Cyclone Alfred declared a disaster for DGR purposes The Income Tax Assessment (Australian Disaster Relief Funds) Amendment Declaration 2025 has been made. It amends the Income Tax Assessment (Australian Disaster Relief Funds) Declaration 2022 so that Tropical Cyclone Alfred is declared as a disaster...

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Welcome to this month’s edition of our client newsletter. In this issue, we explore salary sacrifice vs personal deductible superannuation contributions – both valuable strategies, but which one is right for you? We break down the key differences and factors...

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Full Court: Commissioner's appeal allowed – bank deposits income In a matter relating to whether unexplained deposits of some $735,000 received by a property trust were assessable as ordinary income to the taxpayers (the husband and wife controllers of the...

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This month’s newsletter is packed with helpful articles for the festive season and beyond. As year-end celebrations approach, our first article explains the tax rules around Christmas expenses for business owners. We cover FBT, GST credits, and what’s tax deductible,...

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Three people jailed over $5.8m fraud The ATO has advised that 3 people from NSW have been sentenced to a combined 12 years and 10 months’ imprisonment for their roles in a multimillion-dollar fraud against the National Disability Insurance Scheme (NDIS) and ATO. The...

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Better than expected surplus Honouring the tradition of always surprising on the upside, the Treasurer and Finance Minister have proudly announced a better than expected budget surplus of $15.8 billion for 2023-24. While that might seem like a big number,...

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Commencement Date Delayed for Code Changes Following intense lobbying efforts by the professional associations (including Institute of Financial Professionals Australia), the Assistant Treasurer has responded to our concerns by delaying the commencement date for the Legislative Instrument (LI) modifying the...

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Instant asset write-off Bill passes The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2023 received Royal Assent on 28 June 2024 as Act No 52 of 2024. Among other things, it provides that for assets acquired...

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ATO releases synthesised text of tax treaty with China The ATO has released the synthesised text of Australia's double taxation agreement (DTA) with China to now include modifications made to by the Multilateral Convention to Implement Tax Treaty Measures to Prevent Base...

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TPB: Draft guidance on breach reporting obligations The Tax Practitioners Board (TPB) has released draft guidance on breach reporting obligations which apply to registered tax practitioners from 1 July 2024. The draft guidance is aimed at assisting tax practitioners with awareness, education...

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