News

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%. 

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From air fryers to swimwear: tax claims 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. We give you a few examples of what didn’t get through. 

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Labor's victory: unpacking the promises and priorities

As the Labor party 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.

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Year-end tax planning opportunities & risks

With the end of the financial year fast approaching we outline some opportunities to maximise your deductions and give you the low down on areas at risk of increased ATO scrutiny.

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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 back in the 2024-25 Federal Budget but the Government faced a number of hurdles in terms of passing the legislation.

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Property subdivision projects: the tax implications

As the urban sprawl continues in most major Australian cities, we are often asked to advise on the tax treatment of subdivision projects. Before jumping in and committing to anything, it is important to understand the tax liabilities that might arise from these projects.

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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 industry.

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Quote of the month

“The roots of education are bitter, but the fruit is sweet." Aristotle

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Personal tax cuts

From 1 July 2026, personal income tax rates will change.

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Super guarantee rules catch up with venues and gyms

The superannuation guarantee rules are broad and, in some circumstances, extend beyond the definition of common law employees to some directors, contractors, entertainers, sports persons and other workers.

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The proposed ban on non-compete clauses

In the 2025-26 Federal Budget the Government announced a ban on non-compete clauses and “no poach” agreements.

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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.

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