Articles
Written by Julia Kraemer, Not Just beans
Part 1 – Proposed Budget Reforms (2026/27)
The Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 was introduced to Parliament on 28 May 2026 and proposes the following reforms which were announced as part of the 2026/27 Federal Budget on 12 May 2026. The final substance of these reforms will be determined...
Payday Superannuation
“Payday Super” is a proposed reform requiring employers to pay their employees’ superannuation guarantee (SG) contributions at the same time as salary and wages, instead of the current quarterly schedule. The measure is proposed to begin from 1 July 2026 but is not yet law and consultations are currently ongoing.
No More Tax Deductions for General Interest Charges (“GIC”) & Shortfall Interest Charges (“SIC”) from 1 July 2025
Starting 1 July 2025, taxpayers in Australia can no longer claim income tax deductions for interest charges imposed by the ATO, being “GIC” and “SIC”. The incurred interest charges will be non-deductible even if relating to a past liability.
Business Asset Write-Off: What Does It Mean for Your Port Macquarie Business?
The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 was officially passed by both Houses of Parliament in July 2024. For local businesses, this means important updates to the way you can claim deductions on business assets.