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June Newsletter 2024

Get ready for tax time 2024 The end of the financial year is fast approaching and with that, tax time 2024 is kicking into gear. As it has in previous years, the ATO has recently flagged some primary areas where taxpayers frequently make mistakes on their tax returns. “These are the areas that people are […]

May Newsletter 2024

Reactivating old debts: new guidelines for government agencies In response to the ATO’s recent actions on reactivating or offsetting old tax debts, the Commonwealth Ombudsman/ACT Ombudsman and the Inspector-General of Taxation and Taxation Ombudsman (IGTO) have jointly issued new guidelines aimed at improving how Australians are notified about debts they owe to the government. The […]

April Newsletter 2024

Revised stage 3 tax cuts now law With the revised stage 3 tax cuts now law, it’s a good time to understand how these changes will affect you and how to plan your taxes for the future more effectively. The new rates will apply from 1 July 2024. For the current income year, an individual […]

March Newsletter 2024

Are you receiving personal services income? Do you earn personal services income (PSI)? While most people may think that it only applies to builders or tradies, the truth is that may also apply to any instance where individuals work and earn income using their personal effort or skills. PSI generally only applies to individuals who […]

February Newsletter 2024

Proposed changes to stage 3 tax cuts announced With the government finally caving into pressure to change the stage 3 income tax cuts despite its previous promises to keep the already legislated measures, new proposed tax rates have been flagged to come into place from 1 July 2024, largely – in comparison to the legislated […]

December Newsletter 2023

ASIC’s new alert list offers guidance on suspicious investment “opportunities” As a part of the government strategy to target investment scams, ASIC and the Australian Competition and Consumer Commission (ACCC) – through the newly formed National Anti-Scam Centre – have published an investor alert list which may help consumers to identify whether entities they are […]

October Newsletter 2023

ASIC calls on lenders to support customers With the cost of living crisis and increase in interest rates hitting Australian households, there is growing evidence that many are falling into financial stress. It is with this background that the Australian Securities and Investments Commission (ASIC) has issued an open letter to various banks, credit institutions, […]

September Newsletter 2023

Tax time 2023: lodgment period underway The ATO has given the green light for taxpayers with uncomplicated financial affairs to lodge their returns. It says that the information it collects from employers, banks, private health insurers, share registries and other institutions has now been pre-filled and is ready to go on either myTax (accessed through […]

June Newsletter 2023

Federal Budget Update Personal tax rates and offsets for 2023–2024 and beyond With no announced changes in the Federal Budget to personal tax rates and offsets for the 2023–2024 income year and beyond, now is the time to do some tax planning for the current and future years. For the 2022–2023 and 2023–2024 income years, […]

May Newsletter 2023

Is your content making you income? The ATO has warned content creators that they need to be aware of their income tax and GST obligations. Tip: Examples of content creators are individuals who write a blog, post make-up tutorials to social media or stream gaming or other activities for others to watch. If you start […]

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