Tyrrell Partners Accountants

15/01/2026

Tax shouldn’t add to your stress if you’re bushfire affected.

30/06/2025

Changes in place from 1 July 2025 mean that the interest charged by the ATO on any money owed to them is no longer deductible.
This means that you won’t be allowed to claim the interest back on your tax return after 1 July 2025.
For more info, speak to your accountant

09/04/2025

New requirement when selling property.
If you are an Australian resident selling property, you now need to get a Foreign Resident Capital Gains Withholding (FRCGW) clearance certificate or have money withheld when the property settles.
Briefly, as an individual selling property you must apply for a clearance certificate from the ATO and provide the certificate to the purchaser before settlement.
If you don’t provide this certificate, the purchaser MUST withhold 15% of the sale price (or in some cases, 15% of the market value). You won’t get this money back until after your next tax return is processed by the ATO after 30 June.
The ATO advises that certificates should be issued within a few days but to allow up to 28 days. Certificates are valid for 12 months so getting organized early is a good plan.
Certificates are FREE OF CHARGE if you apply directly to the ATO. There are some businesses offering to apply for these certificates on your behalf for a fee. Solicitors and conveyancers should be able to help if you’re not comfortable applying yourself.
As always, there are exceptions and differences in process for other entity types. Please refer directly to the ATO for specific information.

28/03/2025

Good news for small business! If you're ensure if this applies to your business, please contact our office for specific advice.

10/12/2024

Wishing our clients a Merry Christmas and thank you for another year supporting you in your tax and accounting needs. We look forward to working with you again in 2025.

Our offices will be closed for the following dates -

Moe Office
Closed 20th December 2024 and reopening 6th January 2025

Warragul Office
Closed 20th December 2024 and reopening 6th January 2025

Heyfield Office
Closed 20th December 2024 and reopening 20th January 2025

01/07/2024

Finally, this is now confirmed for the 2024 financial year. Eligible small businesses can claim an instant asset write off for assets costing less than $20,000.
A bill to extend the arrangement to 30 June 2025 is currently before parliament.
Some conditions apply.

27/06/2024

Today, 3 days from the end of the financial year, there is still not complete certainty around the immediate write off threshold to apply for small business for the 2024 financial year.

On 25 June 2024 the bill; The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 was finally passed by Parliament.

This confirms that the instant asset write off amount for small businesses for the 2024 year will be $20,000.
BUT, the bill still needs to be given royal assent by the Governor General to be officially in place, so for now we continue to wait.

Without this amendment in place, the instant asset write off for small business in 2024 will be available only for assets costing less than $1,000.

There is talk of extending the $20,000 threshold to 30 June 2025, but again, this is not yet law.

20/06/2024

The scammers want to catch you out. Only engage with the ATO through us, your tax agent, by calling the ATO directly on 13 28 61 or via your MyGov account.
Do not click any links or attachments sent to you.
If in doubt, call our team to confirm the communication is genuine.

20/06/2024

Landlords should consider these additional costs that are applied to their investment properties when reviewing lease agreements.

Land held in Victoria that does not qualify for exemptions (such as your principal place of residence) will generally be subject to Land Tax. This includes properties like holiday homes, commercial properties and vacant land.

You may have received an assessment for Land Tax from the State Revenue Office (SRO) of Victoria for the first time recently despite owning a property for a long time, generally assessments are issued between January and June each year.

The reason more Land Tax Assessment Notices are getting sent to Victorian property owners is because the SRO property site value threshold recently dropped significantly; from $300,000 to just $50,000.

How to find out more?
The SRO provides Land Tax calculators on their website to assist with working out what your land tax assessment is likely to be.
This is general information, for advice specific to your situation, you should contact the State Revenue Office directly on 13 21 61.

19/04/2024