Epoch News
Div 296 super tax and practical things to consider
Division 296 super tax is a controversial Federal Government proposal to impose an extra 15% tax on some superannuation earnings for individuals whose total superannuation balance (TSB) exceeds $3 million as of June 30 of the relevant income year. This measure...
Finfluencers: Bad tax advice could cost you thousands
They're advising you from your Instagram and TikTok feeds; they've huge followings, and they speak with conviction - financial influencers, also known as 'finfluencers'. Please heed our caution; taking advice from unqualified sources can have serious consequences....
Deductions for ATO interest charges scrapped
If you're carrying an Australian Taxation Office (ATO) debt, there is a good chance that it will cost you even more from July 1 2025, onwards. This is because, from July 1 2025, two types of interest charges imposed by the ATO will no longer be deductible. What are...
Economic crossroads: US shrinks, China stimulates, Australia holds steady
The US economy experienced a notable slowdown in the first quarter of 2025. The latest GDP data showed the economy contracted at an annual rate of -0.3%. Businesses stockpiling goods (which increased import volumes) ahead of the implementation of President Trump's...
From air fryers to swimwear: Tax deductions to avoid
With the 2025 tax season fast approaching, the Australian Taxation Office (ATO) is reminding taxpayers to be careful when claiming work-related expenses. This warning is in reaction to a spate of claims that didn't quite pass the 'pub test'. Here are a few examples of...
Labor’s victory: Unpacking the promises and priorities
As Labor MPs settle back into their seats having secured a majority in the House of Representatives, we look at the campaign promises and the unfinished business from the last term. Individuals Personal income tax cuts: the 2025-26 federal budget introduced a modest...
The ATO’s updated small business benchmarking tool
The ATO has updated its small business benchmarks with the latest data taken from the 2022–23 financial year. These benchmarks cover 100 industries and allow small businesses to compare their performance, including turnover and expenses, against others in their...
Instant asset write-off threshold finally confirmed
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 in the 2024-25 Federal Budget, but the Government faced several hurdles in...
EOFY tax planning
With the end of the financial year (EOFY) fast approaching, we look at tax planning and outline some opportunities to maximise your deductions and give you the low down on areas at risk of increased ATO scrutiny. Opportunities Bolstering superannuation If growing your...
Threshold for tax-free retirement super increases
The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025. Each year, advisers await the release of the December inflation statistics. The reason is simple: the transfer balance cap – the amount that can be...