How does Div 7A impact distributions to a Bucket Company?. Trustees of discretionary trusts often distribute income to private companies, commonly called 'bucket companies.' This strategy can be tax-effective because it limits the tax on the distributed income to the...
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. 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. 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 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. 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?. 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. 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...
Asset protection for growing businesses and investments. If you're a business owner, understanding asset protection strategies is important for protecting both your personal and business assets. Managing a growing business can be busy, but it's important to have an...
