News
With the third quarter of our current financial year right behind us, and the end of the financial year now approaching fast, it's crucial for everyone to be aware of key tax lodgement deadlines to ensure compliance and avoid potential penalties.
One significant date to adhere to is May 15, which serves as the lodgement due date for many taxpayers. It’s fast approaching and may take some time to prepare your lodgement, so to start with, let’s get familiar with the details (below). Then, as soon as you’re able, we suggest starting the preparation process in the lead up to May 15 – the Attune Advisory team are here to help …
The May 15 deadline applies to individuals and trusts that:
• Have no outstanding prior year tax returns as of June 30, 2024.
• Are not classified as large or medium trusts (those with annual total income exceeding $10 million).
• Do not have a tax liability of $20,000 or more based on their latest return.
• Are not new registrants.
For a comprehensive list of lodgement due dates based on specific circumstances, refer to the Australian Taxation Office (ATO) guidelines.
You’ll find this page on the ATO website to be useful for more information: Individuals and trusts outline.
The ATO offers a concessional extension for tax returns due on May 15, allowing individuals, partnerships, and trusts to lodge by June 5, 2025, without incurring penalties, provided any payment due is also made by this date.
The payment due date for tax liabilities depends on when the return is lodged:
• Up to February 12, 2025: Payment is due by March 21, 2025.
• Between February 13 and March 12, 2025: Payment is due by April 21, 2025.
• From March 13, 2025, onwards: Payment is due by June 5, 2025.
These staggered payment arrangements ensure taxpayers have adequate time to meet their obligations.
Failing to lodge your tax return by the due date can result in penalties and interest charges. Moreover, timely lodgement ensures you remain compliant with tax laws and can assist in better financial planning for the upcoming year.
With the May 15 deadline fast approaching, now is the time to prepare all relevant documentation and engage Attune Advisory to begin the lodgement process. Let's get ahead of tax deadlines and make sure you remain compliant and in the best tax position possible for the next financial year. Give the team a call on 1300 866 113 or send us an email to start the conversation – you’ll be glad you did.
The Australian Government has handed down the 2025-26 Federal Budget, packed with measures aimed at easing cost-of-living pressures, stimulating business activity, and reinforcing tax compliance. While headline announcements like personal income tax cuts and energy bill relief make waves, there are also critical updates that could impact individuals, businesses, and investors.
With that in mind, we’ve broken it down to help you more quickly find what you need to know…
From 1 July 2026, all taxpayers will benefit from a two-stage tax cut, reducing the tax rate for income between $18,201 and $45,000 from:
• 16% to 15% (2026-27 financial year)
• 15% to 14% (from 2027-28 onwards)
For the average Australian, this translates to a tax saving of up to $268 in 2026-27, increasing to $536 from 2027-28 onwards.
While not as substantial as previous tax reform efforts, these adjustments provide modest relief—particularly for low and middle-income earners—in an economy where wages are expected to grow slowly.
From 1 July 2024, the Government is raising the Medicare levy low-income threshold, ensuring that those earning below the threshold are exempt from paying the levy.
This change is expected to cost $648 million over five years and will provide tax relief for Australians struggling with cost-of-living increases.
To combat rising utility costs, the Government has extended energy rebates for all households and small businesses:
• $150 will be credited to household energy bills in quarterly instalments from 1 July to 31 December 2025.
• Small businesses will also receive similar relief.
This initiative will cost $1.8 billion over two years and aims to cushion energy price volatility.
Two-Year Ban on Foreign Buyers of Established Homes
From 1 April 2025, foreign and temporary residents—as well as foreign-owned companies—will be banned from purchasing existing homes. This measure seeks to prevent "land banking" and free up housing stock for local buyers.
Help to Buy Scheme Expansion
The Government’s Help to Buy scheme allows eligible Australians to co-purchase a home with the Government, reducing the required deposit and mortgage burden.
Key changes:
However, the program is not yet open for applications, with details still pending. We’ll keep you updated as the scheme opens up.
From 2027, non-compete clauses will be banned for employees earning under the Fair Work Act’s high-income threshold (currently $175,000 per year).
Additionally, new laws will prohibit anti-competitive agreements between businesses that:
These changes reflect broader efforts to increase job mobility, boost wages, and promote fair competition.
Beer Excise Tax Frozen for Two Years
The excise tax on draught beer will be paused for two years from August 2025, keeping beer prices stable.
Higher Caps for Alcohol Producers
From 1 July 2026, the excise remission cap for breweries, distilleries, and winemakers will increase from $350,000 to $400,000 per year, providing tax relief to the alcohol industry.
Trade Tariffs on Russia & Belarus Extended
Australia will maintain an additional 35% tariff on Russian and Belarusian imports as a continued sanction measure.
The Australian Taxation Office (ATO) has received $999 million in funding over four years to expand compliance programs, targeting:
These programs are expected to recover $3.2 billion in additional tax revenue, meaning increased scrutiny for businesses and high-income earners.
There’s never been a better time to have the Attune team on your side to ensure you remain compliant with all of your tax obligations – business and personal.
The Government is reducing reliance on external consultants, contractors, and labour hire, aiming to save $718 million by 2028-29.
While this aligns with broader efforts to streamline spending, it may have ripple effects on private sector firms that provide outsourced government services.
Slow Growth Ahead
The Australian economy is expected to grow by 2.25% in 2025-26, rising slightly to 2.5% in 2026-27.
Budget Deficit & Rising Debt
The underlying cash balance is forecast to be in deficit at -$42.1 billion for 2025-26, with national debt climbing to 21.5% of GDP by 2025-26, increasing to 23.1% by 2028-29.
Wages & Employment
• Wages are forecast to grow by 3% in 2025 and 3.25% in 2026.
• Unemployment is expected to peak at 4.25% in the coming years.
Inflation & Cost of Living
• Inflation is forecast to settle at 2.5% by mid-2025.
• Energy rebates and rent assistance have helped slow price growth.
Global Trade Risks
• Trade tensions between China, the U.S., and Australia remain a concern.
• New retaliatory tariffs could impact export sectors like agriculture & mining.
This Budget delivers a mix of cost-of-living relief, tax cuts, business reforms, and compliance crackdowns. While the measures offer some short-term financial relief, longer-term economic risks remain.
At Attune Advisory, we here to help you and your businesses navigate policy changes and optimise your financial strategies. Our approach is not only to help you remain compliant from a tax perspective, but plan for the future while assessing how other parts of the economy could affect you or your operations.
If you’d like to discuss how the Budget affects you specifically, get in touch with Attune Advisory today on 1300 866 113 or send us an email to start the conversation – you’ll be glad you did.
Tax time can be stressful for business owners, and even a small mistake can lead to unnecessary expenses, penalties, or missed opportunities. Many business owners unknowingly make costly tax errors that impact their bottom line. The good news? With the right strategies, and a little help from the Attune team, these mistakes are entirely avoidable.
Below, we’ll break down the five mistakes worth avoiding to keep your business tax-efficient and compliant.
Accurate record-keeping is essential for maximising deductions and ensuring compliance. Yet, many business owners fail to track expenses properly, leading to lost deductions or even audits.
Avoid this mistake by:
• Using cloud-based accounting software like Xero or QuickBooks to track transactions.
• Keeping digital copies of receipts and invoices.
• Regularly reconciling bank statements and business expenses.
Choosing the wrong business structure—whether sole trader, partnership, company, or trust—can lead to excessive tax liabilities and legal complications.
Avoid this mistake by:
• Consulting the Attune team to ensure you’re set up with the right structure based on your revenue, risk level, and goals.
• Reviewing your business structure periodically as your company grows alongside your accountant.
• Understanding the tax implications of each entity type.
Many business owners leave money on the table by not claiming all the deductions they’re entitled to. Commonly missed deductions include home office expenses, depreciation, and work-related travel.
Avoid this mistake by:
• Keeping a detailed log of business expenses.
• Understanding industry-specific tax deductions.
• Consulting the Attune team regularly to ensure you claim everything you’re entitled to.
Unexpected tax bills can put a strain on cash flow, especially if you haven’t set aside enough funds throughout the year.
Avoid this mistake by:
• Setting up a separate tax savings account.
• Using a tax forecast to estimate quarterly obligations.
• Staying on top of BAS (Business Activity Statement) and PAYG instalments.
With the Attune team on your side, we can help guide you with forecasting and strategies that work for you and your business, so don’t hesitate to reach out to discuss putting the right plan in place for your tax-planning.
Failing to pay superannuation or payroll taxes correctly can lead to severe penalties from the ATO or worse. Late or incorrect super contributions also mean missed benefits for employees.
Avoid this mistake by:
• Ensuring super contributions are paid on time and in full.
• Using payroll software that automatically calculates tax and super obligations.
• Keeping up to date with legislative changes.
• Consider looking at a payroll audit to ensure you are setup correctly for compliance
With the recent addition of the Voluntary Small Business Wage Compliance Code, payroll should become an error-free zone for your business. To make sure you’re doing all the right things at all the right times, contact the Attune team on 1300 866 113 and let’s ensure you’re compliant across the board.
Tax mistakes can be costly, but with the right knowledge and systems in place, you can avoid unnecessary expenses and compliance risks. If you’re unsure whether your business is making these common errors, Attune Advisory is here to help.
Get in touch with Attune today on 1300 866 113 or send us an email to start the conversation – you’ll be glad you did.
Investing in property is a proven way to build wealth, but the structure in which you purchase can have significant tax implications. Many savvy investors use trusts as a strategy to optimise tax benefits and protect their assets. But how does this structure work, and is it the right choice for you?
Below, we’ll break down the key advantages of buying property through a trust and what you need to consider before making the move.
A trust is a legal entity that holds assets on behalf of beneficiaries. It is managed by a trustee, who is responsible for making decisions in the best interest of those beneficiaries. Trusts are commonly used for estate planning, asset protection, and tax planning—making them an appealing option for property investors.
There are several types of trusts, but the most commonly used for property investment in Australia are:
• Discretionary (Family) Trusts – Popular among families for tax flexibility.
• Unit Trusts – Ideal when multiple investors are involved.
• Hybrid Trusts – A combination of discretionary and unit trusts, offering more control over income distribution.
1: Income Distribution Flexibility
One of the biggest tax advantages of a trust is the ability to distribute rental income and capital gains to beneficiaries in a way that minimises overall tax liability. If a trust has multiple beneficiaries, income can be allocated to those in lower tax brackets, reducing the total tax paid.
For example, if a property generates $50,000 in rental income, the trust can distribute it among family members who may be taxed at a lower rate than a single investor would be.
2: Capital Gains Tax (CGT) Concessions
When a trust holds property for over 12 months, it can benefit from a 50% CGT discount upon sale, similar to individual investors. This means that if the property increases in value and is sold for a profit, only half of the capital gain is taxable, significantly reducing the overall tax burden.
3: Asset Protection
Trusts offer an added layer of legal protection by keeping the property separate from personal assets. This can be crucial if the investor faces legal action or financial difficulties, as assets held in a trust are generally shielded from creditors.
4: Land Tax Benefits
Depending on the state, trusts can sometimes help reduce land tax liabilities. Certain types of trusts (such as fixed trusts) may qualify for tax thresholds that individual investors would not. However, it’s essential to check state-specific regulations, as some states impose higher land tax rates on trusts.
5: Estate Planning and Wealth Transfer
A trust allows for seamless succession planning, ensuring that property assets are transferred to the next generation without triggering costly stamp duty or capital gains tax events. This makes it an effective tool for long-term wealth building.
While the tax benefits are attractive, buying property through a trust isn’t suitable for everyone. Consider the following:
• Setup and Compliance Costs – Trusts require legal setup, ongoing administration, and tax compliance, which can be costly.
• Loss of Negative Gearing – Unlike individual investors, trusts generally cannot pass property losses onto beneficiaries’ personal tax returns.
• State-Specific Regulations – Land tax rules and trust structures vary across Australian states, requiring careful planning.
Consulting with the Attune team first is crucial before deciding if a trust is the best structure for your property investment strategy. We can help you build the right strategy and put the structure in place that works best for your goals and circumstances.
However you choose to proceed, it’s important to weigh the pros and cons based on your personal circumstances – which is what we’re here to help with. So, if you’re looking to optimise your property investment strategy, book a consultation with the Attune Advisory team today here or give us a call on 1300 866 113 and let’s explore the best structure for your investments.
