2024-25 Federal Budget – $20,000 instant asset write-off

Last year’s budget extended ability of businesses with aggregate turnover of less than $10 million to immediately deduct the full cost of eligible depreciating assets costing less than $20,000 until 30 June 2024. In pleasing news, it was announced that the instant asset write-off has now been ...

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Superannuation Guarantee Zero Tolerance

In the last couple of months, we have observed an increase in Australian Taxation Office (ATO) reviews and audits focused on Superannuation Guarantee (SG). Broadly, with respect to the SG audits, a key driver appears to be data-integrity checks comparing data within Single Touch Payroll (STP) ...

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Farewell Thommo

After 35 years of service, we wish to announce that Mark “Thommo” Thomson will be finishing up with Lockwood Partners effective 30 June 2024. We extend our sincerest gratitude for his contributions to the firm – both as employee and director. We are grateful for his dedication, and friendship ...

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Commissioner finalises his view on expenses associated with holding vacant land

Background Section 26-102 was introduced effective 1 July 2019 to address integrity concerns regarding the availability of evidence to substantiate taxpayers’ intent in respect of holding costs deducted in connection with vacant land. Essentially, there was necessarily a heavy reliance on ...

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Discounting your capital gain

The capital gains tax (CGT) discount can reduce by 50% a capital gain that you make when you dispose of (sell) a CGT asset that you have owned for 12 months or more. However, the discount is only available to: individuals (but not foreign or temporary residents) complying superannuation funds ...

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Avoid the ATO’s increased tax penalties

Announced as part of the 2023-24 Federal Budget, increased funding has been provided to the ATO to scrutinise taxpayers who have a high-value outstanding debts of over $100,000 and aged debts older than two years where those taxpayers are: public and multinational groups with an aggregate ...

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Tax Planning Strategies for EOFY

As the end of the financial year approaches, it’s crucial for individuals and businesses alike to engage in effective tax planning. By taking proactive steps to manage your finances before the year ends, you can optimize your tax situation, minimize your tax liabilities, and potentially ...

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ATO Finalises Section 100A Guidance for Family Trusts

Do you operate your business via a family trust? The ATO released its final guidance material on the application of section 100A on 8 December 2022 – TR2022/4 and PCG 2022/2. In doing so, it has fortunately clarified a number of issues. To recap, the ATO in February 2022 updated its guidance ...

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Paid Family and Domestic Violence Leave

Employees of non-small business employers can now access 10 days of paid family and domestic violence leave in a 12- month period. Employees of small businesses (employers with less than 15 employees) can access the leave from 1 August 2023. Key points Full-time, part-time and casual employees ...

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Seasons Greetings

As the year comes to an end, Lockwood Partners and Provide Group take this opportunity to wish you and your family a happy festive season! Our office will be closed from 12pm Wednesday 21 December and re-open 8am Monday 16 January 2023. For those of you that have not yet had a chance to visit ...

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