The Australian Labor government’s proposed changes to superannuation tax rules have sparked serious concern among investors, retirees, and financial professionals. Experts are warning that these changes could damage the very foundations of Australia’s retirement system — the “lifeblood of Australia” — and lead to unintended financial consequences for many Australians. At Boa & Co. Chartered […]
The ATO has officially responded to the Full Federal Court’s recent decision in Commissioner of Taxation v Bendel [2025] FCAFC 15, a ruling that has sparked significant interest across the accounting and private business sectors. This case dealt with the treatment of unpaid present entitlements (UPEs) from trusts to private companies and whether these should
The Australian Taxation Office (ATO) has released draft guidance on key aspects of the Thin Capitalisation Third Party Debt Test (TPDT) and the implications of restructures undertaken in response to the new rules. Key Takeaways from the Draft Guidance 1. Third Party Debt Test (TPDT) – TR 2024/D3 The Draft Taxation Ruling TR 2024/D3 provides
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The Australian government has finalized its Pillar Two tax framework, which introduces top-up taxes under the Australian Domestic Minimum Tax (DMT) and Australian Income Inclusion Rule (IIR). The Taxation (Multinational – Global and Domestic Minimum Tax) Rules 2024 were officially registered on 23 December 2024, ensuring that all aspects of Australia’s domestic and global minimum
Australia’s Pillar Two Rules Registered: What Businesses Need to Know Read More »
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
In recent years, the Australian government has implemented a series of tax reforms aimed at stimulating economic growth and providing relief to businesses, particularly small and medium enterprises (SMEs). These reforms, while designed to foster a more conducive environment for business operations, have introduced new complexities that SMEs must navigate. This article explores the key
The Impact of Recent Tax Reforms on Small and Medium Businesses in Australia Read More »
Freelancers and independent contractors enjoy the freedom and flexibility of working for themselves, but with this independence comes the responsibility of managing their own taxes. Navigating tax compliance can be daunting for those who are not familiar with the intricacies of self-employment taxation. In this guide, we will provide freelancers and independent contractors with essential
At first glance, “salary sacrificing” might sound like the last thing you’d want to do. But in reality, this strategy—also known as salary packaging—can be a smart move, especially when it comes to reducing your tax burden. By sacrificing a portion of your take-home pay in exchange for benefits from your employer, such as superannuation,
Want to pay less tax? This sacrifice could be worth making Read More »
When starting a business in Australia, one of the key decisions entrepreneurs face is choosing the right business structure. The business structure you select will have significant implications for your legal and financial obligations, taxation, and personal liability. In this article, we will explore three common business structures in Australia: Sole Trader, Partnership, and Company.
As the new financial year dawns upon us, it’s essential to stay informed about the latest updates in the Australian taxation system. The Australian government continuously makes changes to the tax laws to ensure a fair and efficient tax regime. In this article, we will discuss the key changes that individuals and businesses should be
Key Changes in the Australian Taxation System for the 2024 New Financial Year Read More »