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The proposed ban on non-compete clauses
By WSC Group | Created on April 4, 2025
In the 2025-26 Federal Budget the Government announced a ban on non-compete clauses and “no poach” agreements.
Personal tax cuts
By WSC Group | Created on April 4, 2025
From 1 July 2026, personal income tax rates will change.
Threshold for tax-free retirement super increases
By WSC Group | Created on April 4, 2025
The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025.
Super guarantee rules catch up with venues and gyms
By WSC Group | Created on April 4, 2025
The superannuation guarantee rules are broad and, in some circumstances, extend beyond the definition of common law employees to some directors, contractors, entertainers, sports persons and other workers.
Quarterly TBAR lodgment reminder
By WSC Group | Created on April 1, 2025
SMSFs must report certain events that affect a member's transfer balance account quarterly using transfer balance account reporting.
Taxable payments annual report lodgment reminder
By WSC Group | Created on April 1, 2025
Businesses that pay contractors for 'Taxable payments reporting system services' may need to lodge a 'Taxable payments annual report' by 28 August each year.
ATO's new focus for small business
By WSC Group | Created on April 1, 2025
The ATO is currently focusing on the following 'specific risk areas', where it is concerned 'small businesses are getting it wrong'.
General transfer balance cap will be indexed on 1 July 2025
By WSC Group | Created on April 1, 2025
Indexation of the general transfer balance cap will occur on 1 July 2025, increasing from $1.9 million to $2 million.
FBT record keeping and plug-in hybrid exemption changes
By WSC Group | Created on April 1, 2025
With the 2025 fringe benefits tax ('FBT') year having just ended, the ATO is reminding employers of some changes that might impact their FBT obligations.
ART rejects taxpayer's claim for CGT small business relief
By WSC Group | Created on April 1, 2025
The Administrative Review Tribunal held that a taxpayer was not entitled to the CGT small business concessions on the disposal of his interests in some farm land.
