Changes coming for buy now pay later services
If you’re one of the millions of Australians who use buy now pay later (BNPL) services, important changes are coming that will give you stronger …
ATO launches its small business focus areas for 2025
Understanding the ATO’s focus areas for 2025 is essential to ensuring your business remains compliant and successful. The ATO has outlined …
Recovering from a natural disaster: what you need to know about tax
As Australia experiences another summer of unpredictable weather patterns, it’s essential to be prepared for the unexpected – natural disasters …
ATO data-matching: “lifestyle” assets and your business
The ATO has announced or extended a number of data-matching programs recently, including the lifestyle asset data-matching program. Data will be …
Is your business BAS-ready?
Now is a great time to make sure your business is ready to meet upcoming business activity statement (BAS) due dates. The BAS applies if you run a …
Do you rent out your holiday home?
If you own a holiday home you might rent it out at times when you’re not using it yourself. Remember, you should seek professional advice if you have …
Leveraging MYOB Practice Management for growth and efficiency
As one of Toowoomba’s leading accounting firms, Horizon Accounting has built its reputation on lasting client relationships. Now powered by MYOB …
Accessing super from age 60 to 65
From 1 July 2024, the rules for accessing superannuation became somewhat simplified: the preservation age when you can begin to access your benefits …
“Super saver” scheme now more flexible for first home buyers
In welcome news for first home buyers, the government has made changes to the operation of the First Home Super Saver Scheme (FHSSS) to improve its …
Payday super: policy design released
As part of the 2023–2024 Federal Budget, the government proposed a “payday super” reform. A newly released government fact sheet sets out some key …
Employee overpayments: what to do
Once the end of financial year workload abates and payroll staff have time to have a closer look at what occurred in the previous income year, it’s …
Unlocking value: subdividing your family home’s land
Many retirees find themselves cash-poor but asset-rich. For those living on larger properties, subdividing and selling unused land can be a potential …
Tax consequences of sharing your home
Homeowners can share their homes in a range of ways – you might have an agreement to rent out a room, offer short stays through a platform like …
New “bring-forward” contribution thresholds for 2024-2025
You may have heard that the annual cap on non-concessional contributions (NCCs) has increased for 2024–2025. This is great news for superannuation …
FBT and tax considerations for end-of-year parties and gifts
As the end-of-year season approaches, it’s a great time to celebrate with your employees and show appreciation for their hard work throughout …
Super guarantee a focus area for ATO business debt collection
The ATO has recently confirmed that collection of business debts – including debts relating to superannuation guarantee (SG), pay as you go (PAYG) …
Small business restructure rollover: tax relief for genuine business restructures
With the latest statistics showing a significant rise in liquidations and with the ATO’s focused efforts on debt collection, small businesses face …
Withholding for foreign residents: an ATO focus area
Does your business or investment structure make payments such as interest, dividends or royalties to any foreign residents? You may be required to …
Claiming the tax-free threshold: getting it right
Claiming the tax-free threshold: getting it right If you’re an Australian resident for tax purposes, you don’t have to pay income tax on the first …
New SMSF expense rules: what you need to know
If you manage a self managed superannuation fund (SMSF), recent changes to tax rules for certain fund expenses could affect you. These changes may …
Time for a superannuation check-up
The new financial year has begun, and with it have come some important changes to superannuation from 1 July 2024. With these changes coming into …
New “bring-forward” contribution thresholds for 2024-2025
You may have heard that the annual cap on non-concessional contributions (NCCs) has increased for 2024–2025. This is great news for superannuation …
Superannuation switching schemes and investment scams: what to look out for
Beware of “cold callers” offering to switch your super Following an extensive review, ASIC has uncovered a worrying trend where cold callers, after …
Navigating complexities of crypto investments: SMSFs
The digital currency landscape continues to be treacherous terrain for self managed superannuation fund (SMSF) trustees, with a growing number of …
ATO crypto data-matching program extended
Hot on the heels of reports that a growing number of self managed super funds (SMSFs) are sustaining significant losses in crypto asset investments, …
Regulations coming for “buy now, pay later” market
In recent years, the financial landscape in Australia has been significantly transformed by the advent of buy now, pay later (BNPL) services. These …
Motor vehicle expenses: which method should my business use?
If your business owns or leases a vehicle that’s used for business purposes, it’s essential to keep proper records to ensure you’re entitled to the …
Changes proposed for annual super performance test
The annual super performance test was introduced in 2021, by the previous Coalition government, as a way to hold registrable superannuation entity …
Scam alert: fake ASIC branding on social media
The Australian Securities and Investments Commission (ASIC) has issued a scam alert warning consumers that there has been an increase in the use of …
Deducting gifts and donations: getting it right at tax time
Have you made charitable gifts or donations in the past financial year? The good news is these items are often deductible, giving many Australians a …