Tag: Budget

New Regulations to Look Out for with The Incoming Better Advice Bill

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The government has submitted for consultation exposure draft regulations for the Better Advice Bill. The bill was passed in the House in early August and is expected to go into effect on 1 January 2022. Amongst its proposed changes are plans to transfer functions from the Financial Adviser Standards and…

Predicted ATO audit activity trends for 2021 & 2022

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Despite the temporary slowing in 2020 of the Australian Taxation Office (ATO) and other State & Federal government revenue authorities’ audit activity levels due to the Covid-19 pandemic, 2021 has already proved to be as busy as ever. Our claims team recently published an article on tax audit claim stats all…

Fair Work Commission Orders 2.5% Minimum Wage Increase

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Minimum wage earners can expect a boost following a decision by the Fair Work Commission to increase their wages by 2.5%. This will see full-time workers take home about $20.33 an hour, or $772.60 a week. It translates into an increment of $18.80 a week, impacting as many as 2.5…

Greens 6% Wealth Tax Proposal Could Raise $40 Billion

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The Australian Greens are proposing new taxes on the wealthy aimed at correcting inequality under their new “Fight for the Future” campaign. The laws would see Australia’s billionaires receive a 6% wealth tax that would be imposed on 90% of their original wealth. This measure would not only help to…

Australia Faces Huge Budget Deficit Due to COVID-19

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The coronavirus pandemic is expected to give Australia its largest budget deficit since World War II. After almost three decades of economic growth, the budget deficit is now expected to reach $184.5 billion in the new fiscal year. As Finance Minister Mathias Cormann put it: “We know why we’re here.…

ATO Releases Updated Tax and Superannuation Advice

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To help Australians deal with the economic fallout in the wake of the COVID-19 pandemic, the government is allowing early access to superannuation and tax relief for individuals and businesses. On March 24th, the Australian Tax Office updated its website with a ‘one-stop-shop’ that provides information and advice related to the…
turning point

Australia’s Growth Rate Expected to Improve, But Other Issues Remain

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Australian economy reaching turning point In the semi-annual meeting with the Parliamentary Committee, Reserve Bank Governor Dr Philip Lowe said that the Australian economy was at a turning point and urged the government to do more. The meeting comes after Liberal MP Tim Wilson accused the RBA of giving up…

What does the Budget Proposal Mean For Your Taxes?

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Coalition Government’s 2019 Budget In what Treasurer Josh Frydenberg called “the largest personal income tax cuts since the Howard government,” low and middle-income earners will be some of the biggest benefactors in the proposed budget released on 2 April of this year. At the time this article was written, low to middle income earners…