Accounting & Tax
Accounting Compliance is the broad term for a list of services that come together to ensure that your company financial matters are up to Government and regulatory standard.
Read More
Business Advisory and Planning
Whether you are preparing for your business startup or devising a long-term strategy, we can offer a range of advisory services, ensuring that you’re on the right track with the right business structure in place.
Read More
Mergers and Acquisitions (M&A)
Strategic M&A advisory, business valuation, post-merger integration, and cloud migration services tailored for accounting and professional firms in Australia.
Read More
Self-Managed Super Fund
SMSF Compliance is becoming more and more complex, The methodology at Pace Advisory Group involves a complete understanding of your SMSF to ensure that your fund complies with all tax and superannuation regulations.
Read More
Beware websites sharing fake news on super preservation age05/06/2025The ATO is warning the community about a “proliferation of dodgy websites sharing fake news about changes to the superannuation preservation rules and withdrawal rules starting on 1 June.”
ATO Deputy Commissioner Emma Rosenzweig confirmed the maximum preservation age (the age when an individual can access their superannuation savings on retirement) is 60 for anyone born from 1 July 1964.
Please note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. [...]
$20,000 instant asset write-off for 2024/2505/06/2025Taxpayers who have purchased or are purchasing a business asset this financial year should remember that the instant asset write-off limit is $20,000 for the 2025 income year.
If a taxpayer’s business has an aggregated annual turnover of less than $10 million and they use the simplified depreciation rules, they may be able to use the instant asset write-off to immediately deduct the business part of the cost of eligible assets, as follows.
q The full cost of eligible depreciating assets costing less than $20,000 that are first used or installed ready for use for a taxable purpose between 1 July 2024 and 30 June 2025.
q New and second-hand assets can qualify, although some exclusions and limits apply.
q If the taxpayer claimed an immediate deduction for an asset’s cost under the simplified depreciation rules in an earlier income year, they can also immediately claim a deduction the first time they incur a cost to make an improvement to that asset if it is incurred between 1 July 2024 and 30 June 2025 and less than $20,000.
q The $20,000 limit applies on a per-asset basis, so taxpayers can instantly write off multiple assets as long as the cost of each asset is less than the limit.
The usual rules for claiming deductions still apply. Taxpayers can only claim the business part of the expense, and they must have records to prove it. [...]
Partial release from tax debt on serious hardship grounds05/06/2025In a recent decision, the Administrative Review Tribunal (‘ART’) held that a taxpayer should be released from payment of part of his tax debt on the grounds of serious hardship.
As at the 2022 income year, the taxpayer had an accumulated tax debt of approximately $528,000, comprising income tax, late lodgment penalties, PAYG instalments, and the general interest charge on the PAYG and unpaid income tax.
Much of the taxpayer’s tax debt had arisen as a result of the taxpayer deriving income protection insurance payments from his insurer (which were assessable). These payments had been made since around 2002, and arose from a serious injury the taxpayer had suffered in a fire at his restaurant business.
The ART noted that there were a number of factors which weighed against the taxpayer, including his failure to make payments to meet the tax debt and his ‘extremely poor’ tax compliance history.
However, the ART decided that some relief was justified, given the extent of hardship, concerns about the taxpayer’s health, and recoverability time for the tax debt.
The ART accordingly reduced the total tax debt (including penalties) to $250,000. [...]
Taxi service and ride-sourcing providers must be registered05/06/2025Taxpayers that provide taxi, limousine or ride-sourcing services must register for GST regardless of their turnover.
They must collect and pay GST and income tax on all their rides and all other business income.
The ATO is advising drivers in this industry who do not have a TFN, ABN or GST registration that they need to register now, and collect, report and pay GST on all their future rides.
They also need to report all their income from their rides in their next tax return.
Penalties and interest may apply for drivers who do not register for GST.
Drivers who have not declared all their income for ride-sourcing in prior years can amend a previous tax return. [...]