Outstanding ATO Tax: Why Addressing ATO Debt Matters for Your Business
The Australian Taxation Office (ATO) is currently owed a staggering amount, approximately $66 billion in outstanding tax debt. Nearly all this amount is undisputed, and it just hasn’t been paid. As we all know, with the Federal Government facing years of budget deficits, such a large volume of tax debt certainly isn’t helping. What makes […]
Learn how a company can use the Small Business Retirement Exemption
The Small Business Retirement Exemption is a powerful tax concession within Australia’s capital gains tax (CGT) framework, offering eligible small business owners a valuable opportunity to reduce their tax liabilities upon the sale of business assets. While commonly associated with individuals, this exemption can also be applied by companies and trusts when the assets sold […]
The Small Business 15-Year Exemption: A Powerful Tool Within the Small Business CGT Concessions
The 15-Year Exemption is one of the most advantageous Small Business capital gains tax (CGT) concessions available to small business owners in Australia. Designed to support long-term business owners who are ready to exit or transition, this exemption allows qualifying businesses to disregard capital gains entirely on the sale of eligible assets, provided certain conditions […]
Your Guide to Investment Property Tax Deductions for Repairs Ahead of EOFY
As we approach the end of the financial year, it’s a good time for property investors to review how they’re claiming investment property tax deductions, particularly when it comes to repairs and maintenance. The ATO has identified several common mistakes in tax returns, particularly among those who own rental properties. One frequent error is claiming […]
Make Sure Your Trust Income Distributions Count Before 30 June 2025
The End of Finacial Year is fast approaching and if you conduct your business or hold investments through a discretionary trust, it’s critical to ensure your trust income distributions are properly documented before the clock strikes midnight on 30 June. Without a valid trustee income distribution resolution in place, the resolution is ineffective for tax […]
Working from Home Tax Deductions: What You Need to Know for the EOFY
If you’ve spent time working from home during the 2024/2025 financial year, it’s important to understand the latest rules around claiming a tax deduction. The Australian Tax Office (ATO) has made changes to how people can claim working from home tax deductions, and knowing the difference in these methods could make a meaningful difference at […]
Get Ahead of Tax Time: EOFY Planning with a Geelong EOFY Accountant
With the end of the 2025 financial year fast approaching, now is the time to start planning your year-end strategy. June often moves quickly, so it pays to get ahead by reviewing your position and working with an experienced EOFY accountant to prepare and plan with purpose. If you haven’t already, ensure your accounts are […]
Your Guide to Specialty Tax Advisory Services in Geelong
Specialty Tax Advisory Services Tailored to Your Needs Navigating the Australian tax landscape can be complex, especially when your business or personal affairs involve unique business structures, international considerations, or evolving tax compliance requirements. That’s where our specialty tax advisory services come in. At MacMillan Cowan & Co, we offer specialist tax guidance across a […]