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Thomas Gourgiotis Thomas Gourgiotis

Steps to close a business

If the business is no longer profitable, and is unlikely to be profitable in the future, your best option may be to close your business.

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Thomas Gourgiotis Thomas Gourgiotis

Paid parental leave super contributions have started

From July 2026, the new Paid Parental Leave Superannuation Contribution (PPLSC) has started. This is a government-funded super payment for eligible parents who receive Paid Parental Leave (PLP) for a child born or adopted from 1 July 2025.

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Thomas Gourgiotis Thomas Gourgiotis

Division 296 tax on large super balances

Div 296 tax is now in legislation and levied directly on the individual with balances over $3m in super fund. The assessment is issued by the ATO, and payment is generally due within 84 days of the notice. Div 296 tax is in addition to the (up to) 15% tax that super funds pay on fund earnings in the accumulation phase.

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Thomas Gourgiotis Thomas Gourgiotis

More of the same with latest missive from Treasury

The initial legislation was rushed into law despite widespread concerns raised by advisers, professional bodies and taxpayers. There is little evidence that this feedback in any way influenced the final outcome.

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Thomas Gourgiotis Thomas Gourgiotis

SMEs warned as ATO ramps up tax debt collection

One insolvency specialist has emphasised the importance of small businesses engaging their accountants to stay on top of their tax debts in light of increased ATO scrutiny of the SME market.

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