This month for you we have the following Insights & Updates: Business Improvement Insights Ten Key Steps to Successfully Selling Your Business 7 critical investor-ready questions for business succession Succession Planning Diagnostic Tax Updates Handling Tax Affairs After a Death: What You Need to Know Accrued Leave Before Retirement: Holiday or Lump Sum? What Happens […]
This month for you we have the following Insights & Updates: EOFY 2025: Tax Estimates & Tax Planning If you would like a tax estimate and tax minimisation plan before the end of the financial year, then please provide your information as soon as possible. Ideally we would like to receive all information before 13 […]
Relevant For: Small business owners and operators with turnover under $10 million seeking tax-effective asset purchases Key Points: The $20,000 instant asset write-off has been extended to 30 June 2025. Applies to assets first used or installed ready for use between 1 July 2024 and 30 June 2025. Eligibility requires use of simplified depreciation rules […]
Relevant For: People seeking financial or tax advice online Key Points: Social media “finfluencers” often give unqualified tax advice that may lead to serious financial penalties. Only registered tax agents are legally authorised to provide tax advice in Australia. Misguided advice from unqualified sources can result in incorrect returns and back taxes. Registered agents follow […]
This month for you we have the following Insights & Updates: Business Improvement Insights Enhancing Business Success through Effective Corporate Governance 5 Practical Tips for Successful Online Marketing Tips to Secure Payments on Time, Every Time Business Growth Diagnostic Tax Updates ATO Maintains Its Position on Bendel Case Amid High Court Appeal Selling Pre-CGT Assets: […]
This month for you we have the following Insights & Updates: Business Improvement Insights How Prioritising Customer Retention Drives Business Growth Protecting Yourself When Lending Money to Your Company Wealth Protection Diagnostic Tax Updates Federal Election Called: Tax Bills Lapse Navigating Trust Income Decisions Amid ATO’s Interim Stance on Bendel Case How the ATO’s Updated […]
One of the Government’s key tax measures that is currently still outstanding is the proposed extension of the instant asset write-off measures for 2024–2025. There is no mention in the Budget papers of the measure, though it is alluded to in a couple of media releases. It can be assumed that the Government still intends […]
The Government will provide $722.8 million over four years from 2025–2026 to deliver increased support for apprentices. Funding includes: $626.9 million over four years from 2025–2026 to reframe the New Energy Apprenticeships Program as the Key Apprenticeship Program and expand it to capture critical residential construction occupations; $77.8 million over four years from 2025–2026 to extend the current […]
The Government will extend its energy bill rebate until the end of 2025 by providing a further two instalments of $75 (for a total of an additional $150) for households and small businesses. From 1 July 2025, Mr Albanese said, households and around one million small businesses will see another $150 in rebates “automatically applied […]
The Government will provide $7.1 million over two years from 2025–2026 for the Australian Competition and Consumer Commission (ACCC) to strengthen regulatory oversight of the Franchising Code of Conduct and ensure a more transparent and effective regulatory framework for the franchising sector. The Government will also provide $0.8 million in 2025–2026 for Treasury, working with states and […]
The Government will ban non-compete clauses for more than three million Australian workers in industries including childcare, construction and hairdressing. This has been spurred by the Treasury’s Competition Review which heard troubling accounts regarding the misuse of non-compete clauses, including minimum wage workers being sued by former employers. The ban on non-compete clauses will apply […]
The Budget did not announce any change to the timing of the next (and final) super guarantee (SG) rate increase. The SG rate is currently legislated to increase from 11.5% to 12% on 1 July 2025. It has been gradually increasing by 0.5% each year since it was 9.5% in 2020-21. The 12% rate from […]
The Government has proposed to cut the personal income tax rate for the income threshold ($18,200 to $45,000) from 16% to 15% (from 1 July 2026) and 14% (from 1 July 2027). Under the proposed changes, every Australian taxpayer will receive a tax cut of up to $268 from 1 July 2026, rising to $536 from 1 […]
As announced in its mid-year economic and fiscal outlook (MYEFO), the Budget confirms that the Government intends to make changes that will reduce Higher Education Loan Program (HELP) and other student debts for more than three million Australians by around $19 billion. The measure will reduce outstanding student debts by 20% before indexation is applied on […]
The Government will provide $4.5 million over four years from 2025–2026 to Services Australia to make system changes to ensure consistency with the passing of recent legislation to implement the Child Care Subsidy (CCS) Three Day Guarantee. According to the Government, this will ensure families are entitled to at least three days a week of subsidised […]
The Government will increase its equity investment in the Help to Buy scheme to $6.3 billion (up $800 million), and increase the income and price caps. Under this shared equity loan scheme, the Commonwealth will provide an equity contribution up to 40% of the purchase price to assist up to 40,000 eligible first home buyers to purchase […]
The Government did not announce any new major superannuation measures in the Budget. The only super item of note was some additional funding to extend an ATO Tax Integrity Program which is expected to raise an extra $31 million in unpaid superannuation from medium and large businesses and wealthy groups over five years from 2024–2025. Since […]
While no new major super measures were announced in the Budget, the super industry has enough on its plate at the moment in terms of navigating the uncertainty surrounding the proposed Division 296 regime for superannuation account balances above $3 million from 1 July 2025. Under proposed Division 296 of the Income Tax Assessment Act 1997, […]
The ATO will be provided $5.7 million over four years from 2025–2026 to enforce the ban on foreign residents from purchasing established properties. In addition, the ATO and Treasury will be provided with $8.9 million over four years from 2025–2026 and $1.9 million per year ongoing from 2029–2030 to implement an audit program and enhance their […]
In now what is a standard feature of Budgets in recent years, the ATO is to receive yet another significant increase in funding to enforce taxpayer compliance. Specifically, the Government will provide $999.0 million over 4 years for the ATO “to extend and expand tax compliance activities”. The additional funding includes the following. $717.8 million […]
This month for you we have the following Insights & Updates: Business Improvement Insights Thriving in 2025: AI Strategy & Leadership in a Changing World (Please refer to your Insights & Updates for Munro’s Clients email) Business Leader Performance Diagnostic Mastering Time Management Tax Updates ATO Loses Landmark Division 7A Battle “Next 5,000” Tax Programme […]
This month for you we have the following Insights & Updates: Business Improvement Insights Key Considerations When Buying a Business For Expansion 7 Key Considerations for Business Growth Buying a Business Diagnostic Tax Updates Proposed Small Business Meal & Entertainment Deduction ATO’s 2025 Priorities for Private Groups Common Division 7A Misconceptions — A Key ATO […]
Relevant For: Private company owners, directors, financial controllers and bookkeepers needing clarity on Division 7A compliance. Key Points: Division 7A applies to loans, payments and benefits from private companies, not just shareholders. Journal entries alone may not offset minimum yearly repayment obligations. Personal use of company funds triggers Division 7A considerations. Regular monitoring ensures compliance […]
Relevant For: Private business owners and high net worth individuals, especially those navigating succession or trust arrangements. Key Points: ATO is prioritising reducing tax debt across private groups. Succession plans involving reorganisations may face extra scrutiny. Tailored tax governance expected for different group sizes. Family trust elections often misused, risking extra tax. On-time lodgement is […]
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