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Business News – September 2024
TaxWise What’s New? Tax changes from 1 July 2024 A number of income tax measures relevant to businesses apply from 1 July 2024, including: Tip! If you think any of these measures may affect your business, talk to your tax adviser. Income Tax Rates As we have previously mentioned in TaxWise, tax cuts for every… Continue reading Business News – September 2024
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Business News – June 2024
TaxWise Year End Tax Tips How to Reduce Your Tax Bill We are getting near the end of the tax year (30 June), so you might want to consider ways to reduce your business’ tax bill. The two simplest ways to do this are to reduce assessable income or increase deductible expenditure. Either way, the… Continue reading Business News – June 2024
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Business News
TaxWise From the ATO Check your PAYG instalments Now is a good time to check that your business’ PAYG instalments still reflect the expected end-of-year tax liability. If your business’ circumstances have changed and you think you will pay too much (or too little) in instalments for the year, the instalments can be varied on… Continue reading Business News
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Individual News
TaxWise Stage 3 personal income tax cuts redesigned The changes to the Stage 3 personal income tax cuts — to take effect on 1 July 2024 — announced by the Government earlier this year are now law. Broadly the changes amend the previously legislated tax cuts to: The tax-free threshold of $18,200 is unchanged. The… Continue reading Individual News
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Successor Director Solution: Business as Usual
Caution: Having a Sole Director in a company without a backup plan is just not prudent. It leaves the company vulnerable to numerous threats.In Australia, there are approximately to 3 million corporations, many of which are used by small businesses for trading, and others which serve as trustees for discretionary family trusts or self-managed super… Continue reading Successor Director Solution: Business as Usual
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Future-Proofing Your Legacy: 10 Reasons Why?
Future-Proofing Your Legacy: 10 reasons Why?Let me ask you this question, “is it important for you to protect your family wealth for bloodline generations to come?”. If the answer is yes, you need to push through the reluctancy to think about the possibility of your death and start making plans in case if the unspeakable… Continue reading Future-Proofing Your Legacy: 10 Reasons Why?
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Received a business support grant?
Received a business support grant? You may have received a business support grant recently to help your business through tough times. If so, it is important to know whether you will have to pay tax on the grant. The basic principle is that business grants are treated as assessable income. However, some grants are not… Continue reading Received a business support grant?
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Taxes applied for providing car parking for your employees
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Business News – November 2025
TaxWise Small business instant asset write-off A Bill before Parliament will extend the $20,000 instant asset write-off for another year until 30 June 2026. The instant asset write-off is available to a small business (annual aggregated turnover under $10 million) that uses the simplified depreciation rules. This means that if your business qualifies for the… Continue reading Business News – November 2025
Business News – October 2025
TaxWise What’s New Income tax thresholds/amounts Some income tax thresholds and amounts changed on 1 July 2025, while others did not. Some of the more common threshold’s amounts are listed below. * ATI = adjustable taxable income GDP adjustment for 2025–26 The GST and PAYG instalment amounts are usually adjusted every year by the ‘GDP adjustment factor’. For… Continue reading Business News – October 2025
Secure Your Business Future: Setting Up Successor Directors for Your Company
Running a successful company involves planning for the future. It’s not just in terms of growth, but also in terms of continuity. Many Australian business owners focus on day-to-day operations, tax planning, or expansion strategies, yet overlook one critical aspect: what happens to the company if they are no longer able to run it? If you die… Continue reading Secure Your Business Future: Setting Up Successor Directors for Your Company
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