17
AprIn 2025, employers must navigate several key tax obligations to ensure compliance. This guide provides a focused overview of these responsibilities, including critical dates and practical tips for accurate tax reporting. How to master employer obligations in 2025 Employers must stay abreast of their tax obligations to ensure compliance and avoid penalties. Key dates and requirements for 2025 include: For pay as you go (PAYG) withholding, employers must withhold the correct amount of tax from employee payments and remit these amounts to the ATO. Regarding single touch payroll (STP), employers should finalise their STP data by 14 July 2025 for the 2024/25 financial year. Note that there may be a later due date for closely held payees. Super guarantee (SG) […]
16
AprIn the April 2025 Practice Update, the ATO has announced a series of compliance measures and deadlines affecting small businesses. From superannuation and fringe benefits tax to BAS and transfer balance caps, business owners need to act now to remain compliant. ATO’s 2025 Small Business Focus The ATO is currently focusing on several areas where small businesses are often found non-compliant: The ATO is also monitoring: Super Guarantee Reminder – March 2025 Quarter The Superannuation Guarantee (SG) contributions for the March 2025 quarter must be received by employees’ super funds by Monday, 28 April 2025. Failing to meet the deadline means paying the SG charge, which includes penalties and interest.Note: The SG rate for the 2025 financial year is 11.5%.[…]
25
FebAs part of the 2024–25 Budget, the Government announced its Future Made in Australia package to support Australia’s transition to a net zero economy. This package included 2 new, temporary tax incentives: These measures are now law. Critical Minerals Production Tax Incentive The CMPTI provides eligible companies with a refundable tax offset of 10 per cent of the eligible costs of processing certain critical minerals in Australia. The offset will be available for a maximum of 10 years between 1 July 2027 and 30 June 2040. The CMPTI is jointly administered by the ATO and the Department of Industry, Science and Resources. Hydrogen Production Tax Incentive The HPTI is a refundable tax offset of $2 per kilogram of eligible hydrogen produced by eligible companies. The[…]
21
FebAbout the incentive In the 2024–25 Budget, the Australian Government announced its Future Made in Australia package. This package supports Australia’s transition to a net zero economy. The Future Made in Australia package includes support for investment in critical minerals processing in Australia through the Critical Minerals Production Tax Incentive (CMPTI). This measure is now law. The CMPTI provides eligible recipients with a refundable tax offset of 10 per cent of the eligible costs of processing certain critical minerals in Australia. The offset will be available between 1 July 2027 and 30 June 2040, for a maximum of 10 years. Administration The Department of Industry, Science and Resources (DISR) and the ATO jointly administer the CMPTI: Eligibility You are eligible for the CMPTI tax offset in an income[…]
05
FebThe ATO’s small business online learning platform provides flexible and free courses to build knowledge for all stages of operating a business or organisation. NFPs share many tax obligations with small businesses, and the online learning is a valuable resource to help you avoid common mistakes and understand the tax and super obligations of your NFP better. Essentials for your small business can enhance your knowledge of tax and super with a learning path tailored to support your NFP, at a time that is convenient for you. Key features of the learning platform include: You can also save your progress and jump back into a course when you’re ready again. Some content that NFPs might find useful includes: With over 20[…]
04
FebIf you employ staff, here are the important dates and obligations to remember throughout the year, to set yourself up for success. Super guarantee (SG) Fringe benefits tax (FBT) 31 March 2025 marks the end of the 2024–25 FBT year. There are 4 key steps to nail your obligations for FBT tax time. Pay as you go (PAYG) withholding Tax rates may increase from 1 July 2025. Use the tax withheld calculator to calculate how much you need to withhold from your employees’ payments. Single touch payroll (STP) Finalize your STP data by 14 July 2025 for the 2024–25 year. This ensures your employees have the right information they need to lodge their income tax returns. If you have any closely held payees, you may have a later due date for[…]
30
JanPotentially dodgy tax schemes are being promoted online and offered to people when they least expect it. We’re urging individuals and businesses to be wary of tax schemes promoted online (including via social media) promising to significantly reduce or avoid tax. Getting involved can attract heavy penalties. Our website lists examples of tax schemes we are concerned about. Recently, we’ve seen one unlawful tax scheme encouraging people to dodge their taxes by setting up a purported not-for-profit foundationOpens in a new window and organising their finances to look like their income belongs to it. Another recent scheme offers would-be investors the opportunity to invest into a start-up that allegedly qualifies as an early stage innovation company, to benefit from the associated tax offset. We’re concerned investors won’t qualify[…]
24
JanYou can apply for a DASP via either: Before submitting your DASP application, check with your employer to confirm they have paid all the super they are required to. Online applications You can use the DASP online application system free of charge The DASP online system will automatically confirm your immigration status online with the Department of Home Affairs – you don’t need to apply for a Certification of Immigration Status from the Department of Home Affairs unless directed by your super fund. You can start and save your online application while you are still in Australia and have all the relevant information handy. You can only submit a DASP application when you’ve left Australia and do not hold an active visa.[…]
10
JanIf you’re a foreign resident disposing of taxable Australian property (TAP), it’s essential to understand your tax obligations under Australian tax law. The Australian Taxation Office (ATO) closely monitors these transactions, and failure to meet your requirements can lead to scrutiny and potential penalties. Here’s what you need to know: What is Capital Gain Tax Capital Gains Tax (CGT) applies to the profit you make when selling or disposing of assets like property, shares, or cryptocurrency. While it’s called “capital gains tax,” it is not a standalone tax. Instead, CGT is included as part of your overall income tax. In essence, CGT is considered a part of your overall tax calculation. What is Taxable Australian Property (TAP)? TAP includes: If[…]
10
DecIn a recent decision, the AAT rejected a taxpayer’s claim that there were ‘special circumstances’, that warranted an excess contributions determination to disregard or re-allocate an excess contribution. Facts In October 2018 the taxpayer separated from his wife. As at 30 June 2019, the taxpayer’s total superannuation balance was recorded at just over $1,820,000, held in separate funds. In April 2020, as part of the taxpayer’s divorce proceedings, the sum of $1,575,000 was withdrawn from one of the taxpayer’s superannuation funds and paid to the benefit of his former wife. This had the effect of reducing the taxpayer’s member’s account balance in that fund as at 30 June 2020 by an amount of $427,497. On 18 June 2020, the taxpayer[…]
