2025 Federal Budget
The 2025 federal budget has been released, projecting deficits as far as the eye can see and only small tax breaks for ordinary Australians. To try and keep their promise of cheaper electricity bills, the Government will give households a quarterly payment, and student loan holders will get a little windfall. Overall, the budget spends more and doesn’t really provide Australian’s any real relief, which is disappointing.
ATO Moving Businesses To Monthly BAS’s
From 1 April 2025, the ATO will be moving small businesses with a “poor compliance history” to monthly BAS’s. It’s the first time in 25 years that the ATO will enforce this rule, which is another in the long line of things that the ATO is clamping down on.
Tips For Maintaining Your Trust
Many people involve a trust in their business or investment structures, but very few people fully understand what you need to do to maintain your trust to ensure that it not only continues to serve its purpose, but also doesn’t create headaches for you.
PAYG Instalment Variation Warning
The ATO are cracking down on people who vary their PAYG Instalments to $0 (or another low figure) as a way of deferring their tax until the end of the year. We are starting to see the ATO charge interest on the amounts that should have been paid, which in some cases can end up being a substantial amount given the ATO interest rate is currently above 11%.
Margaret is Retiring & Other Staff Changes
Read about our recent staffing changes here – with Ebony Hart replacing Margaret Atkinson who is retiring.
EOFY 2024 – Businesses
Read about our 2024 EOY tax tips for businesses here.