IX Advisory

30/04/2025

BNI Powerhouse Awesome presentation by our property team!

14/03/2025

New ATO Incentives: A Game-Changer for Property Investors

The Australian Taxation Office has introduced new legislative measures designed to increase the supply of housing, presenting significant opportunities for property investors looking to grow their portfolios and build long-term wealth.

Key updates include:

• Tax incentives for Build-to-Rent (BTR) developments – Lower tax rates and enhanced depreciation benefits make these projects more financially viable.

• Capital Gains Tax (CGT) discounts for affordable housing – Investors who lease properties at below-market rates to eligible tenants may qualify for additional CGT reductions.

• Accelerated depreciation benefits – Certain property investments now allow for faster depreciation, improving cash flow and increasing tax deductions in the early years of ownership.

For investors, these changes could have a substantial impact on cash flow, return on investment, and overall portfolio growth. With new opportunities emerging, now is the time to evaluate how these incentives can align with your investment strategy.

Are you considering leveraging these tax benefits to expand your portfolio? Let’s discuss how these changes could work to your advantage.

26/12/2024

🚨 Important Update for Small Businesses! 🚨

Instant Asset Write-Off Reverts to $1,000 for FY 2024-25

The government extended the $20,000 instant asset write-off for businesses with a turnover under $10 million through 2024-25, allowing you to immediately deduct the full cost of eligible assets under $20,000. But, in a last-minute change in Parliament, this concession was unexpectedly removed! 😞

Without it, the threshold drops back to just $1,000. This leaves many small businesses uncertain about the tax treatment of their asset investments this financial year. 🧐
Stay tuned for more updates and make sure to consult your accountant! 💼

23/12/2024

🚨 $3M Tax on Superannuation Earnings Update 🚨

The proposed Division 296 tax, which would impose a 30% tax rate on superannuation earnings above $3 million, is set to start July 1, 2025. However, the Bill is currently stalled in the Senate.

It's unlikely that the tax will pass before the upcoming election, at which point the Bill will lapse. After that, it will be up to the new government to decide whether to move forward with this idea or let it fade away.

Stay tuned for updates!

22/12/2024

🚨 Important Update for Property Sellers! - New Legislation!🚨

Starting January 1, 2025, changes to the property withholding rules will affect both Australian and foreign residents:

For Australian Residents:
🔹 You’ll need a clearance certificate from the ATO to avoid a 15% withholding on the sale price.
🔹 Without it, the buyer must withhold 15% at settlement.
🔹 Clearance certificates can take up to 28 days to process, so apply early!

For Foreign Residents:
🔹 The withholding rate will increase from 12.5% to 15%.
🔹 The $750,000 threshold will be removed, meaning withholding applies to all property sales.

Make sure you’re prepared for these changes to avoid delays and unexpected costs!

13/12/2024

Merry Christmas everyone!

As we approach the Christmas break, businesses often think about treating employees to some festive cheer. But before you plan that office party or gift, it’s important to understand the ins and outs of fringe benefits tax (FBT) on entertainment expenses.

From holiday lunches to end-of-year functions, certain perks may attract FBT unless they meet specific conditions. Make sure you have a clear picture of how to stay compliant and make the most of your Christmas celebrations!

03/12/2024

🔍 ATO Focus Area: Using business losses to offset other income

Did you know that if you make a loss from a business activity, you may face restrictions on how you use that loss for tax purposes?

A Non-Commercial Business Loss (NCL) occurs when your business activity (like being a sole trader or part of a partnership) doesn’t generate enough income to cover its expenses. However, there are specific rules on how you can handle these losses:

Why is this important?

The ATO is cracking down on individuals trying to offset NCLs against their other income. It's crucial to follow the rules to avoid penalties and ensure you're reporting your taxes accurately.

If you want more information, please reach out!

30/11/2024

🔍ATO Focus Area: Why Division 7A Matters for Small Business Owners

If you're running a small business, you might have heard the term "Division 7A" thrown around, but what does it actually mean for you?

Simply put, Division 7A is a tax rule that affects how money is taken out of a company. If you, as a business owner or director, take money or assets from your company for personal use (like a loan or using company property), Division 7A ensures that it is taxed properly.

Why is this important?

If you get it wrong, you may expose yourself to tax penalties. So, whether it's a loan, dividend, or any other payment, make sure you're on top of Division 7A to avoid nasty surprises later!

Want to learn more about how Division 7A works? Please get in touch!

21/11/2024

🔔 Important Update: myGovID is now called myID!

The Australian Taxation Office (ATO) has officially changed the name of myGovID to myID. If you're using the app to access government services, here's what you need to know:

🔑 What’s Changing?
Name Change: The myGovID app is now known as myID. The functionality remains the same, so you can continue using the app to access your online government services, including tax and superannuation information.

Why the Change? This update is part of the ATO's broader effort to streamline and improve digital services for Australians.

✅ What You Need to Do:
- If you already have myGovID, simply update your app and the name change will be reflected.
- The app continues to provide secure, identity-verifying services to access key government portals and your personal information.
📲 Download myID today (formerly myGovID) for secure, easy access to your government services!

If you have questions or need help navigating the changes, reach out! We’re here to help!

20/11/2024

🎄💡 Important Reminder for SMSF Trustees This Christmas!

The Australian Taxation Office (ATO) has issued a warning to Self-Managed Super Fund (SMSF) trustees – don’t use your SMSF for personal expenses like bills or gifts this festive season!

Under superannuation laws, SMSFs must be used solely for retirement savings and cannot be used for personal or day-to-day expenses. Using your SMSF for non-retirement purposes, even for something as common as Christmas presents or household bills, could result in severe penalties.

🔑 Key Takeaways:

- SMSF funds must be used for retirement purposes only.
- Personal use of SMSF funds can lead to hefty fines or the fund losing its concessional tax status.
- Ensure your SMSF is only used for allowable investments and expenses related to your retirement.
🎅 Stay compliant this holiday season by keeping your SMSF separate from your personal spending.

📞 If you have any questions about managing your SMSF, feel free to reach out for advice!

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