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Year-end tax planning opportunities & risks
By WSC Group | Created on April 25, 2025
With the end of the financial year fast approaching we outline some opportunities to maximise your deductions and give you the low down on areas at risk of increased ATO scrutiny.
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.
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.
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.
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.
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.
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.
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.
Reminder of March 2025 Quarter Superannuation Guarantee ('SG')
By WSC Group | Created on April 1, 2025
Employers are reminded that employee super contributions for the quarter ending 31 March 2025 must be received by the relevant super funds by Monday, 28 April 2025.
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'.
How to master Employer Obligations in 2025
By WSC Group | Created on March 25, 2025
Taxpayers who employ staff should remember the following important dates and obligations.
ATO busts NFP myths
By WSC Group | Created on March 25, 2025
As the Not-for-profit ('NFP') self-review return is due in March, the ATO has recently published a document 'busting' various NFP 'myths'.
ATOs tips to help taxpayers stay on top of their BAS
By WSC Group | Created on March 25, 2025
The ATO has the following tips to help taxpayers get their BAS right before they lodge.
