05 Aug August Newsletter 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.
Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.
Yours sincerely, the Team at Rittwatchman & Associates
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