Accounting & Financial Reporting
ATO’s Rental Bond Data-Matching Program – Key Updates
The ATO has announced a rental bond data-matching program for the 2024 to 2026 income years. The ATO will collect data bi-annually from State and Territory rental bond regulators, covering: The ATO estimates data collection on approximately 2.2 million individuals per year, reinforcing its compliance efforts. If you require tax advice regarding rental properties, contact […]
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NSW Land Tax Changes – Effective 2025
The Revenue Legislation Amendment Bill 2024 introduces significant updates to land tax thresholds, surcharge rates, and exemption criteria in New South Wales. These changes will impact property owners, investors, and foreign landholders from 1 January 2025. 1. Land Tax Threshold Freeze From 1 January 2025, land tax thresholds will be fixed at the following values: […]
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Changes to Foreign Resident Capital Gains Withholding (FRCGW) – What Property Sellers Need to Know
From 1 January 2025, the Foreign Resident Capital Gains Withholding (FRCGW) rules are changing, impacting all property transactions in Australia. Currently, Australian residents selling property must provide a clearance certificate to the purchaser at or before settlement to avoid 12.5% withholding on property sales above $750,000. However, under the new rules: These changes apply to […]
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Study loan indexation change – What You Need to Know
The bill to change the annual indexation for study and training loans has passed parliament and is awaiting Royal Assent. Here’s what this means for you: From 1 June 2023, indexation will be calculated based on the lower of the Consumer Price Index (CPI) or Wage Price Index (WPI). If your study or training loan […]
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Eligibility for Compassionate Release of Super
Since 1 July 2018 the ATO has been responsible for the administration of the early release of superannuation on compassionate grounds. Who is Eligible? The ATO will only approve a release of superannuation on compassionate grounds if the applicant meets all the conditions set out in the regulations. These conditions include that the applicant has […]
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Tax update – December
FBT Update: Plug-in Hybrid Electric Vehicles (PHEVs) Lose Electric Car Exemption from 1 April 2025 From 1 April 2025, a plug-in hybrid electric vehicle (‘PHEV’) will no longer qualify as a zero or low emissions vehicle under fringe benefits tax (‘FBT’) law. This change means PHEVs will no longer be eligible for the electric car […]
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