Auswild & Broad | Blog

The US economy experienced a notable slowdown in the first quarter of 2025. The latest GDP data showed the economy contracted at an annual rate of -0.3%.

With the 2025 tax season fast approaching the Australian Taxation Office (ATO) is reminding taxpayers to be careful when claiming work related expenses. This is in reaction to a spate of claims that didn’t quite pass the ‘pub test’.

The ATO has updated its small business benchmarks with the latest data taken from the 2022–23 financial year. These benchmarks cover 100 industries and allow small businesses to compare their performance, including turnover and expenses, against others in their industry.

As the urban sprawl continues in most major Australian cities, we are often asked to advise on the tax treatment of subdivision projects. Before jumping in and committing to anything, it is important to understand the tax liabilities that might arise from these projects.

It has been a long time coming, but the Government finally passed legislation increasing the instant asset write-off threshold for the year ending 30 June 2025 to $20,000.

The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025.

We want to bring to your attention the increasing prevalence of phishing attacks targeting individuals and businesses. Phishing attacks are fraudulent attempts to obtain sensitive information, such as usernames, passwords, and credit card details, by disguising it as a trustworthy entity in electronic communication.

From 13 November, myGovID will have a new name and new look.

From the 2023-24 income year, non-charitable not-for-profits (NFP) with an active ABN need to lodge an annual return.

The Government is proposing changes to reduce the indexation that is applied to HELP (and other student loan schemes).