Trade Wares and Tariffs
Global Google searches for the word “tariffs” spiked dramatically between 30 January and 2 February 2025, a +900% increase to the previous 12 months. We look at what tariffs really mean. Who pays for tariffs? Tariffs increase the price of imported goods and reduce trade flows of that good or service. Traditionally used to protect […]
Superannuation – Death Nominations and Tax-Free Thresholds for Retirement
Is there a problem paying your super when you die? The Government has announced its intention to introduce mandatory standards for large superannuation funds to, amongst other things, deliver timely and compassionate handling of death benefits. Do we have a problem with paying out super when a member dies? The value of superannuation in Australia […]
FBT 2025: What You Need To Know
The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT exemption for electric cars Employers that provide employees with the use of eligible electric vehicles (EVs) can potentially qualify for an FBT exemption. This should normally be the case where: • The car is a […]
Superannuation – is there a problem paying your super when you die?
The Government has announced its intention to introduce mandatory standards for large superannuation funds to, amongst other things, deliver timely and compassionate handling of death benefits. Do we have a problem with paying out super when a member dies? The value of superannuation in Australia is now around $4.1 trillion. When you die, your super […]
Will credit card surcharges be banned?
If credit card surcharges are banned in other countries, why not Australia? We look at the surcharge debate and the payment system complexity that has brought us to this point. In the United Kingdom, consumer credit and debit card surcharges have been banned since 2018. In Europe, all except American Express and Diners Club consumer […]
Federal Budget 2025-2026
Key Initiatives for Business and Individuals Jim Chalmers’ 4th budget has been delivered in the lead up to the federal election. With some major spending measures announced, and the budget plunging into deficit over the next few years, the Government aims to juggle the realities of a return to deficit with the need to deliver […]
Why the ATO is targeting Baby Boomer Wealth
“Succession planning, and the tax risks associated with it, is our number one focus in 2025. In recent years we’ve observed an increase in reorganisations that appear to be connected to succession planning.”ATO Private Wealth Deputy Commissioner Louise Clarke The Australian Taxation Office (ATO) thinks that wealthy babyboomer Australians, particularly those with successful family-controlled businesses, […]
Federal Budget 2024-25
The Government has handed down its third Federal Budget delivering a surplus of $9.3bn, with major initiatives such as the $22.7bn Future Made in Australia package at the forefront, while also attempting to balance competing priorities by providing cost of living relief without stimulating stickier than expected inflation. The opposition and various political commentators have already started […]
ATO Toughens Stance on Debt Collection
As we move quickly towards the end of another financial year, the ATO is in the process of ramping up its collection activities through a variety of methods. In a recent address, the ATO Tax Commissioner indicated that almost two-thirds of the $50bn in uncollected debt owed relates to small business, with an overwhelming majority […]
Electric Vehicles – FBT Exemptions and Tax Savings Explained
We’ve seen a rapid expansion of the use of electric vehicles over the last few years, driven by consumer behaviours, a focus on climate change and sustainability measures, along with governments worldwide implementing incentives to encourage sustainable transportation. One of the current governments pre-election policy announcements was to provide an exemption from ‘fringe benefits tax’ […]