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The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025.
The transfer balance cap - the amount that can be transferred to a tax-free retirement account – is indexed to the Consumer Price Index (CPI) released each December. If inflation goes up, the general transfer balance cap (TBC) is indexed in increments of $100,000 at the start of the financial year.
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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 surcharges are banned. And in Australia, there is a push to follow suit. But, is the issue as simple as it seems? “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, are planning and structuring to dispose of assets in a way in which the tax outcomes might not be in accord with the ATO’s expectations. Study and training loan repayment changes There have been a few changes and announcements on study and training loans of late and the ATO has provided an update of what is changing and when.  Retrospective indexation reduction
The HELP indexation rate will be changed to be the lower of either the consumer price index (CPI) or wage price index (WPI). The amending legislation, Universities Accord (Student Support and Other Measures) Bill 2024, passed both Houses on 26 November 2024, and awaits Royal Assent. What can I do to make the staff Christmas party tax deductible or tax-free? Not have one? Ok, seriously, it’s likely that you will pay tax one way or another; it’s just a question of how.
If you structure your celebrations to avoid fringe benefits tax (FBT), then you normally can’t claim a tax deduction for the expense or goods and services tax (GST) credits. What makes or breaks Christmas? The cost of living has eased over the past year but consumers are still under pressure. For business, planning is the key to managing Christmas volatility. The countdown to Christmas is on and we’re in the midst of a headlong rush to maximise any remaining opportunities before the Christmas lull. Busy period or not, Christmas causes a period of dislocation and volatility for most businesses. The result is that it is not ‘business as usual’ and for many, volatility can create problems.
When overseas workers are Australian employees The Fair Work Commission has determined that a Philippines based “independent contractor” was an employee unfairly dismissed by her Australian employer. Like us, you are probably curious how a foreign national living in the Philippines, who had an ‘independent contractors’ agreement with an Australian company, could be classified as an Australian employee by the Fair Work Commission?
The recent case of Ms Joanna Pascua v Doessel Group Pty Ltd highlights just some of the issues Australian businesses face when working with overseas contractors and staff Small Business hit list – ATO to combat tax debt An article which caught our eye last week by Accountants Daily reveals the intention of The Tax Office’s priorities in taxpayer compliance and enforcement. In another attempt to tighten the tax gap and recoup collectable debt, the ATO has set its sights on small businesses.
The focus, according to Deputy Commissioner Will Day last week at IPA’s National Congress, will be on taxpayers who diverted business income for personal use, gamed deductions and concessions, and operated outside of the system. ATO Data Matching Protocols - Do you have a Lifestyle Asset? We want to bring your attention to the Lifestyle Assets data matching protocol launched at the end of August 2024 by the Australian Taxation Office (ATO). If you purchase a lifestyle asset worth $65,000 or more and insure it with your insurance company, the insurance company is now obligated to report this data to the ATO.
The reason the ATO are using this data-matching protocol is to improve the compliance risk profiling of taxpayers and provide a holistic view of their assets and accumulated wealth. ‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers. From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary and wages instead of the current quarterly payment sequence.
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AuthorHansens is a team of accounting professionals that love what we do. The observations and opinions in the articles written here, aim to challenge, inspire and provoke change into making your business better! Archives
February 2025
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