draft legislation […]

By |11 October, 2023|Tax|Comments Off on 30% tax on super earnings above $3m

The ‘Airbnb’ Tax

Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators.

The Victorian Government’s recent Housing Statement announced Australia’s first short-stay property tax. The additional tax, which is scheduled to come into effect from 1 January 2025, is expected […]

By |10 October, 2023|Tax|Comments Off on The ‘Airbnb’ Tax

The Billion Dollar TikTok Scandal

$1.l7 billion paid out in fraudulent refunds, another $2.7bn in fraudulent claims stopped, around 56,000 alleged perpetrators and over 100 arrests to date.  How did the TikTok tax scandal get out of control?

It was promoted as a victimless hack that delivered tens of thousands of dollars into your bank account. […]

By |18 September, 2023|Tax|Comments Off on The Billion Dollar TikTok Scandal
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