Taxwise - For Individuals - May 2025

News and Insights

Featured News and Insights from VCO

Stay informed with VCO's latest perspectives on accounting, tax, and business.

Our News and Insights section provides timely updates, expert analysis, and practical guidance to help you navigate the everchanging financial and regulatory landscape. Whether it’s key legislative changes, industry trends, or strategic advice, we share valuable knowledge to support your business and financial success.

IN THIS ISSUE

WHAT’S NEW?

Small Business Instant Asset Write Off
Personal Income Tax Cuts
Working from Home

ELECTION PROPOSALS

20% Reduction on All Student Loans
Standard Tax Deductions

FROM THE ATO

Tips for Sole Traders
Common CGT Mistakes
Small Business Financial Benchmarks
Non-Commercial Business Losses
Using Business Money and Assets for Personal Use of Benefit
Division 7A and Unpaid Present Entitlements
Contractors Omitting Income
Moving From Quarterly to Monthly Reporting
Beware of SMSF Scams
Operation Protego

KEY TAX DATES

Back to News & Insights

Taxwise – For Individuals – May 2025

Written on May 9, 2025.
Posted in General

IN THIS ISSUE WHAT’S NEW? Small Business Instant Asset Write Off Personal Income Tax Cuts Working from Home ELECTION PROPOSALS 20% Reduction on All Student…

Taxwise – For Business – May 2025

Written on May 9, 2025.
Posted in General

IN THIS ISSUE WHAT’S NEW? Small Business Instant Asset Write Off ELECTION PROPOSALS 20% Reduction on All Student Loans Standard Tax Deductions Personal Income Tax…

Taxwise – Special Federal Budget 2025-26 Edition

Written on April 7, 2025.
Posted in Tax & Advisory

IN THIS ISSUE BUDGET OVERVIEW TAX HIGHLIGHTS Tax Measures for Individuals Medicare Levy Thresholds Cutting Student Debt Foreign Resident CGT Regime Tax Deductible…

Taxwise for Business – February 2025

Written on February 28, 2025.
Posted in Tax & Advisory

IN THIS ISSUE WHAT’S BEEN HAPPENING IN PARLIAMENT? Instant Asset Write-Off – Small Business FROM THE ATO WEBSITE ATO Focus Areas for Small Business ATO…

Taxwise for Business – November 2024

Written on November 15, 2024.
Posted in Tax & Advisory

IN THIS ISSUE WHAT’S NEW? Depreciation for Small Businesses FROM THE ATO Are You a Small or Medium Business? Business Income and Expenses Hiring New…

Taxwise – For Business – September 2024

Written on September 13, 2024.
Posted in General

IN THIS ISSUE WHAT’S NEW? Tax Changes from 1 July 2024 It’s Tax Time Again! Tax Losses Personal Services Income Home Office Company Tax Rate…

Taxwise – For Individuals – September 2024

Written on September 13, 2024.
Posted in General

IN THIS ISSUE WHAT’S NEW Income Tax Rates Income Tax Thresholds/Amounts GDP Adjustment for 2024-25 Medicare Levy Surcharge and Private Health Insurance HELP and Other…

Am I Allowed to Withdraw Money From My Superfund?

Written on July 12, 2024.
Posted in Superannuation, Audit & Assurance

In the realm of financial planning, understanding the rules and regulations surrounding retirement savings is crucial. One common query that often arises is whether individuals…

Watch Out for Cyber Criminals Masquerading as the ATO

Written on June 20, 2024.
Posted in General Compliance, General

The ATO is warning Australian Taxpayers to be on increased alert for tax scams. Cyber criminals are becoming more sophisticated with their scams. Don’t become…

Taxwise for Business – June 2024

Written on June 13, 2024.
Posted in Tax & Advisory

IN THIS ISSUE YEAR END TAX TIPS How to Reduce Your Tax Bill Trustee Resolutions WHAT’S IN THE LEGISLATIVE PIPELINE? Small Business Instant Asset Write…

Division 293 Release Authority via SuperStream

Written on June 5, 2024.
Posted in Superannuation, Audit & Assurance

For individuals subject to Division 293 tax, requesting a release of funds from your Superfund for Division 293 payment requires coordination between the individuals, the…

Taxwise – BUDGET EDITION – May 2024

Written on May 27, 2024.
Posted in Tax & Advisory

IN THIS ISSUE Key Tax & Superannuation Measures Business Income Tax Measure Small Business – $20,000 Instant Asset Write-off Extended Foreign Resident CGT Regime Rugby…

What Is A Travelling Expense?

Written on May 21, 2024.
Posted in Tax & Advisory

What is a Travelling Expenses? According to the Australian Taxation Office (ATO), travelling expenses eligible for claim typically include accommodation, meals, and incidental expenses. The…

Taxwise for Business – May 2024

Written on May 17, 2024.
Posted in Tax & Advisory

IN THIS ISSUE FROM THE ATO Check Your PAYG Instalments Can You Claim the Small Business Skills and Training Boost? Starting a Franchise EV Home…

Taxwise for Individuals – May 2024

Written on May 17, 2024.
Posted in Tax & Advisory

IN THIS ISSUE STAGE 3 PERSONAL INCOME TAX CUTS REDESIGNED FROM THE ATO Is Your Business Eligible for Concessions? Check Your PAYG Instalments Claiming Working…

Taxwise Business – March 2024

Written on March 15, 2024.
Posted in Tax & Advisory

IN THIS ISSUE WHAT HAS THE GOVERNMENT BEEN UP TO? Stage 3 Income Tax Cuts Redesigned GST Amendments FROM THE ATO Employee of Independent Contractor?…

Simplifying Rollovers Into and Out of Self-Managed Superfunds (SMSF) with SuperStream

Written on March 8, 2024.
Posted in Audit & Assurance

In the realm of SMSFs, the ability to seamlessly process rollovers is paramount for trustees and members alike. With SuperStream, a government initiative aimed at…

Main Residence CGT Exemption

Written on February 23, 2024.
Posted in Tax & Advisory

This article discusses the Capital Gains Tax (CGT) implications related to the sale of a dwelling, focusing on the main residence exemption. It highlights that…

Death and Taxes

Written on February 16, 2024.
Posted in Tax & Advisory

As the saying goes, nothing is certain in life except death and taxes, and when you are acting as Executor of a Deceased Estate there…

Valuing Your Business – Enterprise Value vs Equity Value

Written on February 9, 2024.
Posted in Business Advisory

This article is aimed at distinguishing the difference between the value of operating assets and the value of a business’ (or entity’s) equity. These terms…

Succession Planning

Written on February 1, 2024.
Posted in Estate & Succession Planning

Business owners today have lots to think about and are finding their resources stretched, to keep up with the many regulatory requirements imposed on businesses….

TaxWise Business – November 2023

Written on November 3, 2023.
Posted in Tax & Advisory

IN THIS ISSUE WHAT’S NEW IN PARLIAMENT Small Business Instant Asset Write Off Bonus Deductions for Improving Energy Efficiency FROM THE ATO Are You a…

TaxWise Business – September 2023

Written on September 12, 2023.
Posted in Tax & Advisory

TaxWise Business News – September 2023 Tax Changes from 1 July 2023 Lodging a Tax Return Tax Losses Personal Services Income Home Office Company Tax…

TaxWise For Individuals – September 2023

Written on September 12, 2023.
Posted in Tax & Advisory

TaxWise For Individuals September 2023 WHAT’S NEW Income Tax Thresholds Instant Asset Write-off GDP Adjustment for 2023/2024 Medicare Levey Surcharge and Private Health Insurance HELP…