The Australian Government has introduced important changes to the Tax Agent Services Act 2009 (TASA) to strengthen the integrity and professionalism of tax practitioners. These changes affect how your tax agent operates and what you can expect from them. 📜 New Code of Professional Conduct Obligations From 1 July 2025, all tax practitioners must comply with eight new ethical and…
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✅ 1. Reconcile Your Accounts Ensure all bank accounts, receivables, and payables are up to date and match your records. Write off any bad debts before 30 June to claim a deduction. ✅ 2. Instant Asset Write-Off For businesses with turnover under $10 million: You can immediately deduct assets costing less than $20,000 (excl. GST). Assets must be installed and ready for use by 30 June…
🧾 General Tax Strategies 1. Stage 3 Tax Cuts These are already legislated and apply from 1 July 2024. They reduce the marginal tax rate for many Australians, especially those earning between $45,000 and $135,000. Why it matters: You may pay less tax automatically, but it also affects how you plan deductions and income timing. 2. Work-from-Home Deductions…
1. Maximise Concessional Contributions Cap for 2024–25: $30,000 These are pre-tax contributions (e.g. salary sacrifice or personal deductible contributions). They reduce your taxable income and are taxed at 15% in your super fund (often lower than your marginal tax rate). Just remember to Lodge a Notice of Intent form to claim a deduction with your…
For the 2024–25 financial year in Australia, the Australian Taxation Office (ATO) has updated its rules for claiming work from home (WFH) deductions. Here’s a summary of what you need to know: ✅ Eligibility Criteria To claim WFH deductions, you must: Be genuinely working from home to fulfil your employment duties (not just checking emails occasionally). Incur additional running expenses as a direct…
Investing in rental property can be a smart financial move—but it comes with important tax responsibilities. Whether you’re a first-time landlord or managing multiple properties, staying on top of your obligations is key. We’ve put together helpful checklists and up-to-date guidance based on the latest ATO requirements for 2025 From what income to declare to…
The Fair Work Commission has announced a 3.5% increase to the National Minimum Wage and minimum award wages. The increase applies from the first full pay period starting on or after 1 July 2025. For more details click here Increase to superannuation guarantee From 1 July 2025, the superannuation (super) guarantee increases to 12%. Learn…
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