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Please note that Xero has recently made changes to their subscription plans with the major change of added Payroll and Superannuation functionality to their Ignite and Grow plans. As we are at the start of a new financial year this may be an appropriate time for you to review your business’s subscription level to ensure you are on the most suited plan for your business needs. If you have any questions, feel free to contact us to discuss your software needs. 03)5571 0111

If you have paid wages to employees in the 2025 financial year you will need to make a finalisation declaration by 14 July 2025 to ensure your employees can access their finalised information to complete their tax return. When you have reported and finalised your employees' information through STP, you are exempt from: providing payment summaries to your employees lodging a payment summary annual report. For payments to your employees that were not reported through STP, you still need to: give a payment summary to your employees provide the ATO with a payment summary annual report for these payment summaries. For small employers (19 or fewer employees) who only have closely held payees, the due date for end-of-year STP finalisation is the payee's tax return due date. If you would like to know more, you can visit Here

At CoggerGurry, we understand that every business is unique, with its own set of challenges and aspirations. Our Business Advisory services are designed to provide personalised, strategic support that aligns with your goals and helps you move confidently toward long-term success. We offer practical support in: Strategic Planning & Business Structuring – We help you set a clear direction for growth and resilience. Succession & Estate Planning – Guiding you through securing the future of your business and family wealth. Financial Analysis & Forecasting – Making sense of your numbers to inform smarter decisions. Cash Flow Management – Developing strategies to improve your cash position and future planning. Quarterly Business Reviews – Keeping you accountable and on track throughout the year. Now is a great time to take stock and set your business up for the new financial year. Whether you're looking to grow, manage risk, improve profitability, or plan for succession, our advisory services can help you get clarity and take action with confidence. Our approach is collaborative and long-term – we become part of your team. Based in Hamilton, Victoria, we bring regional knowledge, genuine relationships, and deep commercial expertise to help you and your business thrive. To learn more or book a confidential discussion, get in touch with our team. 03)5571 0111

Tax time is here – but don’t rush it! Here's what you need to know to get it right this year. When can you lodge? You can lodge anytime from 1 July, but the ATO recommends waiting until late July so your data (like income, interest, health insurance and dividends) can auto-fill correctly. In 2024, over 140,000 early lodgers needed amendments due to missing info. Waiting reduces errors and delays in processing. Key Dates: • Lodging yourself? Do it online via myGov by 31 October. • Lodging with CoggerGurry? Contact us to book your appointment. What’s new from 1 July 2025: • Parental Leave: Extended to 24 weeks & superannuation now paid on parental leave • ATO Interest: No longer tax-deductible • Minimum Wage: Increased to $24.95/hr Top tips while you wait to lodge: • Check your bank & contact details • Ensure your income statement is marked “Tax Ready” • Gather receipts, diaries & private health details • Review ATO deduction guides for your occupation Need help or not sure where to start? We’ve got you covered – get in touch today. - ( 03) 5571 0111

If someone close to you dies and you’re the one responsible for taking over their tax affairs, there are a number of steps you need to take to advise the ATO of their passing. This starts with establishing your identity with the ATO as the deceased’s representative, and formally notifying the ATO of the death, with a death certificate of the deceased or a grant of probate or letters of administration. To have full authority to manage the tax issues of someone who has died, you’ll need to be their authorised legal personal representative (LPR). A person’s LPR is usually the executor named in their will, or if no executor has been named, a court-appointed administrator (this can be the person’s next of kin). To be recognised as an LPR for tax purposes, you’ll need a supreme court (in your state) to recognise that the deceased’s will is legal, allowing you as the executor to represent the deceased’s estate and distribute their assets according to the will. Where there’s no will, a grant of letters of administration are issued to the person (this is often the next of kin) to manage the estate, and they are appointed as the administrator of the estate. You will need to be aware of whether the deceased person carried on a business and, if they did, you’ll need to seek specialised legal or tax advice. You also may need to lodge the deceased’s final tax return, known as the “date of death” tax return, and check if any other years’ tax returns are outstanding and arrange payment for those, with help from the ATO to access the deceased’s person’s tax information. If the estate of the deceased receives any income from assets such as rental property or shares, and/or is due to claim any tax refund or franking credits that are owed, the estate is treated as a trust for tax purposes, and you will need to lodge a trust tax return. You need to ensure that all tax liabilities have been paid, that credits owing to the deceased person and their estate have been received, and that all tax registrations (such as ABNs and registration for GST) have been cancelled. After all of these requirements are met, you will then be able to distribute the assets of the estate to the beneficiaries following probate. It’s important to be aware that finalising the administration of an estate can take six to 12 months, or sometimes longer.

Victoria’s state tax system is undergoing major reform, with implications for property owners, investors, and businesses. Here's what’s changing—and what you need to consider. 1. Emergency Services and Volunteers Fund (ESVF) Reforms From 1 July 2025, the fire services property levy will be replaced with emergency services and volunteers fund and will continue to be collected via council rates notices. How it’s calculated: ESVF = fixed charge + variable charge – concession (if eligible) – rebate or other relief (if applicable) To help reduce this rate you can make sure you have applied for all the appropriate concessions and rebates you are entitled to. Fixed Charge - The fixed charge is based on the property’s classification and is linked annually to CPI, so make sure the classification is correct for your property. Variable Charge - The variable charge is based on the capital improved value of the property, so if you disagree with this value, you have two months from the date of your rates notice to lodge an objection either with your local council or the Valuer-General Victoria’s website. Concessions - Single Farm Enterprise Concession – Allows farms under common ownership to be assessed as one holding, reducing the fixed charge levy amounts. This concession must be applied for and is not automatic so check your rates notice carefully and contact your shire council if you need information on this. Rebates - Volunteer Rebate – For CFA, SES volunteers and Shepparton Search and Rescue Squad members who own residential or farm property. They can apply for a rebate from the Vic Services website from late July 2025. Go to https://service.vic.gov.au/find-services/housing-and-property/eligible-volunteers-rebate-scheme 2. Land Tax Changes & Exemptions Since 2024 the Victorian land tax thresholds changed with many landholders feeling the financial impact of these changes. The main adjustments were: Threshold Adjustments The general threshold dropped from $300,000 to $50,000 in addition to increasing the land tax rates. Land valued between $50,000 and $100,000 will have $500 to pay in land tax and those in the next banding up to $300,000 will pay $975. For full details see State Revenue Office website: https://www.sro.vic.gov.au/about-us/rates-and-statistics/current-rates/land-tax-current-rates#general24 Trusts: Trust surcharge rates have increased and apply when the total taxable value of land held by the trust is $25,000 or more, making it considerably more expensive to hold property in a trust structure. Some trusts, such as charitable trusts and non-profits may be exempt from the surcharge, and notifying the State Revenue Office (SRO) about beneficiaries can impact the assessment. https://www.sro.vic.gov.au/ Primary Production Land (PPL) Exemptions Land used primarily for primary production may be exempt from land tax. The eligibility criteria varies depending on the location of the land (inside or outside greater Melbourne) and the nature of its use. Recent rulings have clarified what constitutes 'preparation' for primary production, which can also qualify for the exemption. sro.vic.gov.au dr.www.sro.vic.gov.au Action Point: Given the complexity and recent changes, it's advisable to review your land tax assessments carefully, as we have seen a rise in the number of incorrect assessments. If you believe an exemption applies or if you're uncertain about your liability, contact our office or the SRO directly.. 3. Commercial and Industrial Stamp Duty Reform (CIPT) From 1 July 2024, Victoria is transitioning from upfront stamp duty to an annual property tax model for commercial and industrial properties. This annual tax will be know as Commercial and Industrial Property Tax (CIPT). How it works: From 1 July 2024, commercial or industrial properties will transition to the new model if they meet certain criteria when sold. Only properties that have a change in ownership will be impacted, those properties that continue to be held by the same owners with no change in use will not be affected. Properties will transition into CIPT reform if there is an eligible dutiable transaction or relevant acquisition, defined as an entry transaction. Duty is still payable on the entry transaction, then ten years after the entry transaction, CIPT will be payable if there has been no change in use. Annual property tax called CIPT is a flat rate of 1% of the property’s (unimproved) site value. Once transitioned, the property is exempt from stamp duty for future owners. CIPT is different to land tax, so as a commercial or industrial land owner you may be liable for both land tax and CIPT. Note, land that is exempt for land tax purposes will normally be exempt for CIPT. CIPT only applies to qualifying commercial and industrial land, not residential.  4. Short Stay Accommodation Levy (SSL) From 1 January 2025, a 7.5% levy will apply to revenue earned from short-stay accommodation (e.g. Airbnb, Stayz). Applies to: Residential short-term rentals (less than 28 consecutive days and excludes hotels and motels). Can be collected through booking platforms or if you rent your property out directly and collect the money yourself you are still liable to report and remit 7.5%. Based on gross revenue, not number of nights and includes add on charges such as cleaning and GST but excludes credit card fees. Funds raised will support affordable and social housing initiatives. 5. Vacant Residential Land Tax (VRLT) – Expanded From 1 January 2025, VRLT will apply statewide, not just to inner and middle Melbourne. Key features: Applies to homes vacant more than 6 months per year. Annual tax of 1% of capital improved value (CIV). Residentially zoned land is targeted. Some exemptions exist (e.g. deceased estates, genuine holiday homes, renovations) but are strict and must be documented. 6. Windfall Gains Tax (WGT) Introduced in 2023, the WGT applies when land is rezoned and its value increases by more than $100,000. The amount of WGT depends on the amount of uplift, being: Uplift between $100,000–$500,000 taxed at a marginal rate of 62.5% on the uplift above $100,000 Uplift of $500,000 or more will have the entire uplift amount taxed at 50%. Can be deferred up to 30 years or until the property is sold. There are a number of exemptions including: Residential land exemption Land entitled to a transitional exemption Charitable and university land What Should You Do Now? Reassess land holdings, exemptions, and property usage Apply for eligible concessions like the Volunteer Rebate or Single Farm Exemption. Act early to prepare for land tax, ESVF, SSL, VRLT, WGT and stamp duty changes. Visit the Victorian State Revenue Office website for more information on all the above items. https://www.sro.vic.gov.au/ Need support or clarification? We're ready to help with land tax reviews, levy planning, or assessing transaction strategies. Reach out to ensure you're not paying more than necessary. (03)5571 0111

To be eligible to claim working from home (WFH) expenses, you need to be genuinely working from home to fulfil your employment duties, not just checking emails or taking occasional calls. You must also incur additional running expenses because of your WFH arrangement. These additional costs can typically include energy expenses for heating, cooling and lighting, home and mobile internet or data, phone expenses, and stationery or office supplies. When it comes to calculating your deductions, you can choose the “fixed rate method” or the “actual cost method”. For both methods, you’ll need records that accurately track your WFH hours. You can keep a diary or timesheets covering a representative four-week period showing your usual work pattern, or you can maintain a record of your entire year’s WFH hours. You’ll also need documentation showing you’ve incurred additional expenses, such as receipts and bills, and be able to demonstrate the proportion that relates to work. Fixed rate method: This approach simplifies your calculations by applying a set rate for each hour you work from home. For the 2024–2025 income year, this rate is 70 cents per hour. To calculate your deduction, simply multiply your total WFH hours by 70 cents. Remember, if you choose this method, you can’t claim additional separate deductions for expenses already covered under the fixed rate method, such as stationery supplies. Actual cost method: This approach requires you to keep detailed records of all additional costs incurred while working from home. You’ll need to track your WFH hours and maintain comprehensive records for all your WFH expenses. You can make separate claims for expenses not covered by either of the above methods, such as work-related technology and office furniture like chairs, desks, computers and bookshelves, as well as repairs or maintenance on these items. If you’re unsure whether an item you want to claim qualifies as an allowable work-related expense, check the ATO website for guidance or speak with your registered tax agent before including it in your return. If you would like to know more, you can visit Here

Starting 1 July 2025, the Fair Work Commission has announced a 3.5% increase to both the National Minimum Wage and minimum award wages. Key Details: New National Minimum Wage: $24.95 per hour or $948 per week. Applies to: Employees not covered by an award or enterprise agreement. Effective Date: From the first full pay period on or after 1 July 2025. For employees covered by awards—which outline minimum pay rates and conditions for specific industries or occupations—the same 3.5% increase applies. This adjustment will also take effect from the first full pay period starting on or after 1 July 2025. What This Means: For Employees: You can expect a pay increase reflecting the 3.5% rise, depending on your current wage and coverage under an award or agreement. For Employers: Ensure that payroll systems are updated to accommodate the new wage rates from the applicable date. The Fair Work Ombudsman will update its Pay and Conditions Tool and other resources to reflect these changes. It's advisable to check these tools closer to 1 July to confirm the specific rates applicable to your situation.  If you want to learn more about the minimum wage increase, contact us today. P- 03)5571 0111 or click Here