ASIC warning about pushy sales tactics urging quick super switches
ASIC is warning Australians to be on ‘red alert’ for high-pressure sales tactics, click bait advertising and promises of unrealistic returns which encourage people to switch superannuation into risky investments. The warning comes amid increasing concerns from ASIC that people are being enticed to invest their retirement savings in complex and risky schemes. ASIC Deputy […]
Paid parental leave changes have now commenced
As from 1 July 2025, the amount of Paid Parental Leave (PPL) available to families has increased from 20 weeks to 24 weeks. In addition, the amount of Paid Parental Leave that parents can take at the same time has doubled – from two weeks to four weeks – giving families greater flexibility in how […]
Top cyber security tips for individuals
Increase your online security Your personal information is an important part of your identity. There are many ways you can interact online, and the following tips can help you make sure your online transactions are safe. Use multi-factor authentication Multi-factor authentication requires a combination of: something the user knows (PIN, secret question) something you have […]
ATO’s updating their card payment system
This will enhance security, improve fraud detection, and change the user experience when you make payments. From 17 March, only card holders will be able to make payments with a debit or credit card. This means your tax professional, or bookkeeper will no longer be able to make card payments on behalf of your business. Other […]
General transfer balance cap will be indexed on 1 July 2025
Indexation of the general transfer balance cap (‘TBC’) will occur on 1 July 2025. This cap will increase by $100,000 from $1.9 million to $2 million. Editor: The general TBC amount is used for a number of purposes, including to determine the total capital amount that can be transferred to the retirement (pension) phase, and […]
Rebates for QLD apprentices for costs of tools
Free Tools for First Years If you are in the first year of an eligible construction, plumbing, engineering or electrical apprenticeship, you may be eligible for a rebate of up to $1,000 to cover the cost of tools you purchased for the apprenticeship. The eligibility period for the rebate is being backdated to 22 May 2023. The Free […]
ATO’s tips to help you stay on top of your BAS
The ATO has the following tips to help you get your BAS right before you lodge: You should make sure you enter the figures for your obligations at the correct label, and only complete applicable fields. If you have nothing to report for the period, you can lodge a ‘nil’ BAS […]
Claiming fuel tax credits when rates change
Fuel tax credits changed on 3 February, and taxpayers could receive more savings for fuel they have acquired on and from this date. Different rates apply based on the type of fuel, when it was acquired and what activity it is used for. The ATO has the following tips to ensure you are claiming correctly. […]
Check before you act: ATO impersonation scams
As ATO impersonation scams have become more sophisticated, it’s crucial to stay vigilant to protect your business. One of the most effective ways to stay safe is to Stop, Check and Protect. Scammers often create a sense of urgency, hoping you’ll act without thinking. By stopping to check the legitimacy of the communication, you can avoid situations […]
CGT withholding measures now law
The Government recently passed legislation making changes to the foreign resident capital gains withholding laws (among other changes). Editor: Foreign resident capital gains withholding is relevant for all vendors selling certain taxable real property (e.g., Australian land). Even Australian residents can be caught by these laws because, if they do not have a valid ‘clearance […]
How Changes to ATO Interest Deductions Will Impact You
Historically, ATO interest charges, such as General Interest Charges (GIC) and Shortfall Interest Charges (SIC), have been tax deductible for businesses and individuals. These charges often arise from underpaid tax, late payments, or adjustments to prior tax returns. However, from 1 July 2025, ATO interest charges will no longer be eligible for tax deductions. This […]
Master your employer obligations in 2025
If you employ staff, here are the important dates and obligations to remember throughout the year, to set yourself up for success. Super guarantee (SG) 28 January, 28 April, 28 July, and 28 October are the quarterly due dates for making SG payments. The SG rate is currently 11.5% of an employee’s ordinary time earnings. From 1 July 2025, the SG […]