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Check out the lightest to heaviest animals in the world

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In March 2024, the government announced its intention to commence paying superannuation on government paid parental leave (PPL) payments from 1 July 2025. The related law has now been passed.

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New parents eligible for the PPL scheme with children born or adopted on or after 1 July 2025 will receive the paid parental leave superannuation contribution (PPLSC). This will be paid as a lump sum superannuation payment following the end of each financial year when the parents received PPL.

Recipients of PPL won’t be required to make a claim –the ATO will calculate the PPLSC based on information from Services Australia about their payments, and the contribution will be automatically deposited into their nominated superannuation fund.

The PPL scheme has also increased entitlement as follows:

From 1 July 2024 – eligible up to 22 weeks.

From 1 July 2025 – eligible up to 24 weeks,

From 1 July 2026 – eligible up to 26 weeks.

By 2026, a total of four weeks will be reserved for each parent on a “use it or lose it” basis, to encourage the sharing of care responsibilities. In addition, the number of PPL weeks a family can utilise at the same time increases to four weeks from 1 July 2025, up from the current two weeks.

 

 

 

Acctweb

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Accountants have been warned about family trust issues that can lead to unexpected tax bills for clients, with the ATO scrutinising this area.

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Kristy-Lee Burns, partner at Owen Hodge Lawyers, has outlined some of the misconceptions about family trusts and family trust elections that can have tax consequences for taxpayers in these groups.

The Tax Office recently warned privately owned and wealthy groups that it was seeing an increase in issues with family trust distribution tax due to poor succession planning and inadequate record-keeping practices.

The ATO said it would be looking to target any deliberate tax avoidance undertaken through the use of family trust arrangements.

Based on what she has seen in practice, Burns said the ATO's attention on family trust distribution tax for now seemed focused on high-net-worth taxpayers and the transfer of generational wealth.

“We're seeing the ATO target long standing businesses with structures that have been in place for quite some time and handed down generation to generation,” she said.

“That's not to say that the ATO won't apply their unfettered discretion to do so [in the future].”

“I suspect they're not as interested in the small business taxpayer as much as they are those businesses that have received greater concessional benefits from these arrangements.”

There was also an expectation that these larger private groups could pay for accountants and the right expertise to manage trust distributions and tax appropriately.

Burns said many of the tax issues she was seeing were arising where distributions had been made to third parties who arguably were not a descendant of the test individual.

“Sometimes that's where distributions are made to a corporate entity that might not have necessarily been provided for under the deed. So a lot of the time in our space, we're having to advise people to go and get expert taxation advice on the likelihood that the ATO is going to pursue them,” she said.

If there's a higher risk of the ATO taking action, they then need to obtain further advice on their ability to negotiate a resolution.

“The ATO typically likes to try and resolve the matter by getting money in their hand rather than [going to] the expense and cost of litigation in a federal court,” Burns said.

Often, these types of issues were identified by tax professionals when the taxpayer was already being audited.

“For example, if a business is going through and amending tax returns for a couple of years, the ATO usually wants to investigate why there are so many amendments to tax returns. At that point, it usually starts to get involved in an audit.”

Accountants then need to look carefully at the client's records to determine whether there would be any issues for the ATO to pick up on and whether they should immediately make a disclosure, she said.

One of the most common issues with family trusts, Burns explained, is that people don't understand that the family group is essentially frozen upon the death of the test individual.

“People often assume they can just simply appoint someone new but, unfortunately you're strictly adhered to that test individual's linear line of beneficiaries,” she said.

“What happens is that you're not able to create new members or beneficiaries to give further distributions to and there's a bit of a misunderstanding on that. An example would be spouses of children, they're not automatically eligible to receive distributions in that scenario.”

Burns also stressed the importance of reading the trust deed and ensuring it's compliant.

“Make sure you look into any conflicts as to the definition of beneficiaries because time and time again we see variations to trust deeds but people need to be aware of when that triggers a resettlement where they're varying certain clauses of the trust deed,” she said.

It's also important when setting up a family trust to carefully select what person is going to be elected as the test individual.

“Make sure you look at whether that individual is the right person. If you appoint the wrong person such as someone that doesn't intend on having children that can create some real problems with flexibility,” she said.

The law firm said there should also be meticulous notes on all distributions.

Accountants should also make sure their clients are aware of the intersection of Division 7A taxation laws regarding repayments, schedules and minimum repayments.

“Otherwise, you end up with clients that have all sorts of issues, including lost franking credits.”

 

 

 

Miranda Brownlee
29 May 2025
accountantsdaily.com.au

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Rushing to lodge tax returns on time is likely to be one of the “biggest and most common” mistakes made by taxpayers this year, according to CPA Australia.

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The accounting body is warning taxpayers to be wary of rushing to lodge their ‘DIY’ tax return during tax time as it can lead to errors and missing information.

Data from the Tax Office showed that almost 3 million individual tax returns were lodged by 23 July last year, which climbed to 5.8 million by 20 August.

Jenny Wong, tax lead at CPA Australia, said she urged taxpayers to take their time to gather their evidence of work-related expenses and wait for the ATO to pre-fill their information before lodging.

“Cost-of-living pressures could mean some people are eager to lodge their tax return as quickly as possible to access a refund, but it’s important to be patient, gather your evidence and claim everything you are entitled to,” Wong said.

“Firing the starting pistol on your tax return too quickly means you could end up shooting yourself in the foot.”

CPA Australia outlined certain areas to help taxpayers complete their individual tax return and claim deductions, such as thinking about work-related expenses, finding receipt evidence, working from home expenses, vehicle expenses and purchasing essential items before tax time.

A common misconception made by taxpayers was the idea that lodging their tax return early would result in them receiving their refund first, which was not the case.

Usually, those who lodged early almost always had to amend their returns later, so it was always best to wait and ensure all information was correct, Wong said.

Another common mistake was inadequate thought on how their personal and professional circumstances had changed over the 12-month period.

“Some people go into autopilot when they do their tax returns. They cut and paste from their last return and fail to consider any changes to their personal circumstances,” she said.

“Turn off the autopilot and take time to seriously consider what’s different about your expenses this year and what you could claim. Check what type of expenses you could claim that are relevant to your type of work. The ATO has a comprehensive guide to industry and occupation types. We strongly advise against using AI advice when preparing your tax return.”

CPA added that it encouraged taxpayers to consider seeking professional advice with their returns, especially if they had complex finances and owned assets, as well as urging taxpayers not to exaggerate work-related claims.

“Getting your tax return right is your responsibility. This means declaring all of your income and claiming the appropriate expenses,” Wong said.

“Failure to properly declare your income increases your chances of being audited by the ATO. Failing to claim everything you’re entitled to means less cash back than you could otherwise get.”

 

 

 

 

Imogen Wilson
27 May 2025
accountantsdaily.com.au

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One gap when owning and operating a small business is to get a feel for how you are doing compared to your peers. The ATO realises the importance of this and have developed a list of benchmarks to help. 

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ato.gov.au

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All businesses need a business plan, not just new businesses.

A business plan sets out your objectives and strategies, with ways to achieve them. Your business plan documents how you will manage all the important aspects of your business, from products and services to operational plans and finances.

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Effective business planning is essential for growth, adaptability, and long-term success. Things change with new technologies, employees, ways of working, and market impacts.

It’s important to review and update your business plan as your business evolves. It won’t be the same business 2, 5 or even 10 years from now.

Don’t let business planning drop down your priority list. Here are 6 tips to write a business plan from scratch or to update your old one.

1. Review your plan regularly

A business plan is not a set-and-forget document. It needs to change as your business changes over time. If you’re writing a business plan, set yourself a reminder to revisit it in 6 months.

If it’s been a while since you’ve looked at your business plan, get it out and read it. Does it still reflect where your business is now and where you want it to be?

Are there external impacts on your business you need to consider? How can you adapt to respond to challenges and opportunities?

There’s no right answer as to ‘how often should I review my business plan’. It all depends on your business, industry and how busy you are. It’s good practice to review and update it at least once a year or when there are any major impacts to your business.

Consider the flow-on effects of updating your business plan. If it changes, you’ll probably need to update your marketing and social media plans to reflect your new goals to reach any targets you’ve set.

2. Make planning fun and collaborative

Business plans are more likely to succeed if you keep staff engaged and involved with your vision of success. It also means you don’t have to write or update the entire business plan yourself.

Collaborative planning is a great way to check how the business is performing. You can uncover roadblocks, knowledge gaps, areas for improvement and what’s working well in the business.

Don’t be afraid to encourage creative thinking and involve all staff members across your business. It will make them feel appreciated and they may see opportunities that you don’t.

You never know where the next great idea might come from. Whether that’s a small improvement to processes, or a new product or service to expand your business offering.

3. Set achievable goals

Your vision of success is unique to you and your business. Goals can take time to achieve, and the end goal can feel like a mountain to climb.

Create smaller, actionable goals to build a sense of momentum and progress in your business. Ticking off these goals as you achieve them will set you up for success in achieving your immediate, medium and long-term vision.

You can set goals for any area of the business from sales to marketing and more. Similar to your overall business plan, there are many related plans that can help you structure your business.

Some examples include:

  • Marketing plan template
  • Professional development plan template
  • Risk register and treatment plan template

Download and use these templates to help document processes, set achievable goals and grow your business.

4. Create an action plan

It doesn’t matter how great your business plan is if you don’t use it. Creating a 12-month action plan will help you focus on the things that matter most.

Break your large goals into smaller, achievable activities with timeframes. A great way to get started is to think about 3 things you’d like to work on or achieve over the next 12 months. For each one, list the most important actions to take.

Setting diary reminders is a great way to make sure your action plan remains on track. To get started, try our one-page action plan template.

5. Build in resilience and plan for uncertainty

A great business plan can’t protect you from everything, but it will help you to respond with confidence. You need to consider your risks, take action to minimise them and prepare to adapt when challenges arise.

A resilient business can adapt more easily to disruptions. To build resilience in your business you can:

  • consider how different market forces will impact your business
  • define how you will respond in difficult times and document actions to take
  • identify potential new markets and diversify suppliers
  • update critical information, processes and policies such as insurance.

Staying operational and retaining your staff, assets and brand equity are all important to long-term success. If you’re prepared for the worst, you’ll be in a strong position to recover, re-launch or grow when the time is right.

A resilient business is a prepared business. You don’t have to be in a bushfire or flood prone area to need disaster resilience strategies.

Damage to your business can be devastating and often happens without warning. Take the steps now to prepare your business, so you are ready to face challenging times if they arise.

Identify what your business can’t afford to lose and plan for how to prevent loss if a disaster occurs with our Disaster resilience pages.

6. Get help from experts

You don’t have to do it all and you can’t know everything. Getting advice from specialists is an essential part of any business, no matter what stage you’re at.

Having trusted advisers and experts on board can help test and confirm your ideas and set realistic goals. Getting advice from an expert who can look at your business objectively is an important way to understand how your business is performing and how it can develop.

You can get expert advice from an accountant, lawyer, financial adviser, banker, or business coach, depending on your business and goals. Your planning will improve with access to their focus and in-depth knowledge.

Engaging with a business coach or mentor is another great way to test plans, receive support, and brainstorm improvements. Learning from their experience and applying their insights will help you succeed.

Not sure where to start? We offer a number of learning and advice services to help you start or grow your business.

Looking for in-person advice?

  • Book a spot on our Small Business Bus that travels throughout metro and regional locations in Victoria – Small Business Bus.
  • Attend one of our in-person workshops across a wide range of business topics – in-person workshops.

Busy and need online advice at your convenience?

  • Book a spot with our online webinars held at various times throughout the week covering a wide range of business topics – live online webinars.
  • Book a free business advice session with a business expert – virtual advice sessions.

Ready to turn your ideas into a solid business plan? Check out this must-watch video.

 

 

business.vic.gov.au

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Key risk areas the ATO intends to focus on for Private Wealth in 2024–25.

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ATO focus for private wealth

Our key areas of focus are based on the risks and issues identified through our intelligence collection, risk detection and analysis and case work. While we are focused on improving tax performance across all tax and superannuation compliance obligations for the privately owned wealthy groups population, these are the foundational, emerging and evolving risks and targeted focus areas where we are investing more resources.

Foundational issues

Registration, lodgment and payment

Registration, lodgment and payment risks and issues include:

  • not registering for obligations where required, or being registered under the incorrect basis (accounting basis or reporting cycle)
  • failure to lodge tax returns, fringe benefits tax (FBT) returns or activity statements when required
  • not paying tax debts on time and not engaging with us.

Incorrect reporting

Incorrect reporting risks and issues include:

  • incomplete reporting of returns, activity statements and schedules (including information labels such as shareholder loans, assets and liabilities)
  • omitted income and sales (income tax and GST)
  • incorrectly claiming GST credits
  • ineligible research and development (R&D) expenditure being claimed
  • ineligible R&D activities being claimed
  • incorrectly claiming base rate entity status.

Tax advisers and professional firms

Risks and issues with tax advisers and professional firms include:

  • failure to lodge own tax returns or business activity statements (BAS)
  • failure to lodge partnership returns or statements of distributions
  • failure to pay own tax debts on time
  • inappropriate allocation of professional firm profits (PCG 2021/4)
  • intermediaries (including R&D consultants) encouraging aggressive tax arrangements or promoting tax avoidance or exploitation schemes.

Division 7A

Division 7A risks and issues include:

  • unreported shareholder loans
  • non-complying loan agreements
  • failure to make minimum yearly repayments or not applying the correct benchmark interest rate
  • inadequate record keeping
  • section 109R loan repayment arrangements including loans repaid just before the private company’s lodgment day with the intent to reborrow similar or larger amounts from the same company
  • requests for section 109RB discretions.

Capital gains tax (CGT)

CGT risks and issues include:

  • eligibility criteria when claiming small business CGT concessions
  • inappropriate calculations of the CGT discount
  • using the small business restructure rollover (Subdivision 328-G) incorrectly, including for reasons other than a genuine restructure of an ongoing business
  • capital losses from related party transactions (market value substitution rule)
  • incorrect application of Division 855 (non-resident access to concessions).

Property and construction

Risks and issues related to property and construction include:

  • capital versus revenue misclassification on disposal of real property
  • omission of income on disposal of real property
  • failure to lodge or report sales or GST on income tax returns or BAS as identified by the taxable payments reporting system
  • misreporting or underreporting of GST for real property
  • failure to meet GST reporting obligations for real property
  • failure to meet GST registration obligations for real property.

International transactions

Risks and issues related to international transactions include:

  • intangible migration arrangements
  • mischaracterisation of service transactions which results in mispricing and creates risk from a corporate residency and controlled foreign companies' perspective
  • withholding tax compliance
  • significant global entity compliance
  • related-party financing (including concerns with the use of non-commercial terms to push up financing costs in the property and construction industry).

Other domestic transactions

Risks and issues related to other domestic transactions include

  • non-arm’s length income in self-managed super funds
  • misinterpretation or disregard for family trust elections
  • residents not including distributions from foreign trusts (section 99B)
  • franking account balance discrepancies
  • 45 day holding rule (franking credit integrity rules).

Emerging or evolving risks and issues

Incorrect reporting

Emerging or evolving risks and issues with incorrect reporting include:

  • trusts over-claiming deductions that inappropriately reduce trust net income
  • increasing lodgments in industry sectors where R&D activities and expenditure may not be eligible
  • incorrectly claiming GST credits on employee allowances
  • incorrectly claiming GST refunds without sufficient evidence to substantiate claims.

CGT

Emerging or evolving risks and issues with CGT include:

  • Division 149 (pre-CGT asset)
  • reduction in capital gains and losses arising from CGT events in relation to certain voting interests in active foreign companies (Subdivision 768-G).

Other emerging areas

Other emerging or evolving risks and issues are:

  • inappropriate use of income tax exempt vehicles, including ancillary funds, to access tax concessions and private benefits where there is no entitlement
  • trust loss trafficking (inappropriate generation and use of losses)
  • share buyback arrangements
  • thin capitalisation rules
  • cryptocurrency based business models
  • possible passage of the Better Targeted Superannuation Concessions measure (yet to be re-introduced post-election).

Targeted focus areas

Succession planning

We continue our focus on risks that are arising in relation to the ageing demographic and succession planning.

We have seen an increase in succession planning activities as private groups restructure, dispose of assets or transfer wealth. This may be through mature family-controlled businesses being sold or passed onto the next generation, or the accumulated wealth from those businesses being transferred.

Transactions we commonly see that facilitate succession planning can include:

  • assets being moved around the group
  • family member interests being restructured
  • concessions, exemptions and rollovers being accessed
  • loans to shareholders or associates settled (Division 7A loans)
  • trusts being used to transfer wealth.

For more information, see Succession planning tax risks.

Private equity

A targeted focus area is the risk across the life of the private equity investment, including all private equity participants (firms, funds, target entities and investors) at different stages of the private equity lifecycle (pre-acquisition, acquisition, holding, pre-exit and exit).

Retirement villages

Targeted focus areas for retirement villages include:

  • reviewing the GST and income tax through the retirement village cycle
  • incorrect application of GST-free provisions
  • incorrect application of Division 135 (supplies of going concern)
  • related-party transaction and incorrect valuations between related parties
  • contentious land-lease structure.

GST focus areas

From a GST perspective, we're focusing on our 2 largest industries, retail and construction.

Retail

Our retail focus includes:

  • transactions between entities within the same private group
  • errors arising from systems with poor controls
  • omission of income from sales
  • misclassification of vouchers sales and warranty payments
  • claiming input tax credits for non-creditable acquisitions
  • failure to meet GST reporting obligation
  • failure to meet GST registration obligations.

Construction

Our construction focus includes:

  • misclassification of commercial adjustments such as contract variations
  • omission of income from sales
  • transactions between entities within the same private group
  • failure to lodge or report sales or GST on BAS as identified by the taxable payments reporting system
  • misreporting or underreporting of GST for construction sales or payments to suppliers, employees or contractors
  • failure to meet GST reporting obligation
  • failure to meet GST registration obligations.

 

 

 

ato.gov.au

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Check out the largest freshwater resources by Country in the World

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The past few years have seen significant data breaches from well-known Australian companies both inside and outside of the superannuation sector, exposing a huge amount of consumer personal identity information. 

 

 

The cyber-attacks on superannuation funds reportedly used a technique called “credential stuffing” where cybercriminals used personal information stolen in previous data breaches (like email addresses and passwords) to attempt to access member accounts.

In the wake of recent cyber-attacks on several large Australian super funds, you might be wondering if there are more step to protect your retirement savings.

Here are some practical steps you can take to help keep your super safe:

  • Keep track of your super account: The best defence is regular monitoring. Check your balance periodically, verify employer contributions are coming through, review your insurance cover, examine your annual statement, and ensure your contact details are current.
  • Upgrade your passwords to passphrases: Never reuse passwords across different accounts. Instead, create a passphrase, which is a sentence or mix of four or more words that's easy for you to remember but difficult for others to guess. Include a combination of upper and lowercase letters, symbols and numbers, and aim for at least 14 characters.
  • Enable Multi-Factor Authentication (MFA): MFA adds an extra layer of protection by requiring two or more verification methods to access your account. This typically combines something you know (password/PIN), something you have (mobile device/security token), or something you are (fingerprint/facial recognition). Check if your super fund offers MFA and enable it if available.
  • Protect your devices: Secure all devices you use to access your super account. Use strong passwords or passcodes, set up biometrics where possible, enable auto-lock when not in use, and activate “find your device” services so you can lock or wipe your device if it's stolen.
  • Be wary of unsolicited communications: Take your time to verify the identity of anyone contacting you unexpectedly. Don't click links in suspicious emails or texts. Contact your fund directly using the official contact details from their website.
  • Report suspicious activity: Alert your super fund immediately if something doesn’t seem right with your account or if you receive suspicious communications.

 

 

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