Wednesday, October 2, 2024
Tax consequences of sharing your home Homeowners can share their homes in a range of ways – you might have an agreement to rent out a room, offer short stays through a platform like Airbnb, accept money from a friend who sometimes needs a bed, or receive board payments from family members. Some of these […]
Read More >Friday, July 26, 2024
Regulations coming for “buy now, pay later” market In recent years, the financial landscape in Australia has been significantly transformed by the advent of buy now, pay later (BNPL) services. These innovative credit products have provided consumers with a convenient and often cheaper alternative to traditional credit forms such as credit cards, small amount credit […]
Read More >Friday, June 7, 2024
Get ready for tax time 2024 The end of the financial year is fast approaching and with that, tax time 2024 is kicking into gear. As it has in previous years, the ATO has recently flagged some primary areas where taxpayers frequently make mistakes on their tax returns. “These are the areas that people are […]
Read More >Thursday, May 16, 2024
PERSONAL TAXATION Personal tax rates: Stage 3 (as revised) confirmed from 2024–2025 In the 2024–2025 Federal Budget, the Government did not announce any further changes to the personal tax rates. The Government’s revised Stage 3 tax changes (as announced on 25 January 2024 and enacted into law by the Treasury Laws Amendment (Cost of Living […]
Read More >Friday, April 26, 2024
Reactivating old debts: new guidelines for government agencies In response to the ATO’s recent actions on reactivating or offsetting old tax debts, the Commonwealth Ombudsman/ACT Ombudsman and the Inspector-General of Taxation and Taxation Ombudsman (IGTO) have jointly issued new guidelines aimed at improving how Australians are notified about debts they owe to the government. The […]
Read More >Wednesday, October 4, 2023
ASIC calls on lenders to support customers With the cost of living crisis and increase in interest rates hitting Australian households, there is growing evidence that many are falling into financial stress. It is with this background that the Australian Securities and Investments Commission (ASIC) has issued an open letter to various banks, credit institutions, […]
Read More >Friday, June 9, 2023
PERSONAL TAXATION Personal tax rates unchanged for 2023–2024 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated. The 2023–2024 tax rates and income thresholds for residents (unchanged since 2021–2022) are: taxable income up to $18,200 – nil; taxable […]
Read More >Monday, December 12, 2022
Looming changes for the “buy now, pay later” market In a bid to protect consumers, the Federal Government has released a consultation paper seeking views on options to regulate the “buy now, pay later” (BNPL) market. Currently the BNPL space is unregulated in Australia and thus not subject to responsible lending standards, despite involving financial […]
Read More >Wednesday, October 19, 2022
Bonus deduction for employee training proposal As a part of its strategy to address the current skills shortage and future-proof Australia’s workforce by building better trained and more productive workers, the Federal Government has proposed to implement a temporary “skills and training boost” initiative. This initiative proposes to give small businesses access to a bonus […]
Read More >Tuesday, May 17, 2022
Australians who have acquired or sold cryptocurrency via an overseas trading account have been advised to check whether they have tax obligations abroad and to start using crypto accounting software. The warning from the Australian Taxation Office came as it listed cryptocurrencies as a top priority this year, warning it would crack down on digital […]
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