Below is a short summary of the recent 2026 Australian Government Budget. From 1 July 2026 From 1 July 2027 From 1 July 2028 Thoughts on the 2026 Budget… This budget contains some of the biggest changes to the tax system that I have seen. Under the guise of intergenerational fairness the government is increasing […]
Summary of Proposed Tax Changes in the Recent 2026 Budget Read More »
The ATO is currently working on new guidance and compliance for the use of family trusts in relation to taxation obligations and professionals/company business structures. Of particular interest to the ATO is the concern that professionals and tradespeople are contravening anti-avoidance rules by using Family Trusts to distribute income at a lower tax rate without
ATO Compliance – Ensure you have the right structure for your business and family trust Read More »
Linking the ATO online services with your MyGov account can help with efficient communication and lodgement of taxation responsibilities. Linking these accounts will also provide one of the most secure ways to access your ATO information. Messages and reminders from the ATO will come through your myGov Inbox or ATO online services. If you use a tax or BAS agent,
Link Your myGov to the ATO Read More »
As the Tax season begins the ATO has given notice of an increase in ATO related scams. Scams aim trick you into paying money or giving out your personal information. The ATO has released the following information to help the general public identify scams. Most notably that the ATO will no longer use hyperlinks in outbound unsolicited
Warning about ATO Scams Read More »
So you have a Tax debt! Although not ideal, this is just a reality of life and business. Once the ATO has issued a notice of assessment you have two options to pay the tax debt by the due date. Important to note: If you do not have a payment plan and the debt remains unpaid the ATO
So, You Have A Tax Debt, What Happens Next? Read More »
Personal Taxation: HECS/HELP Debts, Private Health Insurance, Super Schemes and the Medicare Levy Surcharge. As you enter the workforce many young people (and older people!) begin to enjoy the benefits of a higher income and employment perks. However, there are some significant things to be aware of that can impact your tax bill. HECS/HELP Debts
Why do I have a tax bill? Read More »
The new financial year is a great time to take stock of your business. Here are a few things you might consider to help get your business ready for the new financial year. 1. Review Your Business’ Last 12 Months. Ask yourself a few questions to get an idea of how your business is going;
Preparing Your Business for a New Financial Year Read More »
Who doesn’t want to make extra cash on the side, doing something they love!? However, not every hobby is a side-hustle and this is important to work out first before diving into the tax implications! A ‘side-hustle’ is typically a form of income or income generating activity that is outside your primary job or business.
Does the ATO want to know about my side hustle? Read More »
In the news recently, the ATO is chasing some scenarios to ensure that what the taxpayer tells them is matched by the evidence. Determining the tax treatment of a property transaction can sometimes be a difficult exercise and there are a number of factors that need to be considered. This will often include the intention
The importance of the evidence matching what you tell the ATO Read More »
So you are currently operating as a Sole Trader, it’s going great, but have you wondered when is the right time to start operating as a ‘Company’? Setting up a company structure to operate your business can have some great benefits. Companies are: Companies are registered with ASIC and require a small yearly fee to maintain
Sole Traders and when to start a ‘Company’? Read More »
