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Super to be Paid Each Payday from July 2026
Super to be Paid Each Payday from July 2026
Holiday Homes Under ATO’s Microscope
Holiday Homes Under ATO’s Microscope
For many Australians, a holiday home does double duty. It’s a place to escape with family and friends, and during the rest of the year it’s listed on Airbnb or Stayz to help cover the costs.Until recently, many owners assumed they could claim most of the usual deductions for the property without much trouble, as long as appropriate apportionments were made. However, that position is now under more scrutiny than ever following the release of some new draft guidance documents by the Australian Tax
Downsizer Contributions and the Main Residence Exemption
Downsizer Contributions and the Main Residence Exemption
When clients sell a long-held family home, they may be able to channel part of the proceeds into superannuation by using the downsizer contribution rules.Basic Eligibility ConditionsTo qualify, the seller must meet a number of conditions: • They must have reached the eligible age of 55 years (at the time of making the contribution). • The eligible dwelling must be located in Australia and have been owned for at least 10 years. • The disposal of the dwelling must be exempt from CGT under the main
Div 296 Update
Div 296 Update
The proposed Division 296 tax changes are currently before Parliament and remain subject to the legislative process, so the details are not yet final. However, as there have been some important revisions to the original proposal, we wanted to share a practical summary of what is currently on the table and what it may mean if enacted in its current form.ThresholdsThe original $3m threshold remains, with an additional $10m tier now proposed: • $3m–$10m – Effective tax rate of 30% on Division 296 e
ATO Tightens Focus on Trusts and Wealth Structures
ATO Tightens Focus on Trusts and Wealth Structures
The ATO is paying closer attention to how income, assets and wealth are structured — particularly where trusts and family groups are involved.While much of the focus is on higher-wealth taxpayers, many small business owners and professionals could also be affected.Key Areas the ATO is WatchingTrusts and Family GroupsErrors in family trust elections and distributions can trigger unexpected tax and interest. The ATO is encouraging voluntary disclosures to correct past mistakes.Tip: A review of tru
$20,000 instant asset write-off for 2025–26: What Small Businesses Need to Know
$20,000 instant asset write-off for 2025–26: What Small Businesses Need to Know
If you’re a small business owner planning to invest in equipment or assets, the instant asset write-off (IAWO) could provide a valuable tax benefit this year.Who can use it?Businesses with an aggregated annual turnover under $10 million may be eligible to claim the instant asset write-off.What can you claim?You may be able to immediately deduct the business portion of eligible assets costing less than $20,000.Key points: • The $20,000 threshold applies per asset, meaning multiple assets can be w
Just Jack — Celebrating an Extraordinary Life
Just Jack — Celebrating an Extraordinary Life
Some lives are so full, so rich in purpose and contribution, that they leave a lasting imprint on everyone they touch. Our much-valued client, the late Dr Jack Woolridge, lived one of those lives.Many in our community knew Jack as a highly respected cardiologist, a pioneer in his field, and a man deeply committed to his patients. Others knew him through his passion for thoroughbred horses, or simply as a warm, humble gentleman with a great story to tell. What fewer people may know is just how re
Bubbles & Brunch Pausing for 2026. Donate to Orana Women's Health.
Bubbles & Brunch Pausing for 2026. Donate to Orana Women's Health.
Bubbles & Brunch has been Sullivan Dewing’s way of celebrating women in business, while bringing together people from across our whole community to connect, be inspired, share ideas and enjoy a genuinely great morning together. Held each year in support of Orana Women’s Health Centre, the event has always balanced celebration with purpose. Together, we’ve heard powerful stories from incredible guest speakers including Layne Beachley, Julie Goodwin and Jana Pittman, shared plenty of laughs, and w
Dual Cab Utes Aren’t Tax Free
Dual Cab Utes Aren’t Tax Free
There's a common myth that dual cab utes are automatically exempt from fringe benefits tax (FBT). However, that's not the case.If an employer provides dual cab utes to staff to complete their duties and the vehicle is available for personal use, then the benefit may be subject to FBT.By understanding how your employees use their dual cab utes, you can work out if FBT applies.When FBT doesn't applyTo qualify for an exemption, 2 conditions must be met. The dual cab ute must be:1. An eligible vehic
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Sullivan Dewing hosts a number of events throughout the year, featuring guest speakers on a range of topics from the state of the economy and building a profitable business, to superannuation and women in business.
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Our blog hosts the latest business and taxation news from Sullivan Dewing Chartered Accountants and Business Builders. Helping you build profit and save tax.
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