2025 FBT: Fringe Benefits Tax
It’s FBT Time – What You Need to Know for 2025! The Fringe Benefits Tax (FBT) year ended on 31 March 2025, and it’s now time to assess your FBT obligations. The Australian Taxation Office (ATO) has announced that FBT compliance is a key focus for 2024–25, especially for privately owned and wealthy groups. In […]
Year End Planning Guide – June 2024
Access the full guide here. With 30 June fast approaching, we thought it would be an opportune time to provide you with a Year-End Planning memorandum. This document details key dates, recent reforms and tax planning opportunities that may affect you and your business. Should you have any questions about the information included in this […]
Federal Budget 2024 – 2025 Analysis
Read our recap of the budget in full detail here. Last night, Treasurer Jim Chalmers handed down the 2024 – 2025 Budget in Parliament House. This budget delivered a surplus for a second year in a row with a number of measures targeted at supporting Australians during a cost of living crisis. MGI Adelaide is […]
Year End Planning Guide – June 2023
With 30 June fast approaching, we thought it would be an opportune time to provide you with a Year End Planning memorandum detailing key dates, recent reforms and tax planning opportunities for you and your business.
Budget 2023 – 2024
MGI Adelaide is pleased to present our summary of the recently released federal budget and its implications for our clients.
Federal Budget Update – October 2022
This first budget of the new Labor Government delivers a reallocation of resources and a shifting of focus by the government rather than any significant new measures. This budget is aimed at buffering the impact of global uncertainty being agitated by war, floods and the pandemic. Read our full budget analysis.
Year-End Planning- June 2022
With 30 June fast approaching, we thought it would be an opportune time to provide you with a Year – End Planning memorandum detailing key dates, recent reforms and tax planning opportunities for you and your business.
Extension of the JobKeeper Payment
Between April to May 2020, JobKeeper was taken up by 920,000 organisations and around 3.5 million individuals – 30% of pre-Coronavirus private sector employment. On 21 July 2020, the Government announced an extension of the JobKeeper program to 28 March 2021 but with tighter access and reduced rates. From 28 September 2020, employers seeking to […]
What’s changing on 1 July?
What’s changing on 1 July? Company tax rate reduces to 26% for base rate entities Cents per km rate for work-related car expenses increase to 72 cents Expected reforms to allow 66 and 67 years olds to make voluntary superannuation contributions without satisfying the work test. This reform is not yet law. Age limit for […]
Have Casual Workers Been Granted Annual Leave?
News headlines recently stated that casual workers have won the right to paid leave following a decision in the Federal Court. As usual, the devil is in the detail. At present, there is no global change granting Australian casual workers paid leave. The case however, highlights the long running problem of determining over time, who […]