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Updated ATO Guidance on Employee Status for Superannuation Purposes

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What Employers Need to Know About Superannuation Guarantee Obligations On 11 December 2024, the Australian Taxation Office (ATO) finalized its update to Taxation Ruling TR 2023/4, clarifying when an individual is considered an employee under the Superannuation Guarantee (Administration) Act 1992 (SGAA). This updated ruling, which applies both retroactively and prospectively, replaces the previous Superannuation […]

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NSW Payroll Tax Relief for Medical Centres: What You Need to Know

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Updated Guidance on Payroll Tax Exemptions for GP Contractors Revenue NSW has issued updated Compliance Practice Note (CPN 036v2), clarifying payroll tax relief measures for medical centres engaging contractor general practitioners (GPs). The update aligns with the Revenue Legislation Amendment Act 2024 (NSW), which introduces key payroll tax exemptions and rebates for medical centres, effective

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ATO Targets Division 7A Risks in Private Company Guarantee Arrangements

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New Taxpayer Alert and Draft Determination Aim to Close Loopholes The Australian Taxation Office (ATO) has issued new guidance on Division 7A of the Income Tax Assessment Act 1936 (Cth), focusing on private company guarantee arrangements that may circumvent deemed dividend rules. This includes Taxpayer Alert TA 2024/2 and Draft Taxation Determination TD 2024/D3, both

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SMSF Audit Compliance: What the ATO is Watching in 2025

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Regulator Highlights Key Audit Risks and Compliance Focus Areas The Australian Taxation Office (ATO) has outlined its compliance priorities for SMSF auditors in 2025, with a renewed focus on market valuations, high-risk auditors, and independence requirements. With over 32,000 new SMSFs established in 2024, marking a 21% increase from 2022–23, the ATO is tightening its

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SMSF Sector Growth Continues: ATO Data Shows No Signs of Slowing Down

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Rising SMSF Numbers Reflect Strong Investor Confidence The latest ATO Self-Managed Super Fund (SMSF) quarterly statistical report for December 2024 has confirmed that the SMSF sector is continuing its strong growth, with nearly 9,000 new SMSFs established in the last quarter alone. The total number of SMSFs now stands at 638,411, marking an increase of

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NSW Payroll Tax Changes Could Cost Brokers $68,000 in Extra Taxes

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Industry Groups Call for Urgent Legislative Update The NSW Payroll Tax Act is under scrutiny as industry leaders warn that its current classification of mortgage brokers as employees of aggregators could result in significant financial strain on independent brokers and small brokerage firms. The Mortgage and Finance Association of Australia (MFAA) is leading calls for

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40-Year Mortgages: A Lifeline or a Long-Term Debt Trap for Australians?

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Aussies Consider Longer Loan Terms to Ease Mortgage Stress As the cost of living crisis continues, one in three Australians say they would consider taking on a 40-year mortgage to reduce their monthly repayments, despite the significant long-term financial impact. New research from Finder shows that while extending the loan term can provide short-term relief,

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Western Australia Sees 42% Surge in Business Closures – How to Protect Your Business

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Small Businesses Under Pressure as Insolvencies Reach Record Highs Western Australia has seen a staggering 42% increase in business insolvencies, with over 1,000 businesses shutting down between January and December last year. This dramatic rise, revealed by recent ASIC data, highlights the severe financial distress faced by business owners across the state. The construction and

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5.69% Fixed Rate: Westpac Leads Banks in Mortgage Rate Cuts

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Westpac has cut its fixed mortgage rates as competition intensifies among Australia’s major banks, anticipating a potential Reserve Bank of Australia (RBA) rate cut next week. This move signals a shift in the lending landscape, providing borrowers with lower-cost options in a market that has been dominated by high interest rates. Westpac Leads Fixed Rate

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Business News Updates: ASX Fluctuates Amid Earnings Season, CBA Profit Rises, and Banks Cut Fixed Rates

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The Australian share market experienced volatile trading as the corporate reporting season picked up momentum, with mixed earnings results influencing investor sentiment. Meanwhile, Commonwealth Bank of Australia (CBA) posted a strong profit increase, and several major lenders responded to shifting economic conditions by cutting fixed mortgage rates. ASX Swings as Earnings Reports Roll In The

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