Federal Budget 2026 Summary
The Federal Budget was handed down last night, with a number of proposed changes affecting areas such as capital gains tax (CGT), negative gearing, and the taxation of trusts. As always, the detail will be critical, and we will provide further insights once the legislation is released and fully ...
Fringe Benefits Tax (FBT): What to Do Now
With the Fringe Benefits Tax (FBT) year ending on 31 March, the focus now shifts from planning to reviewing, finalising, and meeting your compliance obligations. If your business has provided any non-cash benefits to employees over the past year, now is the time to ensure everything is ...
Payday Super: What Employers Need to Know
Back in 2023, the Australian Government announced a major shift in the way that employers pay superannuation. From 1 July 2026, all employers will be required to pay super at the same time as salary and wages. This new approach, known as payday super, will replace the traditional quarterly ...
Australian Holiday Homes Tax Changes
The ATO has published draft guidance that signals a major shift in how holiday homes will be taxed. What’s changing? The ATO now plans to treat some holiday homes as ‘leisure facilities’ under tax law. If your holiday home is classified this way, you can’t claim deductions for many ownership ...
Farm Structuring
Farming business structures have changed significantly over the years. Back in the early 1990’s, many farmers operated through a partnership or family trust. Both options have their benefits, but as farming enterprises grow in scale and complexity, many farmers are finding that these ...
Major Repair Costs Can Still Be Deductible
A recent case has shed light on how substantial expenses related to rental property repairs can still be classified as deductible, provided there is sufficient documentation and a clear understanding of tax law. In August 2022, a rental property in Canberra became uninhabitable after a leaking ...
Super Guarantee Rate Increase
Starting 1 July 2025, the Superannuation Guarantee (SG) rate in Australia will increase from 11.5% to 12%. This marks the final step in a series of scheduled increases aimed at enhancing retirement savings for Australian workers. What Is the Superannuation Guarantee? The Superannuation ...
Leveraging Technology
In today’s fast-paced business environment, staying ahead of the competition requires more than just traditional accounting knowledge – it takes innovation, efficiency, and an unwavering commitment to delivering value. At Lockwood Partners, we understand the importance of technology in ...
Cashflow Budgets and Forecasts
In the current economic climate, it is important to draw attention to a topic that is fundamental to every business’s financial health: cashflow budgets and forecasts. Whether you are setting up a new business or an established organization, understanding and managing your cashflow is crucial ...
Making the Festive Season Tax-Friendly
Christmas parties are a fantastic way to reward your team, but they can come with potential FBT liabilities. By understanding the rules, you can strike a balance between rewarding your staff and minimising tax obligations. On-Site Parties: Exempt from FBT if held at the workplace for employees ...