Taxation News
Australian tax articles for individuals, rental property owners, investors and small business clients.
Taxation News
Tax Time 2026: What’s changed for company and trust tax returns (2025–26)
What changed for 2025–26 company and trust returns: company rates steady at 25%/30%, the $20,000 instant asset write-off continuing to 30 June, ATO interest no longer deductible, trust distribution resolutions due by...
Taxation News
Tax Time 2026: What’s changed for your individual tax return (2025–26)
What actually changed for your 2025–26 (Tax Time 2026) individual tax return: rates unchanged, ATO interest (GIC/SIC) no longer deductible, the 70c/hour working-from-home rate, HELP/HECS threshold rising to $67,000 with a marginal...
Taxation News
2026–27 Federal Budget: Business and Trust Tax Changes
The 2026–27 Budget brings major changes for small business, companies and discretionary trusts — a permanent $20,000 instant asset write-off, the return of company loss carry back, start-up loss refundability, R&D reform...
Taxation News
2026–27 Federal Budget: Negative Gearing and CGT Reform
The 2026–27 Budget reshapes property and investment tax — limiting negative gearing on established residential property, preserving incentives for new builds, replacing the 50% CGT discount with cost base indexation, and introducing...
Taxation News
2026–27 Federal Budget: Personal Tax Changes Explained
The 2026–27 Federal Budget delivers several personal tax changes — staged tax rate cuts, a new $1,000 standard work-related deduction, the Working Australians Tax Offset, higher Medicare Levy thresholds and PHI rebate...
Taxation News
What Records Should a Small Business Keep for Tax?
A deduction is not just about whether money was spent. It also depends on whether the business can prove the expense. Most business tax records should generally be kept for at least...
Taxation News
GST Registration and BAS: When Must a Small Business Register?
For most Australian small businesses, the GST registration threshold is $75,000 in annual GST turnover. If a business fails to register on time, it may have to pay GST from the date...
Taxation News
ATO Interest Charges Are No Longer Deductible: What Small Businesses Need to Know from 1 July 2025
From 1 July 2025, General Interest Charge (GIC) and Shortfall Interest Charge (SIC) incurred with the ATO are no longer tax deductible. For businesses with overdue tax, late BAS payments or amended...
Taxation News
GST-free, Input Taxed or Exempt? Stop Mixing Them Up
GST-free and input taxed sales may both involve no GST charged to the customer, but they are not the same. The difference affects BAS reporting, tax invoices and whether GST credits can...
Taxation News
$20,000 Instant Asset Write-Off: Can Your Small Business Claim Equipment Immediately?
The instant asset write-off can be valuable for eligible small businesses, but it is not a blanket rule that allows every purchase to be claimed immediately. Eligibility, timing, business use and record...
Taxation News
Division 7A: Can Company Money Be Taken Out Freely?
Many company owners assume that because they own the company, they can freely use the money in the company bank account. In Australia, a company is a separate legal entity. If a...
Taxation News
How to Stay Compliant and Save Tax Legally
If you run a small business or work for yourself in Australia, understanding your tax obligations is essential. Staying on top of tax compliance not only helps you avoid penalties and unnecessary...
Taxation News
Maximising Your Work-Related Car Expense Deductions: How Tax Way Accountants Helped Philip Save on His Personal Tax Return
Meet Philip, a hard-working Australian who uses his car for work purposes. Like many taxpayers, he was unsure of how to maximise his tax deductions for his work-related car expenses. However, with...
Taxation News
Don’t Make These Mistakes When Filing Your Personal Tax Return in Australia: Tips to Avoid Penalties and Fines
Filing personal tax returns can be a daunting task for many Australians. With the Australian Taxation Office (ATO) changing tax laws and regulations every year, it can be challenging to keep up...
Taxation News
5 Common Record Keeping Mistakes to Avoid as an Australian Small Business Owner
Record keeping is a critical component of running a successful small business in Australia. Proper record keeping can help you keep track of your finances, make informed business decisions, and meet y
Taxation News
Rental Property – Renovation or Repair
The cost of repairs and maintenance may be deductible in full in the year you incur them if:the expense directly relates to wear and tear or other damage that occurred as a...
Taxation News
Requirements of tax invoices
Tax invoices for taxable sales of less than $1,000 must include enough information to clearly determine the following seven details: - that the document is intended to be a tax invoice -&nbs