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Know when a new logbook is required Editor: Keeping a car logbook may be required to accurately calculate the business-use percentage of vehicle expenses (e.g., fuel, registration, insurance and depreciation) for tax deductions. Taxpayers can keep the same logbook for their car for five years, but there are circumstances where they may need a new...

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$20,000 instant asset write-off extended The Government recently passed legislation to extend the $20,000 instant asset write-off for small businesses by 12 months to 30 June 2026. Taxpayers should note that if their business has an aggregated annual turnover of less than $10 million, they may be able to use the instant asset write-off (‘IAWO’)...

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When Is the Right Time to See a Financial Adviser for Retirement Planning? Retirement is one of life’s biggest financial transitions, and planning for it can feel overwhelming. While many people wait until they’re close to retiring to seek advice, most financial experts agree: the earlier you start, the better. Why Timing Matters Retirement planning...

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ATO reminder: Business expenses that can (and cannot) be claimed Taxpayers can claim a tax deduction for most business expenses, provided they meet the ATO’s three ‘golden rules’: The expense must be for business use, not for private use. If the expense is for a mix of business and private use, they can only claim...

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Correctly dealing with rental property repairs Taxpayers who have had work done on their rental property should ensure the expense is categorised correctly to avoid errors when completing their tax return. A deduction for ‘repairs and maintenance’ expenses can be claimed for work done to remedy, or prevent defects, damage or deterioration from using the...

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ATO to include tax ‘debts on hold’ in taxpayer account balances From August 2025, the ATO is progressively including ‘debts on hold’ in relevant taxpayer ATO account balances. Editor:  A ‘debt on hold’ is an outstanding tax debt where the ATO has previously paused debt collection actions.  Tax debts will generally be placed on hold...

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Paid parental leave changes have now commenced As from 1 July 2025, the amount of Paid Parental Leave available to families increased to 24 weeks, and the amount of Paid Parental Leave that parents can take off at the same time has also increased from two weeks to four weeks. Superannuation will now also be...

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How to master employer obligations in 2025 Taxpayers who employ staff should remember the following important dates and obligations: Fringe benefits tax (‘FBT’) 31 March 2025 marks the end of the 2024/25 FBT year.  Employers should remember the following regarding their FBT tax time obligations. They should identify if they have provided a fringe benefit. ...

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ATO’s tips for small businesses to ‘get it right’ While the ATO knows most small businesses try to report correctly, it understands that mistakes can happen.  The ATO advises taxpayers that it is important to get the following ‘basics’ right: using digital tools and business software to help track and streamline processes to increase the...

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CGT withholding measures now law The Government recently passed legislation making changes to the foreign resident capital gains withholding laws (among other changes). Foreign resident capital gains withholding is relevant for all vendors selling certain taxable real property (e.g., Australian land). Even Australian residents can be caught by these laws because, if they do not...

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