All of the latest tax news, views and clues for March 2025.
This Alert addresses:
- ASIC warns of scammers impersonating Bunnings with fake investment bonds – If you’ve spotted what looks like an amazing investment opportunity from Bunnings recently, beware.
- Claiming tax deductions for vacant land – You need to meet a number of strict conditions to claim interest payments on relevant loans, land taxes, council rates and maintenance costs.
- Made a mistake charging GST? Don’t panic – If you realise you’ve incorrectly charged GST on a sale, there are steps you can take to rectify the situation.
- Making smart super investment choices – It’s essential to understand the different types of investment options and their associated risks to ensure you choose the one that’s right for you.
- General transfer balance cap increases to $2.0 million – If you start your retirement phase income stream on or after 1 July 2025, your personal transfer balance cap will be set at $2.0 million.
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.