ATO Targets Division 7A Risks in Private Company Guarantees

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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 and Key ATO Focus Areas for 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 Rising: Key ATO Insights for 2025

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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 Adding Major Costs for Brokers

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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: Key Risks Every Borrower Should Know

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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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WA Business Closures Rise—Protect Your Business Now

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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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ASX Updates: Earnings Season, CBA Results & Rate Cuts

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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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ATO Introduces 15% Withholding for Property Sales in 2025

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Sweeping Changes to Foreign Resident Capital Gains Withholding Rules The Australian Taxation Office (ATO) has introduced significant changes to its Foreign Resident Capital Gains Withholding (FRCGW) regime, now requiring all Australian property sellers—not just foreign residents—to obtain a clearance certificate. Effective 1 January 2025, these updated regulations mean that anyone selling property in Australia must

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Starting a Business in Australia? Why an ABN Matters

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Starting a business in Australia? One of the first steps is obtaining an Australian Business Number (ABN). Whether you’re a sole trader, partnership, company, or trust, an ABN is a crucial identifier that helps streamline business transactions and tax obligations. In this guide, we’ll break down what an ABN is, why it’s important, and how

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