2024-2025 Individuals Year End Checklist Tax Return
Lowe Lippmann Chartered Accountants
A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward any expected or planned deductible expenditure from a later income year. However, any individuals with potentially reduced income for the 2025 tax season may want to instead consider deferring any deductible expenditure (if possible).
Please do not hesitate to contact your Lowe Lippmann Relationship Partner if you wish to discuss any of these matters further.
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2026 FBT Year End is Fast Approaching! The end of the Fringe Benefits Tax ( FBT ) year is fast approaching on 31 March 2026, so we take this opportunity to revisit some hot FBT topics for both employers and employees, including: FBT exemption for electric cars Overlooking or misreporting FBT on private use of work vehicles Does FBT apply to your contractors? Reducing the FBT record keeping burden Mismatched claims for entertainment Employee contributions by journal entry in the accounts Not lodging FBT returns FBT housekeeping
Division 296 draft legislation introduced to Parliament Last week the revised Division 296 draft legislation was introduced into Parliament, and some technical amendments have been made after the exposure draft consultation phase. We will explain some particular areas of concern and re-consider some questions we had raised in earlier Tax Alerts on this topic. This draft legislation has been progressing at a rapid pace, and it appears the Government wants to get this legislation finalised as soon as possible, with these Division 296 rules set to apply from 1 July 2026.
Transfer Balance Cap indexation & Superannuation changes Following the recent release of the December 2025 quarterly CPI figures by the Australian Bureau of Statistics’, the general transfer balance cap ( TBC ) will increase from $2 million to $2.1 million from 1 July 2026. This is applicable for superannuation fund members considering starting their first retirement phase income stream in 2026–27. This could provide tax effective retirement pension and non-concessional contribution opportunities for some members. The Australian Taxation Office needs to formally confirm this increase.
