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By Simon Terry LLB BCom CA, Director, Porters CA. As at 23 September 2026. From 1 July 2027, the 50% CGT discount for Australian resident individuals and trusts is replaced by indexation of the cost base, and resident individuals will pay at least 30% tax on their real capital gains. Assets you already own are treated as sold and reacquired just before 1 July 2027, and the gain to that… Read more
From 1 July 2026, the new Payday super rules for employers requires paying employees’ Super Guarantee (SG) in line with each payday (your normal pay cycle), replacing the current quarterly obligation. Key changes include: SG remains 12%, but the earnings base shifts from the current Ordinary Time Earnings to Qualifying earnings (QE). The two are very similar and for standard wages subject to super likely no impact however review closely… Read more
Working From Home Deductions: What’s Changed and What To Do Now From 1 July 2024 the ATO’s fixed rate deduction for working from home (WFH) running expenses is 70 cents per hour. In a frustrating approach by the ATO, estimates are not acceptable and you must keep contemporaneous records of actual hours for the whole year along with supporting copies of example invoices. ATO – difficult by design? If you… Read more
Your Business Activity Statement (BAS) is a form submitted to the Australian Taxation Office (ATO) by registered businesses to report their GST obligations, Pay As You Go (PAYG) withholding (PAYGW) and Pay As You Go (PAYG) instalments (PAYGI). Many business owners and their bookkeepers do a good job of preparing and lodging their own BAS, however recording the BAS payment back into the accounts is where things go astray. When… Read more
We regularly try to explain to clients the concept of a franked dividend – what are they, why do they matter, what does it mean for your tax and how can they work to your benefit. Some understand franking credits, some nod wisely but still feel confused, and some dream about doing something else, anything else apart from tax. We get that the concept is a challenge, so we’ll try… Read more