Happy New Year!
Liz Gibbs • January 1, 2024
Happy 2024!
On behalf of the RGA Business and Tax Accountants Team, we would like to wish all of our clients, suppliers, supporters and friends a Happy New Year!
We re-open on 2 January 2024 and look forward to continuing to provide quality tax, business, bookkeeping and SMSF services to you, your families and businesses.
Need Help?
If you would like a little help, please get in touch with us for assistance. We can help with your business, bookkeeping, tax and SMSF requirements.
In a recent decision, the Administrative Review Tribunal ('ART') held that a taxpayer was not entitled to the CGT small business concessions on the disposal of his interests in some farm land.
Businesses that pay contractors for 'Taxable payments reporting system services' may need to lodge a 'Taxable payments annual report' ('TPAR') by 28 August each year.
The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025.
With the 2025 Federal Election approaching, tax policy is a central topic of debate. Here’s a concise comparison of some the major parties’ key tax proposals to help you stay informed when Australia goes to the polls on 3 May 2025:
Let’s Make Meetings Work for You: 8 Simple Strategies for Better Results
The ATO’s updated small business benchmarking tool
As the urban sprawl continues in most major Australian cities, we are often asked to advise on the tax treatment of subdivision projects. Before jumping in and committing to anything, it is important to understand the tax liabilities that might arise from these projects.
It has been a long time coming, but the Government finally passed legislation increasing the instant asset write-off threshold for the year ending 30 June 2025 to $20,000. This was announced back in the 2024-25 Federal Budget but the Government faced a number of hurdles in terms of passing the legislation.
With the end of the financial year fast approaching this is the first blog in our series where we outline some opportunities to maximise your deductions and give you the low down on areas at risk of increased ATO scrutiny.
The ATO is currently focusing on the following 'specific risk areas', where it is concerned "small businesses are getting it wrong":
