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Overview The Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023 (Bill) proposes to insert new Division 296 (Div 296) into the Income Tax Assessment Act 1997 (Cth) (ITAA) to impose an extra 15% on certain member’s superannuation balances. Broadly, from 1 July 2025, the Div 296 tax will apply where a member’s total superannuation balance (TSB) exceeds $3...

The way superannuation is paid may be about to undergo a significant transformation. The Labor government’s proposed “payday super” reforms would require employers to pay employees’ superannuation contributions within seven calendar days of every payday. Draft laws have been released for comment, and payday super is intended to apply from 1 July 2026, it’s important...

In the wake of recent cyber-attacks on several large Australian super funds, you might be wondering how to protect your retirement savings. The past few years have seen significant data breaches from well-known Australian companies outside of the superannuation sector, exposing a huge amount of consumer personal identity information. The cyber-attacks on superannuation funds reportedly...

You may be starting out in business and trying to decide whether to become a sole trader or to set up a company. Alternatively, you may already be an established sole trader and considering switching to become a company. Tax considerations are vital in deciding which of the two business structures is most suitable for...

In today’s sharing economy, platforms like Airbnb have made it easier than ever to earn extra income by renting out a spare room or your entire home – but many Australians are unaware of the tax implications that come with these arrangements. When you rent out all or part of your residential property through digital...

If you’ve thought about upskilling or undertaking professional development this year, you may be able to claim some of your self-education expenses in your 2024–2025 income tax return. You incur self-education expenses when you: take courses at an educational institution (even if you don’t gain a formal qualification); undertake training provided by an industry or...

Taxpayers will be restricted from claiming deductions for general interest charge (GIC) and shortfall interest charge (SIC) incurred on or after 1 July 2025, after Parliament passed amendments on Wednesday (26 March). The Labor Party has previously said the changes will enhance incentives for all entities “to correctly self-assess their tax liabilities and pay on...

The Government’s big moment in the 2025-26 Federal Budget was the personal income tax cuts. Income tax cuts are a dazzling headline but in reality they deliver a tax saving of up to $268 in the 2026-27 year, with a tax saving of up to $536 from the 2027-28 year. At the same time, the...

The Commissioner of Taxation has filed a special leave application with the High Court in respect to the recent Commissioner of Taxation v Bendel decision. In an update to the Bendel case, the ATO has revealed it will maintain its current position treating UPEs to corporate beneficiaries as loans under Division 7A. In an interim...