Helpful Articles and News from Garnet

Get ready for tax time 2024

Get ready for tax time 2024

As the ATO gears up for tax time 2024, it has flagged three primary areas where taxpayers frequently make mistakes.  It has emphasised the importance of getting tax returns right the first time to avoid unnecessary complications from having to amend tax returns and...

Federal Budget 2024: Business Measures

Federal Budget 2024: Business Measures

Treasurer Jim Chalmers has handed down the 2024-25 Federal Budget with various tax-related measures concerning SMEs. On Tuesday 14 May 2024, Treasurer Jim Chalmers handed down the 2024-25 Federal Budget, his 3rd Budget. The major SME business tax-related measures...

Super on Paid Parental Leave

Super on Paid Parental Leave

In a win for gender equality, the Australian government enhancing women's retirement savings by paying super on government PPL and expanding the PPL. The government has announced that from 1 July 2025, it will commence paying super on Government Paid Parental Leave...

Revised stage 3 tax cuts now law

Revised stage 3 tax cuts now law

The revised stage 3 tax cuts are now law, and it is time to be proactive about your time planning. Find out how it will affect you here. Now that the revised stage 3 tax cuts have passed all stages of Parliament and received Royal Assent, the new rates are law and...

Estate planning considerations

Estate planning considerations

Estate planning is a complex area that requires careful consideration of tax implications, which can vary widely depending on individual circumstances. Many issues that affect the distribution of assets to beneficiaries will need to be considered before an individual...

Are you receiving PSI?

Are you receiving PSI?

Do you earn PSI? While most people may think that it only applies to builders or tradies, the truth is that may also apply to any instance where individuals use their personal effort or skills. Personal Services Income (PSI) generally only applies to individuals that...

ATO areas of interest for the year

ATO areas of interest for the year

At the end of last year, the ATO highlighted 3 areas of focus, including cyber security, debt book and improving tax performance for 2024. The ATO has indicated it will move its focus in 2024, with the Second Commissioner of Client Engagement, Jeremy Hirschhorn,...