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How secure is your super account?

The past few years have seen significant data breaches from well-known Australian companies both inside and outside of the superannuation sector, exposing a huge amount of consumer personal identity information.

The cyber-attacks on superannuation funds reportedly used a technique called “credential stuffing” where cybercriminals used personal information stolen in previous data breaches (like email addresses and passwords) to attempt to access member accounts.

In the wake of recent cyber-attacks on several large Australian super funds, you might be wondering if there are more step to protect your retirement savings.

Here are some practical steps you can take to help keep your super safe:

Keep track of your super account: The best defence is regular monitoring. Check your balance periodically, verify employer contributions are coming through, review your insurance cover, examine your annual statement, and ensure your contact details are current.
Upgrade your passwords to passphrases: Never reuse passwords across different accounts. Instead, create a passphrase, which is a sentence or mix of four or more words that's easy for you to remember but difficult for others to guess. Include a combination of upper and lowercase letters, symbols and numbers, and aim for at least 14 characters.
Enable Multi-Factor Authentication (MFA): MFA adds an extra layer of protection by requiring two or more verification methods to access your account. This typically combines something you know (password/PIN), something you have (mobile device/security token), or something you are (fingerprint/facial recognition). Check if your super fund offers MFA and enable it if available.
Protect your devices: Secure all devices you use to access your super account. Use strong passwords or passcodes, set up biometrics where possible, enable auto-lock when not in use, and activate “find your device” services so you can lock or wipe your device if it's stolen.
Be wary of unsolicited communications: Take your time to verify the identity of anyone contacting you unexpectedly. Don't click links in suspicious emails or texts. Contact your fund directly using the official contact details from their website.
Report suspicious activity: Alert your super fund immediately if something doesn’t seem right with your account or if you receive suspicious communications.

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Upskilling and self-education costs

The expenses need to have a sufficient connection to your current employment income in order to make a claim.

You may be incurring self-education expenses when you:

take courses at an educational institution (even if you don’t gain a formal qualification);
undertake training provided by an industry or professional organisation;
attend work-related conferences or seminars; or
do self-paced learning and study tours in Australia or overseas.

However, the expenses need to have a sufficient connection to your current employment income in order to make a claim. This means either maintain or improve the specific skills or knowledge you use, or be likely to result in increased income in your current role.

If you meet the eligibility criteria you may be able to claim a deduction for:

tuition, course or seminar fees incurred in enrolling in a full fee paying place;
general course expenses (eg stationery, internet usage);
depreciation on assets like laptops;
transport costs between home or work and your place of study;
accommodation and meals when your course requires you be away from home for one or more nights; or
interest on loans where you use the funds to pay for deductible self-education expenses.

Keep in mind that sometimes only certain subjects or components of your study are sufficiently connected to your work – in these cases, you'll need to apportion your expenses.

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Buy a business

What you need to know about the risks and benefits of buying an existing business or franchise.

Assess a business before you buy it

Before you commit to buying an existing business, ensure it's a worthwhile investment by checking its finances and assessing the risks. Read more …

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How to buy an existing business, including everything you need to prepare before you sign the contract and warning signs to watch out for. Read more …

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Find out the pros and cons of buying a franchise, what to do before signing a franchise agreement, what questions to ask before you buy. Read more …

Depreciation expert urges property investors to leverage tax depreciation

Seventy per cent of people are not maximising the tax depreciation opportunities on their investment properties, a depreciation expert has said.

Property investors and first home buyers need to engage a quantity surveyor to take advantage of possible tax depreciation opportunities every financial year.

According to Brad Beer, BMT Tax Depreciation chief executive, after 28 years of working within the depreciation space, there were still up to 70 per cent of property investors not maximising tax depreciation and a depreciation schedule.

Speaking on an Under the Hood podcast episode, Beer recommended that more people work in line with their accountants at looking at what money could be made back through a quantity surveyor and the knowledge they offer.

“If you buy a property that is appreciating in value, but the carpet is wearing out, the bricks and mortar are wearing out, the stove is wearing out, those things are depreciating,” Beer said.

“The Tax Office allows us to claim a deduction for the loss in value of those things. Why is it important? Because it means more money in your pocket.”

“The first year claim out of the reports we did last year was about $11,000, that was the average. Some get more; some get less. That’s a residential average, and that’s a fair bit of deduction out of a residential investment. So, it makes a big difference to the cash flow and people that maybe are struggling to afford that property.”

Beer noted that a common misconception for property investors was that they often thought that depreciation would be looked after by their accountant, rather than a quantity surveyor. Usually, an accountant acted as a middleman between the ATO and the quantity surveyor.

According to Beer, if wanting to maximise depreciation claims from a property for tax purposes, engaging a quantity surveyor was crucial as they can provide accurate and reliable information, as well as documenting it in a way that could be easily referred back to and updated.

“The most common misconception I see is that people often ask me: ‘Well, doesn’t my accountant look after that?’ Or they say: ‘I’ve got a good accountant, what’s wrong with my accountant?’,” he said.

“Nothing is wrong with your accountant. Your accountant is probably great, and if they really are good, they will engage a depreciation specialist for the areas you need to get the most out of your tax.”

“If you haven’t yet, they definitely speak to a quantity surveyor, or your accountant, about getting one in. Talk to them and see if there’s money there you could be claiming. Any good quantity surveyor will be able to tell you exactly what depreciation opportunities you have.”

In addition to this, another misconception often associated with the depreciation of properties was around the age of the property or the timeline of the purchase and/or investment.

Beer noted that when it came to investment properties, age did make a difference; however, it didn’t matter or impact the opportunity of what could be potentially claimed.

“I look at the time I have spent in this industry, and I spend a lot of time with property investors and accountants and people in the property industry.”

“We help them save some tax. We’ve had the opportunity to teach them over that time, to really teach the property industry what it’s all about and what it means for the numbers. I’ve seen a lot of people get money back after they never realised it was there and they’re always happy with that.”

Imogen Wilson
29 April 2025
accountantsdaily.com.au

SME confidence and conditions see uptick over Q1 2025, survey reveals

Small business conditions and confidence notably improved throughout Q1 of this year, but remain in negative territory.

The NAB Quarterly SME Survey for Q1 2025 has revealed an uptick in small business confidence and conditions, with a rise in the business conditions sub-components, trading profitability and employment.

Throughout Q1 2025, small business conditions rose by 3 points to -1 index pts, with the strongest improvement highlighted in small SMEs, up 5pts to +1 index pts, followed by mid-tier SMEs, up 4pts to -3 index pts.

Despite the rise across the business conditions sub-components, profitability and employment conditions have remained in negative territory, and SME conditions have also remained overall weaker and in negative territory, NAB revealed.

“This was a stronger survey reading than for larger firms captured in the NAB Quarterly Business Survey, which saw conditions ease slightly over the quarter,” NAB said.

“However, conditions and confidence remain weaker than the quarterly survey in level terms and in negative territory.”

SME conditions by industry saw improvement across all industries, excluding business services and finance, as business services saw a material decline for the second quarter in a row, down 10pts over quarter one.

Finance conditions declined by 3pts, though conditions overall still remained strongest in finance and transport, and weakest in manufacturing.

In terms of business confidence, the survey demonstrated a 4pt improvement to -8 index pts, still sitting well below average.

“The improvement was driven by large increases in property and construction. However, SME confidence remains negative across all industries except property and transport.”

SME confidence across the states also remained in negative territory after experiencing upticks over the quarter, with Victoria lagging behind the other states at -15 index pts. SME conditions also improved in every state, led by WA, up 6pts, and Queensland, up 5pts, while SME conditions remained weakest in NSW and Victoria.

The survey found that leading indicators were mixed, with capacity utilisation close to the long-run average at 80.3 per cent, cost pressures eased across labour costs and overheads, and final prices were steady at 0.6 per cent, while the sales margin index improved from -20 to -17 index pts.

“Like in the quarterly survey, the share of SME firms reporting labour as a significant constraint on output eased. Labour costs growth also softened in the quarter, though purchase costs growth was marginally higher.”

NAB said while confidence and conditions did improve over the quarter, the survey was conducted before the US tariff announcements in early April.

Imogen Wilson
30 April 2025
accountantsdaily.com.au

From 1 July 2025 ATO Interest is no longer tax deductible

On 26 March, the government passed legislation denying tax deductions for ATO interest. This change takes effect on 1 July 2025.

These amendments deny deductions for ATO interest charges (being the general interest charge (GIC) and the shortfall interest charge (SIC)).

This means that taxpayers can no longer deduct GIC or SIC incurred on or after 1 July 2025.

Who is affected?

• Personal Tax Debts: ATO Interest on personal tax debts will no longer be deductible. Interest on externally borrowed funds to pay personal tax debts has never been deductible and won’t be in the future. To avoid non-deductible ATO interest, tax debts must be paid on time. If personal tax debts cannot be paid on time it may be best to seek out alternative funding sources with lower interest rates (ATO GIC rate for Mar 2025 quarter: 11.42%).

• Business Entities (Sole Traders, Companies, Trusts): ATO interest will no longer be deductible, but interest on bank loans or overdrafts used to pay tax liabilities for businesses will remain deductible. To maintain interest deductibility, consider arranging finance to cover business tax payments if necessary.

The ATO has drastically changed its behaviour and stance in regard to timely payment of debts, debt collection and leniency with interest and penalty remissions

• Interest & Penalty Remissions are now rarely granted, except in extreme cases.

• Aggressive Debt Collection—The ATO is chasing even small debts early and debt collection actions are escalating quickly.

What You Should Do

• Pay all ATO debts on time and in full whenever possible to minimise the risk of non-deductible interest or ATO penalties being applied.

• If prompt payment in full is not possible, request an extension of time or ask us to request an extension for you.

• Plan ahead—Engage with us early to manage your tax liabilities efficiently and give you maximum notice of upcoming payments.

2025 Tax Planning Guide Part 2

From 1 July 2025: From July 1, 2025, the compulsory Super Guarantee Contribution (SGC) rate increases from 11.5 % to 12%.

Extra Checklist of Year End Tax Issues not included in Part 1 last month.

In addition to the tax planning opportunities, there are several obligations in relation to the end of the financial year which should be considered:

If you use a Motor Vehicle in producing your income you may need to:

Record Motor Vehicle Odometer readings at 30 June 2025
Prepare a logbook for 12 continuous weeks if your existing one is more than 5 years old. Please note, if you commence the logbook prior to June 30, 2025, the usage determined will still be appropriate for the whole of 2024/25. As such, it is not too late to start preparing one for the current financial year.

If you are in business or earn your income through a Company or Trust:

Employer Compulsory Superannuation Obligations:

The deadline for employers to pay Superannuation Guarantee Contributions (SGC) for the 2024/25 financial year is the 28 July 2025. However, if you want to claim a tax deduction in the 2024/25 tax year the super fund (or Small Business Superannuation Clearing House) must receive contributions by 30 June 2025. Also avoid making contributions at the last minute because processing delays could deny you a significant tax deduction in this financial year.

For Private Company – Div 7A Loans

Business owners who have borrowed funds from their company in prior years must ensure that the appropriate principal and interest loan repayments are made by 30 June 2025. Loans taken out in the current year must be either paid back in full or have a loan agreement entered into before the due date of lodgement of the company return. Failure to comply risks having it counted as an unfranked dividend in the individual’s tax return

Trustee Resolutions

Ensure that the Trustee Resolutions on how the income from the trust is distributed to the beneficiaries are prepared and signed before June 30, 2025, for all Discretionary (“Family”) Trusts. If a valid resolution hasn’t been executed by this date, the default beneficiaries become entitled to the trust’s income and are then subject to tax. Income derived but not distributed by the trust will mean the trust will be assessed at the highest marginal rate on this income.

Preparation of Stock Count Working Papers at June 30, 2025.

Preparation and reconciliation of Employee PAYG Payment

PAYG Summaries were formerly known as Group Certificates. Note you are not required to supply your employees with payment summaries for amounts you have reported and finalised through Single Touch Payroll.

Company Tax Rates for Small Businesses

The company tax rate for base rate entities with less than $50 million turnover was 25% for the 2025 financial year where it as:

An aggregated turnover less than the aggregated turnover threshold ($50 million)
80% or less of their assessable income is base rate entity passive income – this replaces the requirement to be carrying on a business.

Business Should also Consider the Following Items

Stock Valuation Options – Review your Stock on Hand and Work in Progress listings before June 30 to ensure that it is valued at the lower of Cost or Net Realisable Value. Any stock that is carried at a value higher than you could realise on sale (after all costs associated with the sale) should be written down to that Net Realisable Value in your stock records.

Write-Off Bad Debts – if you operate on an accrual’s basis of accounting (as distinct from a cash basis) you should write off bad debts from your debtors listing before June 30. A bad debt is an amount that is owed to you but you consider is uncollectable or not economically feasible to pursue collection. Unless these debts are physically recorded as a ‘bad debt’ in your system before 30th June 2025, a deduction will not be allowable in the current financial year.

Repairs and Maintenance Costs – Where possible and cash flow allows, consider bringing these repairs forward to before June 30. If you don’t understand the distinction between a repair and a capital improvement, please consult with us because some capital improvements may not be tax deductible in the current year and could be claimable over a number of years as depreciation.

Obsolete Plant and Equipment – should be scrapped or decommissioned prior to June 30, 2025, to enable the book value to be claimed as a tax deduction.

Superannuation Tax Planning Opportunities

Compulsory Superannuation Guarantee – If you want a tax deduction in the 2024/25 financial year, the superannuation fund must receive the funds by 30 June 2025. The Tax Office doesn’t consider a contribution to be made until the amount is actually credited to a super fund’s bank account so an electronic transfer to another bank account on June 30 is not necessarily considered paid. We strongly recommend you make the payment a week or so before June 30 and then follow up with the super fund to ensure the funds have been received. Don’t risk the tax deductibility of what can often be a significant amount by leaving payment to the last minute.

Concessional Contributions Cap of $30,000 for Everyone

The tax-deductible superannuation contribution limit or cap is $30,000 for all individuals regardless of their age for the 2024/25 financial year.

If eligible and appropriate, consider making the most of your 2024/25 financial year annual concessional contributions cap with a concessional contribution. Note that other contributions such as employer Superannuation Guarantee Contributions (SGC) and salary sacrifice contributions will have already used up part of your concessional contributions cap.

Carry Forward Concessional Contributions

If your total superannuation balance as of June 30, 2024, was less than $500,000 you may be able to carry-forward unused concessional caps for up to 5 years.

Members can access their unused concessional contributions caps on a rolling basis for five years and amounts carried forward that have not been used after five years will expire.

Typically, self-employed individuals and those who earn their income primarily from passive sources like investments make their super contributions close to the end of the financial year to claim a tax deduction. However, individuals who are employees may also use this strategy and those who might want to take advantage of this opportunity.

Non-Concessional Super Contributions

If eligible and appropriate, consider utilising all or part of your 2024/25 financial year annual non-concessional contributions cap by making a non-concessional contribution for up to $120,000 for the 2025 financial year or up to $360,000 over 3 years.

Government Co-Contribution to Your Superannuation

The Government co-contribution is designed to boost the superannuation savings of low and middle-income earners who earn at least 10% of their income from employment or running a business. If your income is within the thresholds listed below and you make a ‘non-concessional contribution’ to your superannuation, you may be eligible for a government co-contribution of up to $500.

To be eligible you must be under 71 years of age as of June 30, 2025. In 2024/25, the maximum co-contribution is available if you contribute $1,000 and earn $44,500 or less. A lower amount may be received if you contribute less than $1,000 and/or earn between $44,500 and $60,400. If unsure then ask your tax agent for clarification.

The matching rate is 50% of your contribution and additional eligibility include: having a total superannuation balance of less than $1.9 million on 30 June of the year before the year the contributions are being made having not exceeded your non-concessional contributions cap in the relevant financial year

Transition to Retirement

If you don’t want to fully retire and would like to reduce your working hours you can take advantage of what is known as “Transition to Retirement” TTR. This means that providing you have reached your preservation age, see below, you can elect to keep working full time or part-time and take money out of your super to supplement your income. This is popular for those who want to scale down their working hours rather than retiring.

Date of Birth Preservation Age

Before 1 July 1960 55
1 July1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
1 July 1964 – 30 June 1965 60

When you are receiving a TRT pension you can still work and claim a tax deduction for concessional contributions into your super up to $30,000 for the 2025 financial year.

If you decide to implement a TTR strategy, you must withdraw a minimum amount, currently 4% for someone aged 60 (based on age) from your superannuation account balance up to a maximum of 10%.

If you are under 60 any amount you withdraw will be subject to tax at your marginal rate of tax. You will also be entitled to receive a tax rebate of 15%. After the age of 60, the good news is that any amount you withdraw is TAX FREE!

Account Based Pensions

If you are aged 60 + and retired or 65+ and still working, there are options worth considering. There are significant tax advantages in taking an Accountants Based Pension from your super. Not only are the withdrawals you make tax- free, but also the earnings within your superannuation fund are tax-free to 1.9 million dollars.

However, you must withdraw a minimum amount each year for pensions as per the table below, there are no limits on the amount you can withdraw.

The minimum amount for ages:

Under 65 is 4%
65 to 74 is 5%
75 to 79 is 6%
80 to 84 is 7%

To put in place an accounts-based pension, you will need to speak to your superannuation fund provider.

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2025 Tax Planning Guide Part 1

Planning your taxes for the year is essential

CONSIDER THE FOLLOWING OPPORTUNITIES

1. Delay Deriving Assessable Income

If it is possible, delay deriving income until after June 30, 2025 by:

a. Delaying the Timing of the generation of Income until after June 30.

b. Look at the timing of when Invoices are raised for incomplete work.

Off course, cash flow for your business is paramount but if this is not adversely affected, then consider deferring the recognition of income until after 30 June 2025. For example:

Cash Basis Income – Some income is taxable on a cash receipts basis rather than on an accruals basis (e.g. rental income or interest income in certain cases). You should consider whether some income can be deferred in those instances.
Consider delaying your invoices to customers until after July 1 which will put that income into the next financial year and defer the tax payable on that income. If you operate on the cash basis of accounting you simply need to delay receiving the money from your customers until after June 30.
Lump Sum Amounts – If a lump sum payment to you is likely to be received close to the end of a financial year, you could consider the question of whether this amount (or part thereof) can be delayed or spread over future periods.

2. Bringing Forward Deductible Expenses or Losses

Prepayment of Expenses – In some circumstances, a small business or individual who derive passive income (such as rental income and dividends) should consider pre-paying expenses prior to 30 June 2025. A tax deduction can be brought forward into this financial year for expenses like:

Employee Superannuation Payments including the 11.5 % Superannuation Guarantee Contributions for the June 2025 quarter (that have to be received by your Superannuation Fund by June 30, 2025 to claim a tax deduction. Anything received by your Superannuation Fund after this date is not deductable in the 2024-25 financial year).
Working from home. You will need to have kept records of the hours you worked from home. This is used to calculate the amount you can claim.
Superannuation for Business Owners, Directors and Associated Persons.
Wages, bonuses, commissions and allowances
Contractor Payments
Travel and accommodation expenses
Trade creditors
Rent prepayment for up to 12 months
Insurances including Income Protection Insurance
Printing, Stationery and Office Supplies
Advertising including Directory Listings
Utility Expenses – Telephone, Electricity & Power
Motor Vehicle Expenses – Registration and Insurance
Accounting Fees
Subscriptions and Memberships to Professional Associations and Trade Journals
Repairs and Maintenance to Investment Properties
Self-Education Costs
Home Office Expenses – desk, chair, computers etc.
Donations to deductible gift recipient organisations
If appropriate, consider prepaying any deductible investment loan interest. This could include interest payments on an investment loan for either an investment or commercial property or an investment portfolio you hold.

If you are planning to make any deductions like those listed above, then it is advisable that you discuss your plans with your accountant before you act. Also, such a deduction for prepaid expenses will need to be paid before 30 June 2025. Be careful, though, don’t purchase goods or services you will never use, and be aware of the effect of such spending on your cash flow.

Superannuation Contributions – some low or middle-income earners who make personal (after-tax) contributions to a superannuation fund may be entitled to the government co-contribution. The amount of government co-contribution will depend on your income and how much you contribute. So be aware of any thresholds that relate to the Government’s co-Contribution scheme.

Capital Gains/Losses – Note that the contract date (not the settlement date) is often the key sale date for capital gains tax purposes and when it comes to the sale of an asset that triggers a capital gain or capital loss, you need to consider your overall investment strategy when making the decision to sell. Here are several important points regarding the management of capital gains and capital losses on sale of your assets from a tax planning perspective:

If appropriate, consider deferring the sale of an asset with an expected capital gain (and applicable capital gains tax liability) until it has been held for 12 months or longer. By doing so, you could reduce your personal income tax. For example, if you hold an asset for under 12 months, any capital gain you make may be assessed in its entirety upon the sale of that asset.
A capital gain will be assessable in the financial year that it’s crystallised.
If appropriate, consider deferring the sale of an asset with an expected capital gain (and applicable capital gains tax liability) to a future financial year. By doing so, you could help reduce your personal income tax for the current financial year. This could also be of benefit if, for example, you expect that your income will be lower in future financial years compared to the current financial year.
If appropriate, consider offsetting a crystallised capital gain with an existing capital loss (carried forward or otherwise) or bringing forward the sale of an asset currently sitting at a loss. By doing so, you could reduce your personal income tax in this financial year.
Note that a capital loss can only be used to offset a capital gain.

Accounts Payable (Creditors) – If you operate on an accruals basis and services have been provided to your business, ensure that you have an invoice dated June 30, 2025.

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