What is the cost of not paying tax on time?
The rules surrounding collection of tax are tightening up and being enforced by the ATO. The General Interest Charge (GIC) for all taxpayers is applied to late tax payments at a daily rate.
The GIC is … Read more
Tax Update Feb 2025 – from Andrea McNamara
1. What happened to the 30% 'Super Tax'?
In February 2023, the Federal Government announced a new tax for individual superannuation balances over $3 million. It was described as a 30% tax, but in fact was a second 15% tax on balances over $3 … Read more
Tax Trap
1. Tax Trap ... whoops.
When a taxpayer borrows money for the purposes of acquiring an investment, such as a rental property, a business, a share portfolio or an income generating capital asset, the interest expense associated with the investment … Read more
2024 Tax Planning Checklist
Just a few smart things can save you a lot of tax. Legitimately!
1. Instant Asset Write Off
Yes, it is still available, and the amount has increased from $20,000 to $30,000, plus it is now available for businesses with turnover up to $50 million … Read more
