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In a previous blog, we discussed the changes to the accounting standards relating to classification of current / non-current liabilities on the balance sheet. We have been receiving a number of questions on this topic and have provided some practical scenarios below as well as some actions for you as we approach 30 June reporting dates.

High Court special leave application granted to appeal Bendel Case decision The Australian Taxation Office has been granted special leave to appeal to the High Court from the Full Federal Court decision in FCT v Bendel [2025] FCAFC 15. During March 2025 we released a Tax Alert ( see here ) explaining the current view of the ATO following the Full Federal Court decision that an unpaid present entitlement (or UPE) owed by a discretionary trust to a corporate beneficiary is not a “loan” for Division 7A purposes. The ATO also issued an Interim Decision Impact Statement ( see here ) in response to the Full Federal Court decision, providing information for taxpayers and advisers in relation to the details of the case and issues decided by the court.

Year-end tax checklists for Individuals and Businesses We have recently prepared two Year End Checklists which help explain some common strategies that may be considered for Individual and Businesses taxpayers. Year End Checklist for Individuals – click here Year End Checklist for Businesses – click here

Many business clients like to review their tax position before the end of the income year and evaluate any strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for profitable small businesses is based around accelerating deductions and deferring income.  The Year End Checklist in the link below explains some common strategies that may be considered for all business taxpayers.

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).

Planning for Superannuation Contributions before 30 June 2025 As the end of the financial year is approaching, we take this opportunity to remind you of the various superannuation thresholds, opportunities, obligations and changes, including topics such as: Concessional contributions Non-concessional contributions Superannuation guarantee Impending proposed changes to superannuation from 1 July 2025

How to manage business day-to-day transactions The ATO has the following tips for small business owners "that can make your tax life easier": They should keep an eye on upcoming expenses, and regularly update their books and reconcile their accounts. They should set aside the GST they collect (ie. by transferring it into another bank account within the business to keep it separate from their cash flow). They can also set their PAYG withholding and super aside, so they will have the funds available when payments are due. They should plan ahead and schedule time in their calendar to prepare their business activity statement ( BAS ), and lodge and pay their BAS on time.  If you need assistance with any of these issues, please contact our office.

ATO's new focus for small business The ATO is currently focusing on the following 'specific risk areas', where it is concerned "small businesses are getting it wrong": Contractors omitting income — with a focus on data matching to ensure all income is reported. Quarterly to monthly BAS reporting for GST purposes — The ATO will move around 3,500 small businesses with a history of non-compliance to monthly reporting from 1 April 2025. Small business boost claims — with a focus on encouraging self-amendments to correct errors and omissions. The ATO will also continue its focus on non-commercial business losses, small business capital gains tax ( CGT ) concessions, business income that is not personal income, incorrect claims for 'small business boosts', GST registration and income of taxi, limousine and ride-sourcing services.