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What You Can’t Claim on Your Tax Return: ATO Cracks Down Ahead of 2025 Tax Season
If you’re thinking about claiming an air fryer, luxury clothing, or swimwear on your tax return, think again. The ATO is warning taxpayers to stay within the rules this year. With the 2025 tax season approaching, the Australian Taxation Office (ATO) is reminding...
What You Can’t Claim on Your Tax Return: ATO Cracks Down Ahead of 2025 Tax Season
If you’re thinking about claiming an air fryer, luxury clothing, or swimwear on your tax return, think again. The ATO is warning taxpayers to stay within the rules this year. With the 2025 tax season approaching, the Australian Taxation Office (ATO) is reminding...
Featured Posts
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
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...
ASIC fees for 2024-25
In line with an increase in the Consumer Price Index (CPI) for the March quarter, some of ASIC's fees are increased each year from 1 July. Below is a list of fees for some of our ASIC's frequent lodgements. GST does not apply to ASIC fees. Company fees Company...
Is your family home really tax-free?
When it comes to capital gains tax (CGT), the main residence exemption can help keep your family home tax-free when you sell it. However, like most tax matters, it can sometimes be complicated. As Darryl Kerrigan famously said in *The Castle*, "It's not a house. It's...
The Essential 30 June 2024 Guide
The end of the financial year is just around the corner. Here's a rundown of areas likely to catch the ATO's eye and ways to maximise your deductions. For You Opportunities With the 1 July 2024 tax cuts on the horizon, consider bringing forward your deductible...
Should You Be the ‘Bank of Mum & Dad’?
The transfer of wealth from the baby boomer generation has kicked off, with home ownership at the heart of it. In NSW, the average home price is a staggering $1,184,500—the highest in the country. Following are Canberra at $948,500 and Victoria at $895,000, with the...
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Unlock More Tax-Free Super for Your Retirement
Planning for retirement is one of the most significant financial steps you'll take in life. After all your hard work, you deserve to enjoy your retirement with as much financial freedom as possible. Here's some good news that could put more tax-free money in your...
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What’s Ahead for 2025?
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