Epoch News

Will 2024-25 be another year of volatility or a return to stability?  Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts took effect on 1 July 2024. At the same time, the...

Here’s a summary of the key changes coming into effect on 1 July 2024: Tax cuts reduce personal income tax rates and change the thresholds. Superannuation guarantee increases from 11% to 11.5% - check the impact on any salary package arrangements. Superannuation caps...

The ATO has warned that it is looking closely at how trusts distribute income and to who. In recent years, how trusts distribute income has come under intense scrutiny. Trust distribution arrangements need to be carefully considered by trustees before they appoint or...

The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions. For you Opportunities Take advantage of the 1 July 2024 tax cuts by bringing forward your deductible expenses...

Generational succession - handing your business to your kids or family - sounds simple enough. Still, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It's important that generational succession is...

The great wealth transfer from the baby boomer generation has begun, and home ownership is the catalyst. The average home price in NSW is $1,184,500, the highest in the country. Canberra is next at $948,500, followed by Victoria at $895,000, with the Northern...

The ATO is cracking down on business owners who take money or use company resources for themselves. It's common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing 'the...

The Treasurer is promising that inflation will decline by 0.75% as a direct result of the2024-25 Federal Budget initiatives including energy relief for all households, a boost to Commonwealth Rent Assistance, and the freezing of the maximum co-payment on the...

Personal income tax cuts confirmed From1 July 2024 As previously announced, the Government has legislated permanent tax cuts for all Australian taxpayers from 1 July 2024. Relative to the previous Stage 3 plan, the redesigned cuts broaden the tax cut's benefits by...

Expanding the CGT regime for foreign residents DateCGT events commencing on or after 1 July 2025 The foreign resident capital gains tax (CGT) regime will be expanded by: Clarifying and broadening the types of assets on which foreign residents are subject to CGT...