Understanding Division 7A: Exploring Tax Implications and Recent Changes
What is Division 7A? Division 7A is a provision within the Australian tax legislation designed to prevent private companies from making tax-free distributions of profits to shareholders and their associates. Essentially, Division 7A ensures that such distributions are either taxed as dividends or treated as loans that must be repaid under certain conditions. What’s […]
The 2024-25 Australian Federal Budget
The Treasurer forecasts a 0.75% reduction in inflation due to the 2024-25 Federal Budget initiatives, which include energy relief for households, increased Commonwealth Rent Assistance, and a freeze on the maximum co-payment for the Pharmaceutical Benefits Scheme. This pre-election budget aims to provide broad relief from cost of living pressures. If the Consumer Price Index […]
Welcome to Xcel Advisory
Welcome to Xcel Advisory – It’s with immense gratitude and excitement that we finally unveil our new brand. From the depths of bookkeeping intricacies to the heights of strategic business risk management, our team has meticulously honed our skills to serve your business better. So, with humility and a deep sense of purpose, we extend […]