Taxation Advice & Planning

Family Companies and the Many Tax Traps

By Wen Wen / April 16, 2024

Understanding payments, loans, and the importance of compliance Operating a family-owned business introduces a unique set of challenges, particularly in the realm of tax management. How payments from the company to its owners or their associates (like a spouse) are handled can have significant tax implications. Dividend classification Generally speaking, any payment from a company […]

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Navigating the Tax Maze: Selling your home to a developer?

By Karyn Clarke / April 2, 2024

The NSW state Government is attempting to help with the housing affordability crisis by making areas around train stations and shopping centres eligible for rezoning for denser development. It will be important to see your tax adviser if you receive a generous offer from a property developer for your home (or rental property) as a […]

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NFPs May Need To Register For Income Tax Exempt Status

By Wen Wen / April 2, 2024

There have been changes to the administration of not-for-profit organisations that self-assess as income tax exempt. Key changes Action steps for charitable Not-For-Profits Eligibility breakdown To be eligible for charity registration, an organisation must: Your organisation must also have an Australian Business Number (ABN) with the right ‘entity type’. Understanding your charitable purpose The Charities […]

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Important Update on Tax Rate and Medicare Levy threshold for 2024-25

By Wen Wen / February 26, 2024

The Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024 was introduced into Parliament on Wednesday 6 February 2024, bringing changes to existing individual tax rates. Let’s drive into the details: Tax Rate Adjustments for 2024-25 The new legislation proposes adjustments to the tax rates for both resident and non-resident individuals, as well as […]

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NSW Land Tax

By Wen Wen / February 8, 2024

Starting from 1 February 2024, changes are coming into effect concerning the principal place of residence exemption from land tax. If you’re planning to purchase or currently own a property, here’s what you need to know: Key changes From 1 February 2024, anyone who purchases and occupies a property but own less than 25% interest […]

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Stage 3 tax cut changes announced

By Wen Wen / January 30, 2024

The Prime Minister has announced new tax cuts. The following are changes to the Stage 3 tax cuts: Therefore, following these announcements and assuming amending legislation is passed, the Australian resident personal income tax rates from 1 July 2024 will be: Resident individuals Up to $18,200 Nil $18,201 to $45,000 16% on part over $18,200 $45,001 […]

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