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Say Goodbye to Cheques: What You Need to Know About the Transition

Say Goodbye to Cheques: What You Need to Know About the Transition

In response to the changing landscape of payments, the government has announced a plan to phase out cheques. The key dates to remember are: cheques will no longer be issued after 30 June 2028 and won’t be accepted after 30 September 2029. The Government is also...

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Property and Lifestyle Assets Under the Spotlight

Property and Lifestyle Assets Under the Spotlight

Do you own an investment property or perhaps a luxury asset like a boat or aircraft? The ATO is examining your tax return to ensure that what you declare adds up. The Australian Taxation Office (ATO) has introduced two crucial data-matching programs targeted at...

Divorce, You, and Your Business

Divorce, You, and Your Business

Going through a divorce is tough, and it’s not just the emotional and financial strain you need to think about. Plenty of issues need sorting out, especially if you’re running a business. What Happens When There’s a Family Company? Suppose you and your partner have...

When is a Gift Not a Gift?

When is a Gift Not a Gift?

Imagine receiving over $1.6 million in your bank account and thinking it’s a generous gift. But what happens when the Tax Commissioner decides it’s actually income, and you’re suddenly facing a hefty tax bill? That’s exactly what happened in the intriguing case of...

Will 2024-25 be another year of ups and downs or a return to calm

Will 2024-25 be another year of ups and downs or a return to calm

Personal tax & super As you may be aware (thanks to the $40 million public education campaign), personal income tax cuts became effective on 1 July 2024. At the same time, the superannuation guarantee (SG) rate jumped by 0.5% to 11.5%. For employers, it's crucial...