One of the Government’s key tax measures that is currently still outstanding is the proposed extension of the instant asset write-off measures for 2024–2025. There is no mention in the Budget papers of the measure, though it is alluded to in a couple of media releases. It can be assumed that the Government still intends […]
The Government will provide $722.8 million over four years from 2025–2026 to deliver increased support for apprentices. Funding includes: $626.9 million over four years from 2025–2026 to reframe the New Energy Apprenticeships Program as the Key Apprenticeship Program and expand it to capture critical residential construction occupations; $77.8 million over four years from 2025–2026 to extend the current […]
The Government will extend its energy bill rebate until the end of 2025 by providing a further two instalments of $75 (for a total of an additional $150) for households and small businesses. From 1 July 2025, Mr Albanese said, households and around one million small businesses will see another $150 in rebates “automatically applied […]
The Government will provide $7.1 million over two years from 2025–2026 for the Australian Competition and Consumer Commission (ACCC) to strengthen regulatory oversight of the Franchising Code of Conduct and ensure a more transparent and effective regulatory framework for the franchising sector. The Government will also provide $0.8 million in 2025–2026 for Treasury, working with states and […]
The Government will ban non-compete clauses for more than three million Australian workers in industries including childcare, construction and hairdressing. This has been spurred by the Treasury’s Competition Review which heard troubling accounts regarding the misuse of non-compete clauses, including minimum wage workers being sued by former employers. The ban on non-compete clauses will apply […]
The Budget did not announce any change to the timing of the next (and final) super guarantee (SG) rate increase. The SG rate is currently legislated to increase from 11.5% to 12% on 1 July 2025. It has been gradually increasing by 0.5% each year since it was 9.5% in 2020-21. The 12% rate from […]
The Government has proposed to cut the personal income tax rate for the income threshold ($18,200 to $45,000) from 16% to 15% (from 1 July 2026) and 14% (from 1 July 2027). Under the proposed changes, every Australian taxpayer will receive a tax cut of up to $268 from 1 July 2026, rising to $536 from 1 […]
As announced in its mid-year economic and fiscal outlook (MYEFO), the Budget confirms that the Government intends to make changes that will reduce Higher Education Loan Program (HELP) and other student debts for more than three million Australians by around $19 billion. The measure will reduce outstanding student debts by 20% before indexation is applied on […]
The Government will provide $4.5 million over four years from 2025–2026 to Services Australia to make system changes to ensure consistency with the passing of recent legislation to implement the Child Care Subsidy (CCS) Three Day Guarantee. According to the Government, this will ensure families are entitled to at least three days a week of subsidised […]
The Government will increase its equity investment in the Help to Buy scheme to $6.3 billion (up $800 million), and increase the income and price caps. Under this shared equity loan scheme, the Commonwealth will provide an equity contribution up to 40% of the purchase price to assist up to 40,000 eligible first home buyers to purchase […]
The Government did not announce any new major superannuation measures in the Budget. The only super item of note was some additional funding to extend an ATO Tax Integrity Program which is expected to raise an extra $31 million in unpaid superannuation from medium and large businesses and wealthy groups over five years from 2024–2025. Since […]
While no new major super measures were announced in the Budget, the super industry has enough on its plate at the moment in terms of navigating the uncertainty surrounding the proposed Division 296 regime for superannuation account balances above $3 million from 1 July 2025. Under proposed Division 296 of the Income Tax Assessment Act 1997, […]
The ATO will be provided $5.7 million over four years from 2025–2026 to enforce the ban on foreign residents from purchasing established properties. In addition, the ATO and Treasury will be provided with $8.9 million over four years from 2025–2026 and $1.9 million per year ongoing from 2029–2030 to implement an audit program and enhance their […]
In now what is a standard feature of Budgets in recent years, the ATO is to receive yet another significant increase in funding to enforce taxpayer compliance. Specifically, the Government will provide $999.0 million over 4 years for the ATO “to extend and expand tax compliance activities”. The additional funding includes the following. $717.8 million […]
This month for you we have the following Insights & Updates: Business Improvement Insights Thriving in 2025: AI Strategy & Leadership in a Changing World (Please refer to your Insights & Updates for Munro’s Clients email) Business Leader Performance Diagnostic Mastering Time Management Tax Updates ATO Loses Landmark Division 7A Battle “Next 5,000” Tax Programme […]
This month for you we have the following Insights & Updates: Business Improvement Insights Key Considerations When Buying a Business For Expansion 7 Key Considerations for Business Growth Buying a Business Diagnostic Tax Updates Proposed Small Business Meal & Entertainment Deduction ATO’s 2025 Priorities for Private Groups Common Division 7A Misconceptions — A Key ATO […]
Relevant For: Private company owners, directors, financial controllers and bookkeepers needing clarity on Division 7A compliance. Key Points: Division 7A applies to loans, payments and benefits from private companies, not just shareholders. Journal entries alone may not offset minimum yearly repayment obligations. Personal use of company funds triggers Division 7A considerations. Regular monitoring ensures compliance […]
Relevant For: Private business owners and high net worth individuals, especially those navigating succession or trust arrangements. Key Points: ATO is prioritising reducing tax debt across private groups. Succession plans involving reorganisations may face extra scrutiny. Tailored tax governance expected for different group sizes. Family trust elections often misused, risking extra tax. On-time lodgement is […]
This month for you we have the following Insights & Updates: Business Improvement Insights Strategic Planning for a Confident New Year Four Essentials for Your Business Financial Toolkit Evaluating a Franchise Opportunity Starting a Business Diagnostic Tax Updates 2024 Year-End Tax Wrap: What Happened and a Look Ahead Protection Updates ASIC Upholds Director Accountability Criminal […]
Relevant For: Business owners aiming to refine budgets, operations and achieve meaningful goals this New Year. Key Points: Review financials and allocate budgets flexibly. Streamline daily processes to boost efficiency. Set S.M.A.R.T. goals that align with business objectives. Involve and upskill teams for stronger engagement. Monitor progress and adjust strategies promptly. Full Article: At Munro’s, […]
This month for you we have the following Insights & Updates: Business Improvement Insights Choosing the Right Business Structure for Your Startup Raising Capital (Investor Readiness) Diagnostic Tax Updates FBT and Tax Planning for End-of-Year Parties and Gifts Key Dates for the ATO Super Clearing House: End-of-Year Reminders ATO Targeted Review of Medium and Emerging […]
This month for you we have the following Insights & Updates: Business Improvement Insights Five Phases of a High Performing Leader Enhancing Employee Engagement Leadership Diagnostic Tax Updates New Limits on ATO Interest Deductions The Commonwealth Penalty Unit has Increased Contractor or Employee? Recent Case Offers Insight for Businesses Federal Court Ruling on Unexplained Bank […]
This month for you we have the following Insights & Updates: Business Improvement Insights A Detailed Guide to Creating and Managing Workplace Policies Utilising Small Business Restructuring When In Financial Distress A Detailed Guide to Effective Family Business Succession Planning Selling a Business Diagnostic Tax Updates New ATO Guidelines on Personal Services Income Handling Employee […]
This month for you we have the following Insights & Updates: Business Improvement Insights Effective Risk Management for Business Success Implementing a Family Governance Framework Wealth Protection Diagnostic Tax Updates Super Guarantee Compliance: A Key Focus for ATO Debt Collection Maximise Your Super Contributions in 2024–2025: Key Changes to Bring-Forward Arrangements Navigating ATO’s Online Selling […]
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