All of the latest tax news, views and clues for February 2025.
This Alert addresses:
- Recovering from a natural disaster: what you need to know about tax – As Australia experiences another summer of unpredictable weather patterns, it’s essential to be prepared for the unexpected.
- Changes coming for buy now pay later services – If you’re one of the millions of Australians who use BNPL services, important changes are coming that will give you stronger consumer protections from 10 June 2025.
- ATO launches its small business focus areas for 2025 – The ATO has outlined specific areas of concern to help you avoid common pitfalls and manage your tax obligations effectively.
- ATO warns about GST refund fraud: check your arrangements – The ATO-led Serious Financial Crime Taskforce has issued a warning to businesses against trying to cheat the tax and super system by committing GST fraud.
- How tax works in Australia’s superannuation system – Australia’s super system plays a vital role in ensuring financial security for individuals in retirement.
- Super legacy pensions: regulations offer window to exit – Regulations that came into effect in December 2024 allow thousands of SMSF members to exit legacy income streams at any stage until 7 December 2029.
Important: This is not advice. Clients should not act solely on the basis of the material contained in this Tax Alert. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. The Tax Alert is issued as a helpful guide to clients and for their private information. Articles in the Tax Alert are not to be republished or reproduced for further distribution without requesting permission from HLB Mann Judd. Therefore it should be regarded as confidential and not be made available to any person without our prior approval.