Stafford Latest News (Queensland, Australia)

For decades, trust structures have been a cornerstone of the Australian tax and financial system, prized for their asset protection and flexibility when it comes to income distributions.

It has been a long time coming, but the Government finally passed legislation increasing the instant asset write-off threshold for the year ending 30 June 2025 to $20,000.

Are you a gig economy worker? It's essential that any income (including money, appearance fees, and 'gifts') you earn from platforms such as Airbnb, Stayz, Uber, YouTube, etc., is declared in your tax return.

Make the most of tax time with these key planning opportunities and watch-outs for businesses – from claiming deductions to avoiding ATO scrutiny. Opportunities 1.

The superannuation guarantee rules are broad and, in some circumstances, extend beyond the definition of common law employees to some directors, contractors, entertainers, sports persons and other workers.

The Fringe Benefits Tax (FBT) rules tend to apply when benefits are provided to employees and certain office holders, such as directors.

When it comes to cashflow and budgeting, knowledge is power. Having your finger on the pulse means that you can better control the direction and workings of your business.

In general, customers dislike surcharges and would be happy to see them go – they represent a personal loss of value in much the same way a discount is seen as a personal gain.

As the new year begins, let's have a look at what we can expect when it comes to interest rates and cost of living within Australia.

The Government has announced a transition plan to phase out the use of cheques. Under the plan, cheques will stop being issued by 30 June 2028, and stop being accepted on 30 September 2029.

It's important to be careful with costs in your business over Christmas. The discounting trend Consumers expect a bargain and can generally find one.

The Fair Work Commission has determined that a Philippines based "independent contractor" was an employee unfairly dismissed by her Australian employer.

Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.

Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns.

On 1 July 2023, award rates of pay and the National Minimum Wage increased by 5.75%. We recommend that all employers review their payroll systems to ensure they are applying the correct rates and Awards.