How the proposed Div 296 tax could affect your super balance over $3 million. When managing your superannuation balance, it's important to understand how the Division 296 tax could affect you, especially since it includes unrealised gains or losses. The 15% Division...
How does Div 7A impact distributions to a Bucket Company?. Trustees of discretionary trusts often distribute income to private companies, commonly called 'bucket companies.' This strategy can be tax-effective because it limits the tax on the distributed income to the...
When can Section 100A apply to block a trust distribution?. How section 100a affects trust income taxation Section 100A is an anti-avoidance rule under the Income Tax Assessment Act aimed at preventing tax avoidance through certain trust arrangements. It comes into...
New tax rules for bucket companies receiving trust distribution in FY 2025. The Australian Taxation Office (ATO) provides specific compliance guidelines under section 100A of the income tax assessment act 1936 for trust distributions. Among these guidelines are the...
Increase in instant asset write off threshold from $1,000 to $20,000 for FY 2025. On 14 May 2024, the Australian government declared an extension of the $20,000 instant asset write-off for another year, with the new deadline set for 30 June 2025. This policy allows...
Maximise your savings with energy-efficient assets using the small business energy incentive. Are you struggling with high energy bills for your small business? With the small business energy incentive, you can get a significant tax deduction for investing in...
New ATO guidelines on the revised fixed rate method for work from home claims. As a business owner or professional working from home, managing your expenses and ensuring compliance with ATO regulations can be challenging. Understanding deductible expenses and keeping...
New guidelines on home EV charging rate. Tracking the cost to charge an electric vehicle at home to determine your income tax deductions can be challenging. Fortunately, the Australian Taxation Office (ATO) has introduced new guidelines to simplify this process. This...
New additional 15% tax on Super Balance over $3 million. Starting 1 July 2025, the Australian government will introduce an extra 15% tax on superannuation balances exceeding $3 million. This move aims to limit tax benefits for those with high super balances. If your...
