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The way the ATO applies and remits interest on unpaid tax debts is attracting close scrutiny. With the Tax Ombudsman now conducting a review into how these charges are managed, it’s an issue that may affect many taxpayers and small businesses already under financial pressure. We’re sharing the following article from AccountantsDaily, which outlines the...
If you’re like most first home buyers, you’ve probably realised by now that saving up for a 20% deposit can be a real slog. But what if we told you that you now only need a 5% deposit? And better yet, you could already have that amount ready to go now. Saving up a deposit...
Spring is traditionally the peak season for property, and three rate cuts this year could further fuel buyer competition. Check out five steps that can give you a valuable head start this spring. The combination of warmer weather, blooming gardens and the chance for buyers to be settled in their new home by Christmas makes...
Three rate cuts since February have spurred home owners to take a closer look at their home loan. Turns out plenty have found a loan better suited to their needs elsewhere, with 100,000 home loans refinanced in the past quarter. It’s not every day we do a double-take looking at lending numbers. But it happened...
Buying a first home isn’t always easy, and first-timers sometimes miss out on a place they’ve set their heart on. But more than one-in-ten first-time buyers have missed out simply because they didn’t have home loan pre-approval. Buying a first home can be an emotional roller coaster. It’s not unusual to find a property you...
The ATO will be sending certain employers a reminder to lodge their activity statements. The reminder will include the amounts the ATO has on record for them, such as: PAYG withheld amounts reported through Single Touch Payroll; and any other pre-filled amounts, including GST instalments and PAYG instalments (instalment amount option). The ATO’s reminders are...
The ATO will acquire relevant account and transaction data from the Australian Financial Crimes Exchange (‘AFCX’) for the 2025 to 2027 income years, including the following: Client identification details (names, addresses, phone numbers, dates of birth, identity verification document details, IP addresses, etc); and Bank account transaction details (bank account details, transaction date and amount,...
The Small Business Superannuation Clearing House (‘SBSCH’) will close on 1 July 2026. The SBSCH is a free online service provided by the Australian Government through the ATO and can be used by employers to pay superannuation for all their employees through a single payment. The SBSCH will then distribute the money to each employee’s...
The ATO has the following tips for taxpayers in relation to the CGT main residence exemption. They should consider if they have bought or disposed of property in the past income year. If they have sold property, were they using it solely as their primary place of residence, earning income from it (rental or business),...
Legislation has recently been enacted which delivers on the 2025/26 Federal Budget announcement to reduce student debts. Pursuant to this legislation: there is a one-off 20% reduction to Higher Education Loan Program debts and other student loans that were incurred on or before 1 June 2025; the minimum repayment threshold is increased from $54,435 in...
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