Accounting & Financial Reporting

With the holiday season approaching, it’s essential for businesses to understand the tax implications of Christmas parties and gifts. Here’s what you need to know: Christmas Parties and Gifts Christmas Party Considerations: If your business holds a Christmas party: Christmas Gifts for Employees: If you give your employees a Christmas gift, you don’t pay FBT […]

Starting 1 July 2025, new parents will be eligible to receive superannuation contributions on top of their government-funded paid parental leave (PPL). This change aims to boost retirement savings, particularly for women, and support families during the critical period of early parenthood. What’s Changing? Eligible parents with babies born or adopted from 1 July 2025 […]

“Only the ones you want to claim as a tax deduction,” might be a common response. But that isn’t quite right. Tax rules enable you to make legitimate claims for work-related expenses of up to $300 in a financial year without needing receipts, provided: Work-Related Expense Work-related expenses can include tools, small equipment, office supplies, […]

ATO’s New Focus on Unpaid Taxes and Super: What Businesses Need to Know The ATO is stepping up its enforcement efforts on unpaid taxes and superannuation, particularly targeting businesses that fail to engage despite repeated reminders via SMS and letters. Here’s what you need to know: If your business is behind on any tax or […]

ATO Officeholder Data-matching The ATO will acquire officeholder data from various sources, including ASIC, the Office of the Registrar of Indigenous Corporations, the Australian Charities and Not-for-profits Commission, and the Australian Business Registry Service. The data collection will span from the 2024 to 2027 income years and will include: It is estimated that records relating […]

Planning to sell your home after relocating from Australia? Be cautious! If you’ve lived in Australia for years and own a home here, it’s important to understand the tax implications if you sell after becoming a foreign resident for tax purposes. Key Points to Consider: However, if you sign the contract while still an Australian […]