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Personal tax cuts
By WSC Group | Created on April 4, 2025
From 1 July 2026, personal income tax rates will change.
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.
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.
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'.
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 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'.
Trade wars and tariffs
By WSC Group | Created on March 25, 2025
Global Google searches for the word “tariffs” spiked dramatically between 30 January and 2 February 2025, a +900% increase to the previous 12 months. We look at what tariffs really mean.
Ban on foreign property purchases
By WSC Group | Created on March 25, 2025
The Government has announced a temporary ban on investors buying established homes between 1 April 2025 to 31 March 2027.
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.
Taxpayer's claim for input tax credits unsuccessful
By WSC Group | Created on March 25, 2025
In a recent decision, the Administrative Review Tribunal ('ART') rejected a taxpayer's claim for input tax credits on the basis that all the relevant GST returns (i.e., BASs) were lodged out of time.
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.
FBT 2025 What you need to know
By WSC Group | Created on March 25, 2025
The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees.
Claiming fuel tax credits when rates change
By WSC Group | Created on March 25, 2025
Fuel tax credits changed on 3rd February, and taxpayers could receive more savings for fuel they have acquired on and from this date.
ATOs appeal against decision that UPEs are not loans fails
By WSC Group | Created on March 25, 2025
The Full Federal Court recently dismissed the ATO's appeal against an AAT decision that unpaid present entitlements ('UPEs') owing by a trust to a corporate beneficiary were not 'loans' for Division 7A purposes.
ATO debunks Division 7A 'myths'
By WSC Group | Created on February 12, 2025
Division 7A of the tax legislation is intended to prevent profits or assets being provided to shareholders or their associates tax free.
$13.6m in penalties imposed for false R&D claims
By WSC Group | Created on February 5, 2025
A joint investigation involving the ATO found that, between 2014 and 2017, a Sydney business coach promoted unlawful tax schemes encouraging clients to lodge over-inflated, inaccurate or unsubstantiated research and development ('R&D') tax incentive claims.
Study/training loans — What's new
By WSC Group | Created on February 5, 2025
The indexation rate for study and training loans is now based on the Consumer Price Index ('CPI') or Wage Price Index — whichever is lower.
TO debunks Division 7A 'myths'
By WSC Group | Created on February 5, 2025
Editor: The ATO has recently published a document 'debunking' various Division 7A 'myths'.
ATO's notice of rental bond data-matching program
By WSC Group | Created on February 5, 2025
The ATO will acquire rental bond data from State and Territory rental bond regulators bi-annually for the 2024 to 2026 income years, including details of the landlord and tenant, managing agent identification details, and rental bond transaction details.
CGT withholding measures now law
By WSC Group | Created on February 5, 2025
The Government recently passed legislation making changes to the foreign resident capital gains withholding laws (among other changes).
When to lodge SMSF annual returns
By WSC Group | Created on February 5, 2025
All trustees of SMSFs with assets (including super contributions or any other investments) as at 30 June 2024 need to lodge an SMSF annual return ('SAR') for the 2023/24 financial year.
Tax deduction denied for signature basketball shoe R&D
By WSC Group | Created on December 12, 2024
The Federal Court has denied a sports company’s appeal to claim research & development incentives for the creation of an Australian signature basketball shoe.
Phasing out cheques
By WSC Group | Created on December 12, 2024
The Government has announced a transition plan to phase out the use of cheques. Under the plan, cheques will stop being issued by 30 June 2028 and stop being accepted on 30 September 2029.
What’s ahead in 2025?
By WSC Group | Created on December 12, 2024
The last few years have been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty. We explore some of the key changes and challenges.
Tax and Tinsel Q&As
By WSC Group | Created on December 12, 2024
Can you avoid giving the Australian Tax Office a gift this Christmas?
Taxpayer's claims for various 'home business' expenses rejected
By WSC Group | Created on December 5, 2024
In a recent decision, the AAT rejected in full a taxpayer's claims for 'several classes or categories of deductions.'
Can staff celebrations attract FBT?
By WSC Group | Created on December 5, 2024
With the holiday season coming up, employers may be planning to celebrate with their employees.
