News

On 14 May 2024, the Treasurer, Jim Chalmers, delivered his third Federal Budget for the Albanese Government. With an uncertain economic landscape with Australia continuing to face ongoing global uncertainty stemming from persistent inflation in North America; growth slowing in China and other major economies; the United Kingdom and Japan both finishing the year in...

In the realm of politics, a tax cut can swiftly transform from a promise to a policy shift, especially during election times. The question on politicians’ minds then becomes: how can one deviate from the promise without facing repercussions? Recently, the Labor Party found itself in this predicament surrounding Stage 3 tax cuts, maintaining its...

Small businesses (with an aggregated annual turnover of less than $50 million) can deduct an additional 20% of the expenditure incurred for the purposes of business digital operations or digitising its operations on business expenses and depreciating assets such as portable payment devices, cyber security systems or subscriptions to cloud based services. An annual $100,000...

The NSW Treasurer, Daniel Mookhey handed down Labor’s first Budget in 12 years on 19 September 2023. Significant changes have been made to the NSW State taxes. The expected tax revenue for NSW over the next four years till 2025-27 will rise by $17.6 billion. Since the 2023 pre-election budget update, all estimates were revised...

As part of the 2023–24 Federal Budget handed down on 9 May 2023, the Government announced this lodgement penalty amnesty program for small businesses to get their tax obligations up to date. The amnesty applies to overdue income tax returns, Business Activity Statements (BAS) and FBT returns that were originally due between the period 1...