The Government increases the burden on small business
The Government has removed the tax deduction for ATO General Interest Charges, from 1 JUly 2025.
The Australian Taxation Office (ATO) has recently announced a significant change that will significantly impact small businesses from July 1, 2025. From this date, General Interest Charges (GIC) will no longer be tax deductible.
This change has potential to significantly impact small business given how difficult it can be for small business to access finance. This also makes one wonder if the Government really wants to support small business, particularly given the current economic conditions and the substantial increase in small business insolvencies.
2025 Fringe Benefits Tax year
The 2025 Fringe Benefits Tax (FBT) year is coming to a close, read our article to see what employers should be doing, it is important for employers to review any fringe benefits they may have provided to employee and record vehicle odometer reading for the FBT year. FBT pertains to any non-cash benefits employers provide to their employees. The ATO have an aggressive compliance stance when it comes to FBT, employers need to be on the front foot to avoid any potential penalties.