Federal Budget 2025-26 Overview
The Government’s big moment in the 2025-26 Federal Budget was the personal income tax cuts. Income tax cuts are a dazzling headline but in reality, they deliver a tax saving of up to $268 in the 2026-27 year, with a tax saving of up to $536 from the 2027-28 year. At the same time, the […]
Mandatory Climate-Related Financial Disclosures: What You Need to Know
Big changes are here! Starting 1 January 2025, the Australian Government has rolled out new rules to make climate-related financial disclosures clearer and more useful. The goal? To give everyone a better idea of how businesses handle risks and opportunities related to climate change. Here’s the lowdown: Why the Change? The government wants to help […]
Revised Stage 3 Tax Cuts
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024. Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after. Resident Individuals Tax Rate 2023-24 2024-25 0% $0-$18,200 $0-$18,200 16% $18,201-$45,000 […]
Personal Income Tax Cuts
The personal income tax cuts legislated to commence on1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Government has announced that they will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. This will mean that more Australian taxpayers […]
Legislating the ‘objective’ of Super
The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’ The significance of legislating the objective of super is that any future legislated changes to the superannuation system must be in line with this […]
The shape of Australia’s future
We look at the key takeaways from the Intergenerational Report. The 2023 Intergenerational Report (IGR) is a crystal ball insight into what we can expect Australian society to look like in 40 years and the needs of the community as we grow and evolve. It doesn’t map out our path to flying cars and Jetsons […]
Joseph Tepuni-Fromont on how SRJWW supports Everything Suarve’s growth
“I dream big. I’m the type of person that actions things,” smiles Joe. “I don’t just talk about it – I action it.” In March 2020, Joseph Tepuni-Fromont had a vision – to support troubled youths from disadvantaged communities and build an organisation that helps them with their mental well-being, life skills, education and job […]
Proof of Identity (POI)
In recent times, tax and identity fraud have been fuelled by lack of proper identification processes in tax practitioners’ offices. As a tax practitioner, it is vitally important we are vigilant in undertaking adequate client identification processes. Overall, this will help minimise risks for identity fraud for our clients, our practice and the government. The […]
Tax on Super Balances above $3M
In a very quick turnaround from announcement to draft legislation, Treasury has released the exposure draft legislation for consultation to enact the Government’s intention to impose a 30% tax on future superannuation fund earnings where the member’s total superannuation balance is above $3m. The draft legislation confirms the Government’s intention to: Currently, all fund income […]
Budget 2023-24
Little has been released to date on the impending Budget beyond the tax on super balances above $3m and the decision not to extend the temporary $1,500 low and middle income tax offset beyond 30 June 2023. Cost of living is a focus but on this, the Government is walking a tightrope between easing pressure […]
What do the ‘Secure Jobs, Better Pay’ reforms mean?
The Fair Work Legislation Amendment (Secure Jobs, Better Pay) Bill 2022 passed Parliament on 2 December 2022. The legislation is extensive and brings into effect a series of changes and obligations that will impact on many workplaces. The Bill also addresses many of the complexities of the enterprise bargaining process by streamlining the initiation and approval […]