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Explore the 2024-25 forecast with insights on personal tax cuts, rising super rates, wage growth, and economic trends from Bates Cosgrave. Understand the main residence exemption for CGT, including eligibility and impacts from renting or business use.
Parliament has increased the instant asset write-off to $20,000 for FY 2024, allowing small businesses immediate deductions. If you’ve earned income through services like Airbnb or Uber, you must report it on your tax return as the ATO tracks these transactions for compliance.
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September 2, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged. -
September 2, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged. -
September 2, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged. -
September 2, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged. -
August 30, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged. -
August 30, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged. -
August 30, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged. -
August 30, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged.
2024 News
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September 2, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged.
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September 2, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged.
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September 2, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged.
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September 2, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged.
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August 30, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged.
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August 30, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged.
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August 30, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged.
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August 30, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged.
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May 24, 2024The 2024-25 Federal Budget aims to cut inflation by 0.75%, lower energy costs, boost rent assistance, and keep PBS co-payments unchanged. -
May 24, 2024Budget 2024-25: Tax cuts for incomes under $150K, $300 energy relief, increased Medicare thresholds, HELP debt indexation changes, and more. -
May 24, 2024Learn about expanded CGT rules for foreign residents, including new asset classifications and ATO notification requirements, starting July 1, 2025. -
May 24, 2024Explore new energy assistance, instant asset write-off extensions, and tax incentives for small businesses and renewable energy investments starting in 2024. -
May 24, 2024Stay informed on the latest government and regulatory updates, including digital asset regulations, ATO fraud prevention, and anti-money laundering reforms starting in 2024. -
May 24, 2024Discover Australia's gender equality initiatives and AI policies outlined in the Women's Budget Statement and other key government measures. Contact Bates Cosgrave -
May 24, 2024Explore key economic indicators for Australia in 2024, including GDP growth, inflation rates, unemployment figures, and the impact of global instability on the economy. -
May 24, 2024Discover the updated personal income tax rates for Australian residents, non-residents, and working holiday makers effective from July 1, 2024. -
May 24, 2024Explore key measures from the 2024 budget and their start dates at a glance. Stay informed about changes affecting individuals, businesses, superannuation, compliance, and more. -
May 10, 2024Explore options for parents helping children buy a home. Understand gifts, loans, co-ownership, trusts, and tax implications. Contact us for advice. -
May 10, 2024Ensure a smooth transition of your business to the next generation. Consider capability, capital transfer, control, and timelines. Contact us for expert advice. -
May 10, 2024Learn about ATO's focus on business owners using company money for personal use. Understand Division 7A implications. Contact us for expert advice. -
May 10, 2024Learn about the risks of unauthorised early access to SMSF funds. Ensure compliance and protect your retirement assets. Contact us for expert advice. -
May 1, 2024Learn about the complexities of tax residency through the Quy v Tax Commissioner case. Understand the Ordinary Concepts and Domicile tests. -
May 1, 2024The ATO's alert on SMSF asset valuation practices. Learn about regulatory requirements and best practices for evaluating various assets in your SMSF. -
May 1, 2024Get ready for insights on the Albanese government's budget priorities for 2024-25, including tax cuts, small business incentives, energy relief measures and more. -
May 1, 2024What are the impact of non-compete clause on job market. Learn about potential regulatory changes and their implications for businesses and employees. -
May 1, 2024Learn about how ATO investigate professional service businesses who seem to be evading taxes. Understand Part IVA implications and compliance strategies. -
May 1, 2024What is the worth of your business and learn what sets high-value companies apart from the rest. And what are the tactics to increase it over time? -
March 19, 2024Get confirmation of the revised stage 3 tax cuts effective from July 1. Stay informed with expert insights from Bates Cosgrave. -
March 19, 2024Explore insights on debt from ATOS with Bates Cosgrave. Gain valuable perspectives and strategies to manage debt effectively. Enhance your financial knowledge today. -
March 19, 2024Understand the risks of taking money from your business. Get expert advice from Bates Cosgrave on financial implications and strategies for responsible withdrawal. -
March 19, 2024Understand the implications of Fringe Benefits Tax (FBT) on electric vehicles with insights from Bates Cosgrave. Learn about exemptions, concessions, and compliance requirements. -
March 19, 2024Learn how to maximize the benefits of the 1 July super cap increase with expert advice from Bates Cosgrave. Explore strategies for optimizing your superannuation contributions now! -
February 9, 2024Explore the possibility of property development for your self-managed superannuation fund (SMSF). Bates Cosgrave offers expert guidance. -
February 9, 2024Learn about the crucial role of objective evidence in property transactions for navigating tax challenges. Get expert advice from Bates Cosgrave. -
February 9, 2024Discover the redesigned Stage 3 personal income tax cuts and their impact. Get insights from Bates Cosgrave, your trusted tax advisors. Learn more now! -
February 9, 2024Gain transparency and insights into Australia's R&D Tax Incentive Program. Bates Cosgrave provides expert guidance. Learn how to maximize your benefits today!
2023 News
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December 15, 2023Explore the controversy as a taxpayer claims a loss on their home. Gain insights into this unique case with expert analysis from Bates Cosgrave. -
December 15, 2023Get the latest on Parliament's debate on taxing super balances over $3 million. Stay informed with insights from Bates Cosgrave experts. -
December 15, 2023Explore the recent challenge to the ATO's position on unpaid trust distributions to companies. Stay informed with insights from Bates Cosgrave experts. -
December 15, 2023Get ahead in 2024 with insights on key influences shaping the landscape. Explore trends and strategies for success with Bates Cosgrave experts. -
December 8, 2023Explore the recent challenge to the ATO's position on unpaid trust distributions to companies. Stay informed with insights from Bates Cosgrave experts. -
December 8, 2023Discover the latest changes to fixed-term employment contracts with a maximum limit of 2 years. Stay informed with insights from Bates Cosgrave experts. -
December 8, 2023Delve into the $3.6 billion gap in unpaid superannuation in Australia. Gain insights and solutions to address this issue with Bates Cosgrave experts. -
December 8, 2023Stay informed about the proposed 30% tax rate on super earnings exceeding $3 million. Explore the implications with expert insights from Bates Cosgrave. -
December 8, 2023Explore Chobani's Flip Yoghurt GST case study with insights on navigating tax challenges. Learn from Bates Cosgrave's expertise in GST management. -
November 7, 2023Understanding delayed payment and tax consequences for taxpayers. Gain insights into financial planning at Bates Cosgrave. Prepare wisely for the future. -
November 7, 2023Discover eligible tax deductions for self-education expenses. Explore valuable insights from Bates Cosgrave on maximizing your tax benefits for learning investments. -
November 7, 2023Confused about GST registration for your land subdivision project? Our experts guide you through the process. Get clarity today with Bates Cosgrave. -
November 7, 2023Discover the impact of the Airbnb tax and regulatory changes on short-term rentals. Get insights from Bates Cosgrave experts on navigating this evolving landscape. -
October 3, 2023Gain insights from the 2023 Intergenerational Report on anticipating Australia's evolution. Stay informed about the nation's future at Bates Cosgrave. -
October 3, 2023Discover the purpose of superannuation in legislation. Gain insights into retirement planning at Bates Cosgrave. Secure your financial future today. -
October 3, 2023Dive into the billion-dollar TikTok tax scandal. Explore the revelations and implications at Bates Cosgrave. Stay informed about financial news. -
October 3, 2023Understanding delayed payment and tax consequences for taxpayers. Gain insights into financial planning at Bates Cosgrave. Prepare wisely for the future. -
September 7, 2023Confused about GST registration for your land subdivision project? Our experts guide you through the process. Get clarity today with Bates Cosgrave. -
September 7, 2023Discover essential tax insights for small-scale subdivisions on our informative page. Avoid pitfalls with Bates Cosgrave's expert guidance -
September 7, 2023Ensure seamless business succession to the next generation with our expert guidance. Explore key insights on our informative page -
September 7, 2023Is a second job worth it? Explore the value and implications of a second income source on our insightful page. -
September 7, 2023Decode shrinking tax refunds in Australia: Discover reasons and implications on our informative page. Stay informed with Bates Cosgrave. -
July 28, 2023Stay updated on Australian tax changes! Discover what's new as of July 1, 2023, with expert insights from Bates Cosgrave. Navigate tax reforms effectively. -
July 28, 2023Discover the powerful 120% technology and skills boost deduction. Unlock tax advantages for your business. Expert advice from Bates Cosgrave. -
July 28, 2023Digital games have been increasing in an incredible speed. But this growing industry still requires some tax strategies to make sure it goes along the right side. -
July 24, 2023Discover Australian tax treatment of overseas superannuation & pension funds. Expert advice on managing international retirement accounts at Bates Cosgrave. -
July 24, 2023Discover how foreign companies can own a business in Australia. Our expert guide explains regulations, requirements, and key considerations -
July 24, 2023Discover how foreign companies can own a business in Australia. Our expert guide explains regulations, requirements, and key considerations -
June 26, 2023Discover smart super savings and investment strategies with Bates Cosgrave. Maximize your financial future with expert advice. Learn more now! -
June 26, 2023Stay updated on Australian tax changes! Discover what's new as of July 1, 2023, with expert insights from Bates Cosgrave. Navigate tax reforms effectively. -
June 24, 2023Stay updated on Australian tax changes! Discover what's new as of July 1, 2023, with expert insights from Bates Cosgrave. Navigate tax reforms effectively. -
May 31, 2023Rising commodity prices, inflation, and employment have all contributed to an uptick in corporate and individual tax. We will help you know the inner reasons. -
May 31, 2023The Energy Bill Support Fund is designed to provide targeted assistance with energy bills to eligible households and small business clients. Find the details here. -
May 31, 2023Businesses with yearly sales of less than $10 million are eligible to deduct the full purchase price of certain depreciable assets.Explore the impacts here. -
May 31, 2023The NALI rule ensures that superannuation trustees can't receive the benefit of favourable tax treatment . We will also show you the other impacts of the rule. -
May 5, 2023The 2023-2024 federal budget will be unveiled on May 9th this year. Keep an eye out for our budget update on the topics that really matter to you, your family and your business. -
May 5, 2023After FY2025-26, profits on superannuation accounts over $3 million will be subject to a 30% tax. The current 15% concessional tax rate applied to future profits for superannuation accounts above $3 million will increase to 30% as of 2025-26, as promised by the government. -
May 4, 2023From 1 July 2023, the ATO will demand annual reporting from platforms that facilitate taxi services, including ride sourcing, and short-term accommodation. The regime will be extended to cover all additional channels as of July 1, 2024. -
May 4, 2023It takes a lot of time and money to launch a business, and most of that is money you've already paid tax on. So you would assume it's only right that the company repay you once it's up and operating, right? -
May 4, 2023The usage of earn-out clauses in the context of selling a company is on the rise. The benefits and downsides that every business owner should weigh are discussed below. -
May 4, 2023The Australian Taxation Office (ATO) updated its electric car information page on 1 April, coinciding with the start of the new Fringe Benefits Tax (FBT) year. -
May 4, 2023The ATO has published the preliminary questions they will ask to evaluate deduction claims from those who own vacation homes out of the concern that these individuals are claiming too much. -
April 14, 2023Starting from March 1, 2023, the Australian Taxation Office (ATO) requires individuals who work from home to maintain detailed records of their working hours. -
April 14, 2023Starting from March 1, 2023, the Australian Taxation Office (ATO) requires individuals who work from home to maintain detailed records of their working hours. -
April 14, 2023Starting from March 1, 2023, the Australian Taxation Office (ATO) requires individuals who work from home to maintain detailed records of their working hours. -
April 14, 2023Starting from March 1, 2023, the Australian Taxation Office (ATO) requires individuals who work from home to maintain detailed records of their working hours. -
March 3, 2023Starting from March 1, 2023, the Australian Taxation Office (ATO) requires individuals who work from home to maintain detailed records of their working hours. -
March 3, 2023The ATO has made its final decision about how it will apply some integrity rules about trust distributions. -
March 3, 2023Downsizer contributions are a great way to quickly put money into your retirement account. And since the age limit has gone down from 60 to 55, more people can use this strategy if it works for them. -
March 2, 2023On February 21, 2023, Revenue NSW (RNSW) announced significant modifications to the surcharge purchaser duty and surcharge land tax in New South Wales. -
February 17, 2023Employee share schemes (ESS) are a way for employers to provide shares or rights to their employees as part of their remuneration package.
2022 News
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August 30, 2022As many investors experience a so-called ‘crypto winter’ that wiped trillions of dollars off the digital currency market since late 2021, many Australian investors are looking at whether they can claim the losses. -
August 30, 2022During the first two years of the pandemic, the Australian tax office showed some leniency on pursuing business tax debts and allow. -
August 30, 2022During the first two years of the pandemic, the Australian tax office showed some leniency on pursuing business tax debts and allow. -
August 30, 2022During the first two years of the pandemic, the Australian tax office showed some leniency on pursuing business tax debts and allow. -
July 30, 2022During the first two years of the pandemic, the Australian tax office showed some leniency on pursuing business tax debts and allow. -
July 30, 2022One of the biggest complaints from salespeople in a tight economy is the time it takes to achieve a sale. -
July 25, 2022Everyone knows that you don't pay tax on the family home when you sell it, right? We take a closer look at the main residence exemption. -
July 25, 2022As the new Financial Year kicks off, here are the changes you need to be aware of as a business or personal taxpayer. -
May 30, 2022The Australian Tax Office has contacted directors potentially in breach of certain types of debts within their companies. -
May 30, 2022A series of reforms and changes will commence on 1 July 2022. Here's what is coming up. -
May 30, 2022Keeping fit generally means staying healthy, but despite numerous attempts by taxpayers, a gym membership deduction. -
May 30, 2022The Government announced in the 2022 Federal Budget that it had temporarily halved the excise and excise equivalent custom duty. -
May 30, 2022It was one of the headline grabs of the 2022 Federal Budget: Small businesses could spend $100 and claim a $120 tax deduction. -
March 30, 2022With Australian unemployment its lowest in more than 40 years, concerns around skills, wages, inflation and post COVID recovery. -
March 30, 2022For more on our Federal Budget insights, please click here. -
March 30, 2022The pandemic has created a scarcity of labour. As a result, the Government is relaxing certain work restrictions for a range of visas including eligible Student and Working. -
March 30, 2022Admidst concerns about inflation, the Federal Budget has included some measures for skilling and training employees. -
March 30, 2022Training, digital transformation, stronger compliance, and expanding employee share schemes were the focus points. -
March 30, 2022Perhaps surprisingly, there were few superannuation measures in the Federal Budget beyond the extension of the minimum drawdown rates. -
March 30, 2022Families are dealing with increasing costs at the pump, in their shopping baskets, and ricing prices in many areas of their household budgets. -
March 30, 2022This week's ballot box friendly budget had few major surprises, with a focus on jobs, cost of living, business and cost-of-living payments. -
March 30, 2022The Government has again extended the the temporary immediate deductions for small business. -
March 30, 2022Two landmark cases before the High Court highlight the problem of identifying whether a worker is an independent contractor. -
March 30, 2022The Fringe Benefits Tax (FBT) year ends on 31 March. We've outlined the hot spots for employers and employees. -
March 30, 2022The Australian Tax Office (ATO) has released new guidance material that directly targets how trusts distribute income. -
February 23, 2022Businesses struggling with the Omicron wave of the pandemic have been offered new grants and support in NSW, SA and WA. -
February 20, 2022The rules for the Pandemic Leave Disaster Payment, the payment accessible to those who have lost work because they have had to self-isolate with COVID-19. -
February 20, 2022As Australia shifts to 'living with COVID', the Federal Treasurer has announced that PCR and RAT tests will be deducible – if purchased for Work. -
February 20, 2022The Australian Taxation Office's finalised position on the allocation of profits from professional firms starts on 1 July 2022. -
February 20, 20222022 is shaping up to be a year focused on inflation, cost of living, and the realities of stagnant wage growth. -
January 30, 2022The NSW Government has announced a $1bn support package for struggling NSW small businesses. -
January 30, 2022As the new Financial Year kicks off, here are the changes you need to be aware of as a business or personal taxpayer. -
January 30, 2022The Australian Tax Office has long flagged gifts and loans from overseas as likely to come under scrutiny. -
January 30, 2022The Australian Tax Office has extended its relief measures for SMSF trustees.
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January 30, 2022The Australian Taxation Office recently updated its guidance on tax and cryptocurrency. -
January 30, 2022Directors are now required to register for a unique identification number that they will keep for life.