NEWS
Federal Budget 2024-25
Click on the link below to view our Newsletter outlining the new
Federal Budget for 2024 - 2025
The Federal Budget for 2025-26 was handed down on 25 March 2025. It focuses on five key priorities including cost of living relief, housing and education.
Income tax measures
- Personal tax cuts
- Medicare Levy low income thresholds increased
- Higher education loan repayment changes
- The missing Instant Asset Write-off legislation
Superannuation
- Super Guarantee payable on payday from 1 July 2026
- Extra tax for super earnings for account balances above $3 million
Cost of living
- Energy bill relief
- Expanding bulk billing incentives
- Cheaper medicines
March 2025 Newsletter
Click on the link below to view our March Newsletter.
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Salary Sacrifice vs Personal Deductible Contributions: And the winner is...
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Beware of Bitcoin gains!
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Is an asset you own used in another person's business?
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FBT Checklist 2024-25
February 2025 Newsletter
Click on the link below to view our February Newsletter.
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Seven changes impacting your super in 2025
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Yet more rental data matching by the ATO
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Coalition election announcements
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Super and hardship: A safety net in financial difficulty
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ATO confirms tax deductibility of financial advice fees
December 2024 Newsletter
Click on the link below to view our December Newsletter.
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Christmas & Tax
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Deduction for self-education courses
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Unwrap your future: 12 super tips for a merry and bright retirement
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That small farm dream... and tax deductions
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How does your super compare to others your age?
November 2024 Newsletter
Click on the link below to view our November Newsletter.
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How taxable is that side hustle?
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The black hole of CGT and trusts
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What we know so far about payday super
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What tax receipts do i need to keep?
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Super on parental leave pay is now law
October 2024 Newsletter
Click on the link below to view our October Newsletter.
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Making contributions later in life
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What is the right business structure?
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Selling a property with mixed rental and residential use
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Comparing SMSFs with other super funds
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The dangers of failing to declare income or lodge returns
September 2024 Newsletter
Click on the link below to view our September Newsletter.
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Who is a spouse under the tax laws, and why does it matter?
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Riding the market waves
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Take care if you sell your home after leaving Australia!
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Separation and divorce; CGT consequences...and relief
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Setting up an SMSF - Who can join the fund?
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"Debt recycling" ...flavour of the month
August 2024 Newsletter
Click on the link below to view our August Newsletter.
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The importance of "Tax Residency"
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Changes to preservation age
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CGT & foreign residents: Complex rules apply!
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Selling a small business operated through a company. Sell the shares or sell the assets?
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Spouse contributions splitting
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Breaking up (by text) is hard to do
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Small business energy incentive
July 2024 Newsletter
Click on the link below to view our July Newsletter.
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Division 293 tax: Will you be caught?
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The fine line between property development and "merely realising an asset"
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The CGT main residence exemption concessions are very useful
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The secret life of TFNs
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Can I add super to my pension?
2023-24 Fringe Benefits Tax Checklist
To make sure you don't miss any vital fringe benefits tax items, here is a comprehensive checklist.
Click on the link below to view our FBT Checklist.
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FBT is separate from income tax.
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A fringe benefit is a 'payment' to an employee, but in a different form to salary or wages.
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It is a tax paid on certain benefits provided to employees or employees' associates, because of the employee's employment. Employees' associates are typically their family members.
June 2024 Newsletter
Click on the link below to view our June Newsletter.
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Making your super last in retirement
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Personal services income explained
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What's not considered "income" by the ATO?
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Don't lose your super to scammers
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On-boarding new employees
Federal Budget 2024-25
Click on the link below to view our Newsletter outlining the new
Federal Budget for 2024 - 2025
The Federal Budget for 2024-25 was handed down on Tuesday 14 May 2024. It contains a range of proposed measures across the areas of income tax, superannuation, tax administration and related cost of living measures:
- Instant asset write-off threshold of $20,000 extended
- CGT changes for foreign residents
- No extensions for training and energy efficiency boosts
- ATO discretion not to offset old tax debts on hold
- Refund frauds and likely delays in processing BAS refunds
- Student loans repayments to be reduced
- Super to be paid on paid parental leave
- Social security deeming rates frozen
- Flexibility for carer payment recipients
- Eligibility for higher rate of Jobseeker payment extended
- Commonwealth Rent Assistance increase
- Lower foreign investment fee for build-to-rent properties
May 2024 Newsletter
Click on the link below to view our May Newsletter.
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Selling your home? Beware of a partial capital gains tax liability!
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Take care with contribution timing this financial year
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Rental properties: Traps and pitfalls
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Succession planning for family businesses
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How myGov can help you track your super
April 2024 Newsletter
Click on the link below to view our April Newsletter.
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Six super strategies to consider before 30 June
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Important tax residency issues to consider
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Family companies and the many tax traps
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Selling your home to a developer? Beware the tax consequences!
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The tax treatment of compensation payments can be tricky
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Mortgage vs super: Where should I put my extra cash?
February 2024 Newsletter
Click on the link below to view our February Newsletter.
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Compensation from your bank or financial institution - is it taxable?
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Tax issues when dealing with volunteers
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Collectables - and inherited jewellery
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Using super to pay the mortgage
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Returning to work after retirement
December 2023 Newsletter
Click on the link below to view our December Newsletter.
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Give yourself a super gift this Christmas
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Lost or destroyed tax records? Don't panic!
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Taken goods for private use? Here's the latest values
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Two "main residences" is possible
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Don't ignore those tax debts: the ATO won't!
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The taxation of super death benefits
November 2023 Newsletter
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Click on the link below to view our November Newsletter.
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When two bonuses are not enough... Introducing the Energy Incentive!
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Qualifying as an interdependent or financial dependant
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How to nominate a superannuation beneficiary
Read More
October 2023 Newsletter
Click on the link below to view our October Newsletter.
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How to reduce your income tax bill using superannuation
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Changes to unfair contract terms laws. What businesses need to know
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Property developers - and would-be ones - beware!
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Small business skills and training boost
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Don't overlook the CGT small business roll-over concession
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Are you eligible to make a personal deductible contribution?
September 2023 Newsletter
Click on the link below to view our September Newsletter.
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Thought of registering a trademark for your new business?
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Self-education: when is it deductible?
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Avoid schemes targeting SMSFs
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Discounting your capital gain
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Appointing an SMSF auditor
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Costs of a caravan/motor home for work-related travel
August 2023 Newsletter
Click on the link below to view our August Newsletter.
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Trusts - are they still worth it?
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Tax Time: Unexpected first-time debts
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Gifting to employees
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SMSFs & higher interest rates
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R&D reminder
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Super withdrawal options
FEDERAL BUDGET 2023 - 2024
Click on the link below to view our Newsletter outlining the new
Federal Budget for 2023 - 2024
The federal budget, handed down last night, contained a number of tax, superannuation, and social security/cost of living proposals that may impact your clients including:
- The end of temporary full expensing
- Small business energy initiative
- Crackdown on unpaid tax and superannuation
- No change to stage 3 tax cuts
- Confirmation of an extra 15% tax on super ‘earnings’ for account balances above $3 million
- Pay day superannuation guarantee
- Boost to Centrelink payments
….and more
JobKeeper Scheme Deadlines & Obligations Update
The recent adjustments to the JobKeeper Scheme allowing certain new employees to qualify for JobKeeper payments from 3 August 2020 has placed additional obligations and deadlines on eligible employers.
These obligations include:
- Provision of the employee nomination form to all newly eligible employees by Monday 24 August 2020.
- The requirement to satisfy the 'wage condition' (ie make appropriate employee payments) by Monday 31 August 2020.
Please click here for additional information.
As always, if you have any queries with regards to the above or the JobKeeper Payments in general please do not hesitate to give us a call
Important update: JobKeeper Changes
There have been a number of Government Announcements over the last couple of weeks that impact on business and employee eligibility for the JobKeeper Payment.
Employees that previously failed the JobKeeper eligibility test as they were not employed on 1 March 2020, may now be eligible for payments from 3 August 2020 if they were employed on 1 July 2020.
From 28 September 2020, employers seeking to claim JobKeeper payments will need to reassess their eligibility. Also, from this date the JobKeeper payment rate will reduce and split into a higher and lower rate based on the number of hours the employee worked in the 4 weeks prior to 1 March 2020 or 1 July 2020.
The links below should help answer any queries you may have:
JobKeeper Extension Fact Sheet - Australian Government
As always, if you have any queries with regards to the above or the JobKeeper Payments in general please do not hesitate to give us a call.
Additional Information | JobKeeper Payment
The Government and the ATO have released some additional information with regards to the JobKeeper Payment.
COVID-19 commerical rent relief measures
The new MANDATORY Code of Conduct for rent relief for commerical leases where Tenants (and Landlords) are affected by COVID-19 has been released by the Prime Minister's Office.
JobKeeper Payment
Under the JobKeeper Payment, businesses impacted by the coronavirus will be able to access a subsidy from the Government to continue paying their employees. Affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum of 6 months.
Any small business whose turnover has fallen by 30% or more will be eligible.
Eligible employees include:
- Full time workers (employed at 1 March 2020)
- Part tine workers (employed at 1 March 2020)
- Casuals (employed for more than 12 months)
- Sole Traders
The payments will be made by the ATO to employers to pass onto employees.
Payments will be made from 1 May 2020 and will be backdated to 30 March 2020.
Employees who have previously been stood down will still be eligible.
To access more information about the Jobkeeper Payment, click the links below:
General Information - Jobkeeper Payment
Information for Employers
Information for Employees
CLICK HERE TO REGISTER WITH THE ATO
Fair Work | Coronavirus & Australian Workplace Laws
We have been receiving a number of enquires from our clients with regards to dealing with staff as business income continues to decrease.
Please click the link below to access the most current information from Fair Work Australia.
Income Support for Individuals
The Government is providing support for individuals to assist them during the next six months.
QLD Government COVID-19 Stimulus Package
The Queensland Government have today revealed details of a $4 billion stimulus package in response to the COVID-19 crisis.
COVID-19 Support
Things are moving extremely quickly with COVID-19 and we understand that our clients are nervous. All of us here at R&D Accounting want to let our clients know that they are not alone and that we’ve got your back. We are here to help you through these uncertain times and to help you all navigate through the government support that is available.