Epoch News

$325 energy relief for small business Date1 July 2024 Around one million small businesses will receive $325 off their energy bills over 2024–25. The support will apply as an automatic quarterly credit to energy bills. Energy relief will also be provided to households...

A new issues paper from Treasury's Competition Review questions whether non-competes and other restraints limit job opportunities and movement.  A recent Australian Bureau of Statistics (ABS) survey found that 46.9% of businesses surveyed used some kind...

For many small business owners, their business is their largest asset and, for many, one that is expected to help fund their retirement. But what is your business really worth, and what sets a high-value business apart? Every business owner is naturally curious about...

The 2024-25 Federal Budget is the third for the Albanese Government, and consistent with previous years, commentators expect the primary themes to be the cost of living and the economic shift to net zero.  According to election guru Antony Green, the window for...

Late last year, the Australian Taxation Office (ATO) advised thousands of taxpayers and their agents they had an outstanding historical tax debt. The only problem is that many did not know the tax debt existed. The ATO can only release a taxpayer from a tax debt in...

The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO's attention.   Electric vehicles causing sparks In late 2022, the Government introduced a concession that enables employers to provide some electric...

It's not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own. A recent case highlights the dangers of taking money out of a company without carefully considering the tax...

Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns.  Where there is a written contract, the rights and obligations of the...

A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking.  The case involves heritage farmland originally purchased for $1.6m that sold seven years later for...

The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3...