Navigating Changes to Holiday Home Taxes: What You Need to Know

At Butler, we’re here to help you navigate changes in tax laws that could affect you. Here’s a breakdown of what’s happening with the Vacant Residential Land Tax (VRLT) in Victoria and what you need to do if you own a holiday home. What’s Changing? Starting January 1, 2025, the Vacant Residential Land Tax will […]

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Navigating PAYG Instalments: A Comprehensive Guide for Businesses

Introduction: Pay As You Go Instalments, commonly referred to as PAYG Instalments, play a pivotal role in ensuring businesses and individuals in Australia meet their income tax obligations throughout the financial year. This system, administered by the Australian Taxation Office (ATO), is particularly relevant for businesses anticipating a tax liability at the end of the […]

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2023 Business and Personal Tax Planning

Before the end of the financial year on June 30th, it’s worth considering tax planning strategies that can help you reduce your tax liability, mitigate the effects of external factors and position your business to take advantage of potential opportunities. By looking ahead and focusing on future numbers instead of dwelling on the past, you […]

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Tax rate increased for Australians with super balances above $3 million

The Albanese government has announced superannuation balances above $3 million will have their concessional rate doubled from 2025. Currently, earnings from superannuation in the accumulation phase are taxed at a concessional rate of up to 15 per cent. This will continue for all superannuation accounts with balances below $3 million From 2025-26, the concessional tax rate applied […]

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The RBA hikes rates by another 0.25% – are we there yet?

Key points Introduction The RBA raised its cash rate by another 0.25% taking it to 3.35%. This is the ninth consecutive rate hike in a row over ten months totalling 325 basis points and exceeds the 2002-2008 tightening cycle (of 300 basis points over 71 months) making it the biggest tightening cycle since the 1980s. […]

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ATO announces changes to working from home deductions

The record keeping requirements and methods for calculating working from home deductions has changed for the 2022–23 income year onwards. From the 2022–23 income year, the methods available to calculate working from home deductions are the: While the actual cost method remains unchanged, the revised fixed rate method has been updated to better reflect contemporary […]

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Oliver’s insights – Australian v global shares

Article written by: Dr Shane Oliver,Head of Investment Strategy & Chief Economist AMP Key points – The underperformance of Australian versus global shares since 2009 reflects a combination of tighter monetary policy, the strong $A into 2011, the slump in commodity prices, property crash phobia and classic mean reversion. – Australia’s performance is much better […]

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Review of 2022, outlook for 2023 

Key points  2022 – from COVID to inflation and surging interest rates  The good news is that 2022 finally saw the world shake off the grip of Coronavirus as it transitioned from a pandemic to endemic (albeit it’s still causing problems in China). However, the past year turned out far more difficult for investors than […]

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