Division 7A compliance: Essential updates for business owners in 2025. Division 7A of the Income Tax Assessment Act plays a critical role in regulating loans made by private companies to shareholders or their associates. These loans, including Unpaid Present...
How to save FBT costs with your next Electric Vehicle. Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) help you avoid having to pay Fringe Benefits Tax (FBT) through the current exemption. This tax benefit, which includes both car fringe...
How to apply the CGT discount to reduce your Capital Gains Tax (CGT). The Capital Gains Tax (CGT) discount allows eligible Australian residents to reduce the tax they pay on a capital gain by up to 50%. To qualify, you must have held the asset for at least 12 months...
How can employers stay compliant with annual leave loading requirements?. Managing annual leave loading payments can be a complex task for employers, especially when employees are covered by modern awards or registered agreements. Annual leave loading, also called...
Why you should consider a depreciation schedule for your rental property. A depreciation schedule for rental property is essential for property investors aiming to maximise tax benefits and improve cash flow. By claiming property depreciation, you can reduce your...
Do you pay tax on inheritance in Australia?. In Australia, there are no inheritance taxes or estate taxes imposed by the federal or state governments. Beneficiaries aren't required to pay tax on the value of assets inherited under a will, so there is no direct tax on...
Is income protection insurance tax deductible in Australia?. Income protection insurance premiums are generally tax-deductible, which can help reduce your taxable income. However, the deductibility depends on the terms of your specific policy, and payments you receive...
How to lower small business CGT concessions when selling an active business asset. If you plan to sell your small business, it’s essential to understand the small business CGT concessions available to you. These concessions can help reduce, defer, or even eliminate...
What car buyers and businesses need to know about Luxury Car Tax. For car buyers, business owners, or those buying imported luxury cars, understanding the Luxury Car Tax (LCT) is crucial. The tax applies to vehicles exceeding the luxury car tax threshold, impacting...
