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It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own. A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.A case before the Administ...

From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-c...

The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after. Resident individualsTax rate2023-242024-25 ...

Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.The ATO can only release a taxpayer from a tax debt in limited situations...

The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.  Electric vehicles causing sparksIn late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurri...