Posted in Tax

From 1 July, 2024 Australian superannuation funds and investment platforms will not be eligible to claim some of the GST paid by investors for adviser fees The fees you pay your adviser to help manage your investments are subject to GST Generally, the GST paid on your adviser fees cannot be claimed back and therefore the cost of your adviser fee is increased by 10% However, if you elect to have your adviser fees paid by way of deduction from a superannuation fund or investment ...

The federal government announced recently that they would introduce amendments to disallow tax deductions for interest incurred on tax debts Both the General Interest charge and Shortfall Interest Charge will not be a tax-deductible expense for the taxpayer The changes are proposed to commence from 1 July 2025 – i.e. 2026 FY Currently, both Interest Charges are tax deductible to the taxpayer ...

The ATO has the ability to make company directors personally liable for company debts including employee entitlements such as superannuation If your business is structured as a company and you are the director you will be personally liable for unpaid employee entitlements, including superannuation The ATO may issue a Director Penalty Notice (DPN) for unpaid employee entitlements and if you as a director of your company receive one, then you need to take immediate action Th...

The federal government recently announced that they would propose changes to the legislated income tax rates, commencing in the 2024-2025 FY The proposed tax rate (legislated by the previous government) was to commence 1 July 2024 and included abolishing the 37% Marginal Tax Rate, with a new 30% rate on taxable income between $45,000 and $200,000 The current government intends to not proceed with the legislated tax rates and introduce their own tax brackets including a...

In an effort to increase protection from scams the ATO recently announced they would be removing hyperlinks from text messages they send to taxpayers Often criminals will send text messages that appear to be from the ATO and include a hyperlink with instructions for the recipient to click on the link The hyperlink may even open up a website that appears to be legitimate but it is in fact a fake and designed to illicit information about the user which can then be used to steal th...