On 3 June 2025, the Fair Work Commission’s Expert Panel announced the National Minimum Wage and award wages will increase by 3.5% from 1 July 2025. This wage increase follows on from the 2024-25 Annual Wage Review and its recommendations. This increase in basic pay is great news for Australian workers, especially with the country […]
The 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 […]
Taxpayers 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 […]
In 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 […]
Taxpayers 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 […]
The ATO advises new business owners that they need to understand their obligations to ensure they are “getting it right from the start.” These are the ‘top 7 things’ taxpayers need to know when starting a business. n They should use digital tools and maintain accurate records to help them manage daily activities and cash […]
The ATO recently revealed some of the ‘wild’ work related expense tax claims people have tried to “put past” the ATO, including the following: u A mechanic tried to claim an air fryer, microwave, two vacuum cleaners, a TV, gaming console and gaming accessories as work-related. The claim was denied as these expenses are personal […]
Artificial intelligence (AI) is becoming essential for many small businesses, with AI agents and tools becoming part of a ‘digital workforce’ that’s transforming the way we do business. One key area where AI can lend a hand is with your procurement and cost management tasks, helping you to streamline and automate many of the steps […]
Back in 2023, the Australian Government announced that from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages. ‘Payday super’ will move payment of super from the quarterly cycle that businesses are used to, and switch it to a process where employees’ super […]
You’re a business owner, so you’ll incur a fair number of business expenses over the course of your average week. Costs for client entertaining, petrol to put in your car and toner for the office printer to name just a few. But are any of these expenses deductible against your tax bill? The Australian Taxation […]