Tax

The Updated Stage 3 Personal Income Tax Cuts

Revised Stage 3 Tax Cuts Confirmed For 1 July

Parliament has approved the modified stage 3 tax reductions, which are scheduled to take effect starting 1 July 2024. Prior to the implementation of the updated tax brackets, it’s important […]

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ATO Debt Dilemma - tax debt

The ATO Debt Dilemma

In the closing months of last year, a myriad of taxpayers and their representatives were alerted by the Australian Taxation Office (ATO) regarding the existence of outstanding historical tax debts. […]

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Fringe Benefits Tax

Pitfalls of the Fringe Benefits Tax

The fiscal period for the Fringe Benefits Tax (FBT) concludes on March 31st. We delve into the problematic areas that are expected to draw scrutiny from the ATO. Electric Vehicles […]

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Inconsistencies Between Taxpayer Claims and ATO Evidence

Inconsistencies Between Taxpayer Claims and ATO Evidence

A striking case brought before the Administrative Appeals Tribunal (AAT) recently underscored the critical nature of aligning one’s tax claims with the supporting evidence provided. This case revolved around heritage […]

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contractor or employee?

Contractor or Employee?

The presence of a clause in a contract labeling a worker as an independent contractor isn’t the final word on their status for tax and superannuation purposes, according to recent […]

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Understanding the GST implications for food products

Understanding the GST implications for food products

Have you ever wondered when food is considered GST-free? The distinction between GST-free and taxable foods can be quite nuanced, as exemplified by a recent case before the Administrative Appeals […]

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The Updated Stage 3 Personal Income Tax Cuts

The Updated Stage 3 Personal Income Tax Cuts

Legislated personal income tax cuts set to take effect from 1 July 2024 are set for a makeover, according to a new plan unveiled by the Federal Government. Following widespread […]

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Addressing Unpaid Trust Distributions to Private Companies

Addressing Unpaid Trust Distributions to Private Companies

What unfolds when a trust designates income to a beneficiary in a private company but fails to execute the actual payment? The recent case of Bendel vs. Commissioner of Taxation […]

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30% tax on super earnings above m

30% Tax on Super Earnings Above $3M

Heany Business Group brings to your attention a significant development in taxation affecting superannuation earnings. The Treasury has unveiled preliminary legislation to implement the Government’s proposal to raise the tax […]

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The ‘Airbnb’ Tax

The Airbnb Tax

Property investors opting for short-term stays or leaving their properties vacant are now under increased regulatory scrutiny The Victorian Government’s recent Housing Statement introducing Australia’s inaugural short-stay property tax. Scheduled […]

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A $20,000 Tax Deduction for Energizing Your Business

A $20k Tax Deduction for Electrifying Your Business

Electricity is the new game-changer, replacing traditional fossil fuels like gas. A fresh, time-limited incentive is pushing businesses toward enhanced energy efficiency. We’ll guide you on how to maximise your […]

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Federal Budget Update 2021-22

Federal Budget Update 2021-22

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