Advantage House Associates Pty Ltd

Advantage House Associates Pty Ltd Advantage House Associates provides professional taxation, business and immigration services to the

Advantage House Associates provides professional taxation, business and immigration services to the local community in North East Melbourne. Our mission is to assist passionate business owners and community members to develop and achieve their visions.

Wishing you and your family a joyous holiday season and a healthy, peaceful, and prosperous New Year.
24/12/2025

Wishing you and your family a joyous holiday season and a healthy, peaceful, and prosperous New Year.

ATO interest charges are no longer tax-deductible from July 2025.From 1 July 2025, taxpayers cannot claim a tax deductio...
23/12/2025

ATO interest charges are no longer tax-deductible from July 2025.

From 1 July 2025, taxpayers cannot claim a tax deduction for ATO interest charges, including the General Interest Charge (GIC) and the Shortfall Interest Charge (SIC). The law applies to assessments for income years starting on or after 1 July 2025. An assessment is the process the ATO uses to calculate your income tax, as outlined in your Notice of Assessment.

This means that any GIC or SIC incurred on or after 1 July 2025 is not deductible in your income tax return for income years starting on or after that date. In practical terms, this makes late payments and tax shortfalls more costly than before.

To minimise the impact of this change, taxpayers are encouraged to lodge and pay taxes on time, manage outstanding tax debts proactively, and seek professional advice if they are unsure how this law affects their circumstances.

According to the federal budget for 2025/26, from 1 July 2026, Australians earning between $18,201 and $45,000 will be ...
23/12/2025

According to the federal budget for 2025/26, from 1 July 2026,
Australians earning between $18,201 and $45,000 will be eligible for a tax cut, with the rate dropping from 16% to 15%, and then falling further to 14% from July 2027. This means more take-home pay for low- and middle-income earners over the coming years.

In addition, all outstanding HELP and student loan debts will be reduced by 20%, on top of regular indexation changes. Taxpayers will not need to start repaying HELP until they start earning $67,000 or more from the 2026 income year, giving taxpayers a bit of breathing room while they build their careers.

We would like to wish you and your family a joyful and safe holiday season, and a peaceful and wonderful New Year. Our o...
23/12/2024

We would like to wish you and your family a joyful and safe holiday season, and a peaceful and wonderful New Year. Our office will be closed from 23 December 2024 and re-open on 16 January 2025.

Understanding the Risks of Incorrect R&D ClaimsThe Federal Court has imposed $13.6 million in penalties for unlawful Res...
23/12/2024

Understanding the Risks of Incorrect R&D Claims

The Federal Court has imposed $13.6 million in penalties for unlawful Research and Development Tax Incentive (R&DTI) schemes. Sydney business coach Julian Bakarich, his co-director Thi Cam Tu Nguyen, and their firms were found to have promoted exaggerated or unsubstantiated R&D claims between 2014 and 2017.

For taxpayers, this highlights the need to approach R&D claims responsibly. The ATO emphasises the importance of providing accurate and substantiated evidence for any claims made. While the R&DTI is a valuable program to support business innovation, compliance with the law is essential to ensure its fair use.

If you are uncertain about your R&D tax claim, it is wise to seek advice from a qualified and reliable professional. Should you suspect involvement in an unlawful claim, contacting the ATO promptly may help reduce potential penalties. Tax incentives are designed to reward compliant taxpayers—understanding the rules ensures you can benefit with confidence.

Please let us know if you have any questions.

Study and Training Loans – What’s New?New changes have been introduced to the indexation rates for study and training lo...
07/12/2024

Study and Training Loans – What’s New?

New changes have been introduced to the indexation rates for study and training loans, ensuring a fairer approach moving forward!

The indexation rate is now determined by the Consumer Price Index (CPI) or Wage Price Index (WPI) – whichever is lower. This change is backdated to indexation applied from 1 June 2023 for all HELP, VET Student Loan, Australian Apprenticeship Support Loan and other study or training support loans. Here are the revised rates:

3.2% for 1 June 2023 (reduced from 7.1%)
4% for 1 June 2024 (reduced from 4.7%)

If you had a loan indexed during this period, there’s no need to take any action. The ATO is recalculating the rates automatically.

Most recredits will appear in your loan account by the end of January 2025, although some may take a bit longer depending on the complexity of your account.

If your loan is in credit after the adjustments, you may be eligible for a refund. To ensure smooth processing, make sure your bank details are up to date with the ATO or your tax agent. If your tax agent’s account is listed as the nominated bank account, they will forward the funds to you.

Stay tuned for an SMS notification once your loan adjustment has been finalised!

Address

Suite 33, 240 Plenty Road (Next To VICRoads)
Melbourne, VIC
3083

Opening Hours

Monday 10am - 7pm
Tuesday 10am - 7pm
Wednesday 10am - 7pm
Thursday 10am - 7pm
Friday 10am - 7pm
Saturday 10am - 2pm

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