As a small business owner, getting your GST right is crucial, but mistakes can happen, even to the most careful among us. If you’ve realised you’ve incorrectly charged GST on a sale, don’t worry – there are steps you can take to correct it.

Many Australians have turned to self-managed super funds (SMSFs) to gain more control over their retirement planning and savings.

Claiming tax deductions on vacant land may seem straightforward, but like most things in tax, it’s not that simple. For your land to qualify as "vacant land" for tax purposes, it must meet a series of specific conditions.

In response to the rapidly changing financial landscape, the Federal Government has announced measures to secure the future of cash transactions while gradually phasing out cheques. This initiative, outlined by Treasury in November, aims to strike a balance between modernisation and inclusivity, ensuring that all Australians, regardless of their preferred payment method, remain financially integrated.

Recent changes to superannuation legislation could have an impact on your retirement planning. On 28 November 2024, both Houses of Parliament passed a bill defining the official "objective" of superannuation. This change aims to guide future superannuation policies and ensure they align with this defined objective.

Understanding the ATO's focus areas for 2025 is crucial to ensuring your business remains compliant and on track. The ATO has outlined specific areas of concern to help you avoid common pitfalls and manage your tax obligations effectively. Here’s what you need to know to keep your business on the right path.

If you're one of the millions of Australians with a Higher Education Loan Program (HELP) debt, you may be wondering how the government’s proposed changes to HELP loans will impact you. While these changes are still subject to legislation, they are expected to take effect by 1 June 2025.

Facing a tax bill is a common challenge for many Australian businesses. Whether you're currently dealing with a tax debt or anticipating one, it’s crucial to approach the situation proactively. Engaging with your tax agent and the ATO early on is the best way to manage your debt and get your business back on track.

As retirement approaches, couples often find significant imbalances in their superannuation accounts. This disparity can play a crucial role in retirement planning, and addressing it proactively can benefit various retirement strategies.

If your small or medium business is experiencing significant growth, you may soon hear from the ATO regarding your inclusion in its medium and emerging program for private groups. This program is tailored to engage businesses and private groups that are rapidly expanding or have substantial turnover.