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 […]
This month for you we have the following Insights & Updates: Business Improvement Insights Strategic Planning for a Confident New Year Four Essentials for Your Business Financial Toolkit Evaluating a Franchise Opportunity Starting a Business Diagnostic Tax Updates 2024 Year-End Tax Wrap: What Happened and a Look Ahead Protection Updates ASIC Upholds Director Accountability Criminal […]
Relevant For: Business owners aiming to refine budgets, operations and achieve meaningful goals this New Year. Key Points: Review financials and allocate budgets flexibly. Streamline daily processes to boost efficiency. Set S.M.A.R.T. goals that align with business objectives. Involve and upskill teams for stronger engagement. Monitor progress and adjust strategies promptly. Full Article: At Munro’s, […]
This month for you we have the following Insights & Updates: Business Improvement Insights Choosing the Right Business Structure for Your Startup Raising Capital (Investor Readiness) Diagnostic Tax Updates FBT and Tax Planning for End-of-Year Parties and Gifts Key Dates for the ATO Super Clearing House: End-of-Year Reminders ATO Targeted Review of Medium and Emerging […]
This month for you we have the following Insights & Updates: Business Improvement Insights Five Phases of a High Performing Leader Enhancing Employee Engagement Leadership Diagnostic Tax Updates New Limits on ATO Interest Deductions The Commonwealth Penalty Unit has Increased Contractor or Employee? Recent Case Offers Insight for Businesses Federal Court Ruling on Unexplained Bank […]
This month for you we have the following Insights & Updates: Business Improvement Insights A Detailed Guide to Creating and Managing Workplace Policies Utilising Small Business Restructuring When In Financial Distress A Detailed Guide to Effective Family Business Succession Planning Selling a Business Diagnostic Tax Updates New ATO Guidelines on Personal Services Income Handling Employee […]
This month for you we have the following Insights & Updates: Business Improvement Insights Effective Risk Management for Business Success Implementing a Family Governance Framework Wealth Protection Diagnostic Tax Updates Super Guarantee Compliance: A Key Focus for ATO Debt Collection Maximise Your Super Contributions in 2024–2025: Key Changes to Bring-Forward Arrangements Navigating ATO’s Online Selling […]
This month for you we have the following Insights & Updates: Business Improvement Insights 5 Tips For Developing A Business Plan Experience Success Diagnostic Tax Updates Updated ATO Guidance For Extended Definition of Employee For Superannuation Purposes The Risks of Undisclosed Business Income: Lessons from a Recent Tribunal Decision Choosing the Right Method to Claim […]
This month for you we have the following Insights & Updates: Business Improvement Insights Key Business Succession Issues The Crucial Importance of an Up-to-Date Will Succession Planning Diagnostic Tax Updates New Financial Year Compliance Checklist for Businesses Streamlined STP Finalisation for Employers Payroll Tax Annual Reconciliation: Including Key Considerations for Employers with Remote Workers Taxable […]
Relevant For: Everyone. Key Points: ATO impersonation scams are rising. In May 2024, ATO impersonation scam reports increased by 31%. Scammers use unsolicited SMS, email and social media to offer fake refunds or resolve tax issues. ATO is removing hyperlinks from unsolicited SMS to prevent phishing. Verify ATO communications through official contact numbers. The ATO […]
Relevant For: Australian investors. Key Points: Fake ASIC branding is being used in social media scams. Reports include misleading social media ads, cold calling and fake Telegram accounts. ASIC does not endorse investment training or platforms. ASIC does not cold call investors about investments. Investor need to be cautious and verify ASIC-related communications. Full Article: […]
This month we have the following Insights & Updates for you: Business Improvement Insights Implementing a Performance Improvement Plan for Employees Staff Performance Diagnostic 10 End of Financial Year Tasks For Businesses Tax Updates Uncertainty over the instant asset write-off threshold for 2023-24 Why your PAYG withholding reporting cycle must soon change Tax Issues to […]
Relevant For: Business owners, financial controllers and bookkeepers preparing for the end of the financial year. Key Points: Reconcile all financial accounts for accuracy and clarity. Conduct thorough inventory audits to correct discrepancies and update valuations. Review and analyse financial reports to assess performance and identify improvement areas. Assess and ensure compliance with all tax […]
Relevant For: Australian investors and superannuation holders. Key Points: ASIC warns against cold callers urging super fund switches using personal data from brokers or baiting techniques. Particular note to people aged 25-50, due to significant risk of reduced retirement savings due to unsuitable investments and high fees. ASIC calls for increased vigilance from super trustees. […]
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