Client Alert – August 2025
We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments up to and including 28 July 2025.
- HECS/HELP debt reduction Bill introduced – The government has now introduced legislation aimed at enacting its election promise to reduce student debt by 20%.
- Small and medium businesses now have more time to get tax returns right – For 2024–2025 and later income years, businesses with an annual aggregated turnover of less than $50 million have up to four years to request amendments.
- ATO interest charges no longer tax-deductible for businesses – Any GIC or SIC incurred from 1 July 2025 cannot be claimed as a tax deduction, regardless of when the underlying tax debt arose.
- Protect your super from pushy sales tactics: consider the risks and don’t rush to switch – At this time of year, you’re more likely to be targeted by high-pressure campaigns to get you to switch super funds or make investments that may be unsuitable for you.
- Will your super be affected when the $3 million balance tax hits? – Before the new policy’s set in stone, if you think you may be affected it would be wise to seek advice.
Explanatory Memorandum_August 2025
Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.