From 1 July 2025, ATO-imposed interest charges will no longer be tax deductible – significantly increasing the cost of late payments and amended assessments. Now is the time to review outstanding liabilities and tax positions to minimise exposure before the changes take effect.
As tax time approaches, staying across the latest ATO updates is essential for maximising deductions and meeting your obligations – especially for individuals and small business owners. From new incentives to industry-specific guidance, this year’s Tax Time Toolkit offers valuable insights to help you prepare with confidence
Labor has proposed a new $1,000 instant tax deduction that requires no receipts – a move designed to simplify claims for work-related expenses. The low fuss deduction could make tax time a whole lot easier – here’s what you need to know.
Small businesses can now continue to instantly write off assets costing less than $20,000 until 30 June 2025, thanks to a 12 month extension in the latest Federal Budget. If you’re planning to invest in new equipment, understanding the eligibility rules could mean a faster tax deduction and better cash flow.
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