Reading Room

The US economy experienced a notable slowdown in the first quarter of 2025. The latest GDP data showed the economy contracted at an annual rate of -0.3%.

If you are involved with running a not for profit (NFP) organisation it is important to be aware of key obligations and requirements including a relatively new ATO reporting obligation.

With the 2025 tax season fast approaching the Australian Taxation Office (ATO) is reminding taxpayers to be careful when claiming work related expenses. This is in reaction to a spate of claims that didn’t quite pass the ‘pub test’.

As the Labor party settle back into their seats having secured a majority in the House of Representatives, we look at the campaign promises and the unfinished business from last term.

After 1 July 2025 taxpayers will no longer be able to claim an income tax deduction for ATO interest charges (being the general interest charge (GIC) and the shortfall interest charge (SIC)).

The ATO has updated its small business benchmarks with the latest data taken from the 2022–23 financial year. These benchmarks cover 100 industries.

As the urban sprawl continues in most major Australian cities, we are often asked to advise on the tax treatment of subdivision projects. Before jumping in and committing to anything, it is important to understand the tax liabilities that might arise from these projects. Unfortunately, many people make incorrect assumptions about the way that subdivision projects will be taxed, often believing that any tax exposure will be minimal. However, the reality is that there are a number of important issues that need to be considered and that could have a significant impact on the overall profitability of the project.

The Government has finally passed legislation increasing the instant asset write-off threshold for the year ending 30 June 2025 to $20,000.