Tax

Four-year forecasts for state and territory shares of GST are being sought as the pushback against the annual carve-up of the tax continues. A longer forecast window from the Commonwealth Grants Commission would help secure budget bottom lines and reorganise spending if needed, advocates say. Under the $89 billion carve-up for the 2024-25 financial year, […]

Toothbrushes, sanitary products, washing machines and freezers may become cheaper in a move retailers say will reduce the costs of doing business. Almost 500 nuisance tariffs will be scrapped in the new financial year, saving companies more than $30 million in annual compliance costs. The move will eliminate 14 per cent of Australia’s taxes on […]

Deputy Commissioner Small Business, Will Day, provides advice on how to get the basics right. If you’re looking to start a new business, we want to help you get on the right track, right from the start. And if you are running an established business, it’s not too late to learn or refresh your tax […]

Low and middle income earners will soon keep more of what they earn after revamped tax cuts cleared federal parliament. Labor’s amended tax package was endorsed by the Senate on Tuesday evening after receiving backing in the lower house. Australians earning less than $150,000 will get a larger return than was promised under the so-called […]

As a small business owner, you may be eligible for concessions on the amount of tax you pay. This depends on your business structure, your industry and your annual turnover. If you have an aggregated turnover less than: $2 million, you can access the small business CGT concessions. $5 million, you can access the small business income tax offset. […]

New data collection methods could end the days of short-term rental property owners claiming tax deductions when the home is not being rented. Prime Minister Anthony Albanese has vowed to raise the issue of the owners of holiday rentals or Airbnbs claiming tax deductions for the property for the full year, even when they are […]

The outgoing head of the ATO has called for the tax office to have the power to collect evidence as part of criminal investigations. In a speech to the National Press Club, ATO commissioner Chris Jordan said the organisation should be given powers similar to those of tax bodies in other countries to assist with […]

Anthony Albanese has laid out his pitch for revamped income tax cuts as the changes reach a major hurdle. The prime minister told parliament the tax changes would not leave people behind, saying the measures represented meaningful change. “We want Australians to earn more and to keep more of what they earn,” he said on […]