No one is immune to the risk of a tax audit! Learn more about tax audit insurance

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Newsletter March 2025

Federal Budget 2025/26: Key Takeaways

 

Yesterday, Treasurer Jim Chalmers handed down the 2025/26 Federal Budget. Here are the budget highlights delivered by our Tax Advisory Partner Tim Olynyk:

  • The 16% marginal tax rate will be reduced to 15% from 1 July 2026 and from 15% to 14% from 1 July 2027
  • There will be substantial funding to expand Medicare, providing greater access to bulk-billed GP services and reducing out of pocket expenses
  • Households and businesses will both get an energy bill rebate of $150 for the 2025/26 financial year
  • The Small Business $20,000 instant asset write-off concession will not be extended to the 2026 financial year

What is tax audit insurance, and what are the benefits?

If the ATO or other government revenue authority decides to audit your business, it can cost you thousands of dollars in accounting and legal fees to help manage the audit process.

 

No taxpayer is immune to the risk of an audit but tax audit insurance helps cover these unexpected costs, so it’s important to get covered for your financial protection and peace of mind.

Read more

Don’t risk criminal charges for intentionally underpaying employees!

 

From 1 January 2025, deliberately underpaying your employees can lead to criminal charges. Employers found guilty of intentionally underpaying wages or entitlements may face serious consequences, including substantial fines and/or up to 10 years’ imprisonment.

Your employees’ right to disconnect

Right to disconnect laws, effective from 26 August 2024, help promote better work-life balance for employees.

 

These laws allow employees to decline work-related communications outside their regular work hours unless the contact is deemed “reasonable.” What’s deemed reasonable depends on factors like the purpose of the contact, its level of disruption, compensation, the employee’s role, and personal circumstances.

WARNING: ATO forces non-compliant businesses to monthly GST reporting

 

Small businesses that have a poor history with their GST reporting (e.g. missing payments, lodging a BAS late, incorrectly reporting GST) may be moved to monthly GST reporting from April 2025. The ATO will warn you in writing if you are to be moved to monthly – not quarterly – reporting.