From 1 July 2025, interest on unpaid tax debts will no longer be tax-deductible—even if the debt relates to an earlier financial year.
However, any interest charged by the ATO before 1 July 2025 can still be claimed as a deduction in your 2024–25 tax return.
If you have outstanding ATO debts, we strongly recommend booking a consultation with us. We can help you explore your repayment options, including tailored ATO payment plans. While general interest charges (GIC) will still apply, clearing the debt sooner can significantly reduce future interest costs.
To avoid these unnecessary charges, it’s now more important than ever to stay up to date with your tax obligations. As part of your strategy, we can also guide you on improving cash flow planning—for instance, setting aside GST, PAYG withholding, and superannuation contributions in advance.
Let us help you stay compliant and financially prepared. Talk to a tax adviser who understands the needs of healthcare professionals.
If you’re running a small business and decide to sell it – or dispose of some of its assets – the Capital Gains Tax (CGT) retirement exemption can be a game-changer. This concession can significantly reduce, or even eliminate, the tax payable on the capital gain.
Being made redundant often comes with a lump sum payout. While this can provide valuable financial support, it’s important to understand how the payment is taxed. Not all components are taxed the same way, and the tax treatment can significantly affect how much you actually take home.
Claiming car expenses for electric vehicles (EVs) can be more complicated than for petrol cars – especially when using the logbook method. While fuel receipts are straightforward for petrol cars, calculating electricity usage for EVs requires more careful record-keeping and ATO-approved methods.