The Inspector-General of Taxation and Taxation Ombudsman is currently conducting an independent review into how the Australian Taxation Office (ATO) handles requests to reduce or remove General Interest Charge (GIC) on overdue tax debts. GIC is interest that accrues daily when tax is not paid by the due date. From 1 July 2025, GIC is…
Revenue NSW has issued 2 rulings outlining the guidelines for certain land tax exemptions for the 2026 land tax year. An exemption from land tax or a reduction in taxable land value is available for land that is primarily used to provide boarding house accommodation as per the guidelines approved by the Treasurer. LT 119…
With the passing of the Treasury Laws Amendment (Payday Superannuation) Bill 2025 (Cth) and the Superannuation Guarantee Charge Amendment Bill 2025 (Cth), the long-awaited “payday super” reforms are set to commence on 1 July 2026. From 1 July 2026, employers will need to pay employee superannuation much closer to payday under new “payday super” rules. What’s changing? 1. Super…
Client Profile:• Married couple, non-residents for Australian tax purposes• Own NSW residential property used privately by family (not rented)• Never previously registered for NSW land tax or surcharge land tax Background The foreign-owner land tax surcharge applies to residential land owned by foreign persons from the 2017 land tax year onward.Under the Land Tax Act…
Bills to Legislate “Payday Super” Pass House of Representatives The Federal Government’s Payday Superannuation reforms have moved a step closer to becoming law, with two key Bills — the Superannuation Guarantee Charge Amendment Bill 2025 and the Treasury Laws Amendment (Payday Superannuation) Bill 2025 — passing the House of Representatives on 30 October 2025. What…
The Federal Government has announced today major adjustments to the proposed Division 296 tax on superannuation earnings above $3 million, following industry consultation. Key changes include: These revisions are seen as a substantial improvement on the original proposal and reflect strong advocacy from the industry and professional bodies.
From 1 July 2026, Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will expand beyond banks and traditional financial institutions to include sectors such as real estate services, legal practices, accounting and other professional or advisory businesses. These reforms aim to reduce the risk of financial crime and align Australia with international standards. Businesses that…
The ATO’s Private Wealth Assistant Commissioner, Amy James-Velagic, shared some valuable information and insights on Family Trust Distribution Tax (FTDT) on 28 August 2025. She warned of growing risks with FTDT due to poor record keeping and long-term impacts of trust elections. Updated guidance and online tools are now available to help trustees and advisers…
This briefing summarises the key outcomes of the Economic Reform Roundtable held in Canberra on 19–21 August 2025. The Roundtable brought together business, unions, experts, and government leaders to build consensus on reforms to lift productivity, strengthen economic resilience, and ensure budget sustainability. At a Glance • Dates: 19–21 August 2025, Canberra• Focus: Productivity, Economic…
Background The Bendel case has attracted significant attention in the tax community. It concerns whether unpaid present entitlements (UPEs) owed by trusts to private companies can be treated as loans under Division 7A of the Income Tax Assessment Act 1936. The Full Federal Court previously rejected the Commissioner of Taxation’s appeal against an earlier Administrative…