Peter Dutton’s budget reply speech in full; Key takeaways
With a Federal election to be held on 3 May 2025, the Opposition Leader’s outline of policies provided in his Budget Reply speech of Thursday 27 March 2025 is of interest.… read more
Tax – General
Federal Budget 2025–26 Reflections & Insights
From: www.taxinstitute.com.au: (Podcast) a sneak peek behind the closed doors of this week’s member-only webinar: Federal Budget 2025–26 Reflections & Insights.… read more
Taxpayers’ false returns case flounders
From www.accountingweb.co.uk: (UK context) Thariq Mohammed, the owner of Happy Chip fish and chip shop, faced discovery assessments and penalties of £2 million from HMRC for filing false tax returns over several years.… read more
Budget allocated funds to link director IDs
From www.smsfadviser.com: The recent budget has allocated funds to link director IDs to Australia’s business registers, aiding the SMSF sector by ensuring director information is effectively utilized.… read more
Federal election called for 3 May
From www.theguardian.com: Prime Minister Anthony Albanese announced that the Australian federal election will take place on May 3, framing the vote as a choice between Labor’s plans for growth and Peter Dutton’s promises of cuts.… read more
Budget 2025: Short-term incentives over long-term vision for small business
From publicaccountant.com.au: Treasurer Jim Chalmers’ fourth budget delivers $36 billion in new spending, including $17 billion in personal tax cuts, but lacks a long-term vision for the small business sector, drawing criticism from the Institute of Public Accountants.… read more
Pre-population could transform self assessment
From www.accountingweb.co.uk: (UK context) HMRC’s consultation paper discusses the potential for pre-populating tax returns using third-party data to alleviate administrative burdens and improve accuracy for taxpayers.… read more
Extra ATO penalty hit becomes law
From www.smartcompany.com.au: Starting July 1, 2025, interest on overdue Australian Taxation Office debts will no longer be tax-deductible, following the passage of legislation by the Senate.… read more
Changes to GIC & SIC deductions pass parliament
From www.accountantsdaily.com.au: Parliament has passed amendments that will prevent taxpayers from deducting general interest charge (GIC) and shortfall interest charge (SIC) from 1 July 2025, aimed at encouraging timely tax payments.… read more
Federal Budget 2025-26 – McCullough Robertson Lawyers
From mccullough.com.au: The 2025/26 Federal Budget introduces a reduction in the personal income tax rate for the lower tax bracket and increases in Medicare levy thresholds, alongside cost of living relief measures.… read more
Small businesses to lose tax deductibility status on ATO late fees
From www.smartcompany.com.au: Starting July 1, 2025, interest on overdue ATO debts, specifically the General Interest Charge (GIC) and Shortfall Interest Charge (SIC), will lose their tax deductibility following the passage of new legislation aimed at increasing tax revenues by $500 million annually.… read more
ATO expected to use section 100A as ‘alternative weapon’
From www.accountantsdaily.com.au: The recent Bendel decision, where the Full Federal Court ruled that UPEs are not considered loans for Division 7A purposes, may influence the ATO to utilize section 100A more vigorously against perceived tax avoidance involving UPEs.… read more
International tax treatment of pension lump sums clarified
From www.icaew.com: (UK context) HMRC updated its international manual with guidance on the tax treatment of lump sum pension payments under the UK’s double tax agreements, clarifying that most payments are taxed only in the recipient’s state of residence.… read more
Federal Budget 2025: Re-announcements, deferrals and ATO funding
From www.corrs.com.au: ‘The federal government’s 2025-26 Budget focused on discretionary expenditure in the lead-up to what is anticipated to be a closely contested election, as opposed to substantial corporate tax reform.’… read more
Federal Budget Report 2025
From au.andersen.com: The Federal Budget Report 2025 reveals fiscal projections and tax measures including a projected underlying cash deficit of $42.1 billion, gross debt reaching $1.022 trillion, and total tax receipts of $676.1 billion for 2025-26.… read more