Insights

Property has long been a popular source of wealth creation in Australia, but from a tax perspective, not all property activities are treated equally. Whether the Australian Tax Office (ATO) considers you a long-term investor or a property developer can have a significant impact on your tax obligations including whether profits are subject to Capital Gains Tax (CGT), income tax, or even Goods and Services Tax (GST).

Lodgment of the Taxable Payments Annual Report is due 28 August each year.

From 1 July 2025, interest charged by the Australian Tax Office (ATO) – the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) – will no longer be deductible under the new section 26-5(1A) of the Income Tax Assessment Act 1997. 

The Fringe Benefit Tax year for 2024/25 ended on 31 March 2025. It is important for SME businesses to review their obligations to ensure that any FBT is paid over the next couple of months.

Following on from our previous article in October 2024, we advise the Commissioner of State Revenue finally issued QRO Public Ruling PTAQ014.1.2 on 3 March 2025, confirming payroll tax exemptions for GP practices.

Upgrading your fleet by investing in a new or pre-owned truck is a significant business decision that requires careful financial planning. Given the significant capital investment, selecting the right financing option is crucial for managing your business’s cash flow effectively and maximising tax benefits.

Fuel tax credits provide businesses operating within the transport and logistics industries with a rebate on the fuel tax (excise or customs duty) included in the price of fuel which is used for business purposes. For information on the latest fuel tax credit rates from February 2025, please refer to our latest blog on our website.

For businesses managing a vehicle fleet, or using fuel for business activities, the Fuel Tax Credits (FTC) scheme can be an excellent route for operators to claim full or partial credits for the fuel tax (excise or customs duty) that's included in the price of fuel.

From 1 January 2025, changes to the Foreign Resident Capital Gains Withholding (FRCGW) rules have come into effect.