The Aged Care Rules are a legislative instrument that outlines how the new Aged Care Act 2024 will be implemented from 1 November 2025.
Following a period of public consultation, the government has released the final draft of these rules. The Rules will come into effect once they have been signed by the Minister for Aged Care and Seniors and published on the Federal Register of Legislation.
The final version is subject to passage and Royal Assent of related amending legislation passing Parliament.
Further information regarding the key changes made to the rules following the consultation period can be found here.
The ATO has advised taxpayers that pre-filled information is now available in individual tax returns from employers, banks, government agencies and private health insurers.
The ATO Assistant Commissioner stated 'You’ve been patiently waiting, but now you’re good to go! Whether you lodge using a registered tax agent or lodge yourself through myTax, pre-fill information will now be available'.
Taxpayers are reminded to check the pre-filled data to ensure accuracy, add anything that may be missing and then include any deductions they are entitled to claim. All sources of income should be included in the tax returns, eg side-hustles, linked income from providing ride sourcing services or selling services via an app.
The ATO also encouraged taxpayers to use the ATO's app to help keep their personal information safe and protected.
Taxpayers have until 31 October to lodge their tax return or to get on the books of a registered tax agent, which may allow them more time to lodge.
The 22nd of July 2025, marked the formal opening of the 48th Parliament.
A number of bills have been introduced since Pailament commenced including:
HECS debt 20% reduction
Aged Care AmendmentsAged Care and Other Legislation Amendment Bill 2025 was introduced to parliament on 24/7/25.
The Bill introduces technical changes to the Aged Care Act 2024 and other related legislation in order to support the rollout of aged care reforms.
Two notable amendments include: 1. Clarification of Retention Provisions for Lump Sum Accommodation Payments These amendments refine how retention applies to Refundable Accommodation Deposits (RADs) and Refundable Accommodation Contributions (RACs):
2. Transitional Rule-Making Power for the Minister To ensure smooth implementation of the new aged care system, the Bill grants the Minister a temporary power to make rules for the first 24 months after the Act commences:
Time Limit: Rules automatically expire within 24 months unless repealed earlier. | |
Several financial planning strategies rely on the correct completion of the individual tax return.
If key items are missed or incorrectly reported, the strategy may not work as intended, and in some cases, may even trigger adverse tax consequences.
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Is it possible for the director of a private company to trigger the retirement condition of release by resigning their directorship after turning age 60?
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