If you currently owe money to the ATO, it’s about to get more costly. From 1 July 2025, the two most common interest charges the ATO applies to late or underpaid tax will no longer be tax deductible. That means both individuals and businesses will soon face a higher real cost of holding tax debt. What types of ATO interest will no longer be deductible? General Interest Charge (GIC) This…  Read more

Most people tend to follow a pattern in life. They go to school, obtain qualifications, get a job, pay taxes, and eventually settle down with a family. During this time, many make investments and even start a business to increase their wealth and assets. You can either own those wealth and assets in your name or set an alternative structure, like a family trust to hold them. Doing so, could…  Read more

  MINIMISE YOUR BUSINESS TAX 2023 TAX PLANNING GUIDE Imagine what you could do with tax saved? You could: Reduce your home loan Top up your super Save for a holiday (when we can travel again!) Deposit for an Investment Property Pay for your children’s education Upgrade your Car Here’s a guide to the strategies you can use to minimise your business tax. IS YOUR BUSINESS A “SMALL BUSINESS” ENTITY?…  Read more

In March, the government increased the threshold for instant asset write off form $30,000 to $150,000. this was meant to drop back to original threshold of $1,000 from 1 July. The arrangement has now been extended to 31 December 2020.   What does the instant asset write off mean for you? – If your (aggregated) turnover is less than $500 million – And you purchase asset that is available to…  Read more