Most people are aware that Land Tax in Victoria generally applies when you own certain properties such as a holiday house, investment property or commercial property.

The Treasurer delivered the Federal Budget on Tuesday 25 March 2025. There were a number of key tax and cost of living announcements.

It is important to note that many of the announced measures require changes to the law before they take effect. During this process, parliament may add, remove or modify any of the measures.

Cambrian Hill Accounting offers a free 30 min Discovery session. There is no obligation to engage our services.

The Discovery Session is an initial meeting to understand your business needs and whether our services and support are aligned with your business requirements.

There are a couple of key changes announced by the Federal Government but are not yet law.

With a Federal Election due before 17 May 2025, these changes may or may not be passed prior to a potential change in government.

All Australian residents (for tax purposes) must have a clearance certificate issued by the ATO when selling property. If not, the purchaser will need to withhold a percentage of the sale price (or market value) for Foreign Resident Capital Gains Withholding (FRCGW).

At this time of year many people are taking stock of their financial position.

There are many great resources around – some free and some charge a small fee.

A great starting point is the Australian Government website: Moneysmart.gov.au. The website is managed by our corporate regulator – the Australian Securities & Investment Commission (ASIC).

While relaxing over the holiday period, many people consider investing in a property that can be used for family holidays during the year and listed as a short-term rental when not required.

A ‘fringe benefit’ is a benefit that is provided to your employees or your employees’ families or associates.

There are many different types of fringe benefits such as the private use of a work car, car parking, entertainment or discounted loans.

There is a separate tax, fringe benefits tax (FBT), that is calculated on the taxable value of the fringe benefit. This tax is payable by the employer.

A HECS loan (also known as HECS-HELP) is available to students to pay the student contribution amount in a Commonwealth Supported Place (CSP) at a university or higher education provider.

Until yesterday, the indexation was based on the CPI (Consumer Price Index).

The Universities Accord (Student Support and Other Measures) Bill 2024 was passed in parliament yesterday (26/11/2024) which brings 2 key changes.

Cambrian Hill Accounting offers a free 30 min Discovery session. There is no obligation to engage our services.

The Discovery Session is an initial meeting to understand your business needs and whether our services and support are aligned with your business requirements.

All workers must have Super Guarantee paid on their wages. There are only limited exceptions.

If you have not paid your employee’s SG into their nominated super fund by the due date each quarter, you will need to lodge a Super Guarantee Charge (SGC) statement with the ATO and pay the Super Guarantee Charge.

Non-charitable Not-For-Profit organisations include many sporting clubs, community service organisations, child-care centres and professional associations.

Non-charitable NFP organisations with an active Australian business number (ABN) need to lodge an annual NFP self-review return with the ATO to confirm their eligibility to self-assess as income tax exempt.