New tax rules for bucket companies receiving trust distribution in FY 2025
New tax rules for bucket companies receiving trust distribution in FY 2025. The Australian Taxation Office (ATO) provides specific compliance guidelines under section 100A of the income tax assessment act 1936 for trust distributions. Among these guidelines are the...
Increase in instant asset write off threshold from $1,000 to $20,000 for FY 2025
Increase in instant asset write off threshold from $1,000 to $20,000 for FY 2025. On 14 May 2024, the Australian government declared an extension of the $20,000 instant asset write-off for another year, with the new deadline set for 30 June 2025. This policy allows...
Maximise your savings with energy-efficient assets using the small business energy incentive
Maximise your savings with energy-efficient assets using the small business energy incentive. Are you struggling with high energy bills for your small business? With the small business energy incentive, you can get a significant tax deduction for investing in...
New ATO guidelines on the revised fixed rate method for work from home claims
New ATO guidelines on the revised fixed rate method for work from home claims. As a business owner or professional working from home, managing your expenses and ensuring compliance with ATO regulations can be challenging. Understanding deductible expenses and keeping...
New guidelines on home EV charging rate
New guidelines on home EV charging rate. Tracking the cost to charge an electric vehicle at home to determine your income tax deductions can be challenging. Fortunately, the Australian Taxation Office (ATO) has introduced new guidelines to simplify this process. This...
New additional 15% tax on Super Balance over $3 million
New additional 15% tax on Super Balance over $3 million. Starting 1 July 2025, the Australian government will introduce an extra 15% tax on superannuation balances exceeding $3 million. This move aims to limit tax benefits for those with high super balances. If your...
New rules for short term rental accommodation in WA
New rules for short term rental accommodation in WA. Western Australia is introducing new rules for short-term rental accommodation to ensure consistency and clarity across the sector. These changes will streamline the registration process and make it easier for...
How Will the Revised Stage 3 Tax Cuts Affect You in July 2024?
How Will the Revised Stage 3 Tax Cuts Affect You in July 2024?. Starting in July 2024, the revised Stage 3 tax cuts will impact many Australians. In recent years, Australians have faced a sharp increase in income tax, with an average increase of 8% in 2023. And if...
Understanding your trade income: The basics of Personal Services Income
Understanding your trade income: The basics of Personal Services Income. If you're in the trades industry, operating as an electrician, plumber, or in construction, it's important to understand how your income is classified for tax purposes. The money you earn from...