Latest news
$20k instant asset write-off passes Parliament
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year. Purchases of depreciable assets with a cost of less than $20,000 that a small business...
What’s ahead for 2024-25?
Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the...
What’s changing on 1 July 2024?
a summary of the key changes coming into effect on 1 July 2024…
5 million+ struggle with mortgage payments
New nationwide research released by ASIC’s Moneysmart reveals…
ATO fires warning shot on trust distributions
The ATO has warned that it is looking closely at how trusts distribute income and to who.
The essential 30 June guide
The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions.
Accessing money in your SMSF
The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of self-managed superannuation funds (SMSFs). In general, access to your super is only possible if: You retire and turn 60; or You turn 65...
Do your kids really want to take over your business?
Generational succession - handing your business across to your kids or family - sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is...
Should you be the ‘Bank of Mum and Dad’?
The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst. The average price of a home in NSW is $1,184,500, the highest in the country. Canberra is next at $948,500, followed by Victoria at $895,000, with the Northern...
Company money crackdown
The ATO is cracking down on business owners who take money or use company resources for themselves. It’s common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing ‘the...
Wash sales, a capital idea?
Are “wash sales”, a capital idea? The ATO doesn’t think so. What you need to be aware of. Let us share with you an old, but still compelling, short story. Back in 1998, a taxpayer (Mr. X) thought it was a capital idea to transfer a parcel of shares, which had...
Non-compete clauses and worker restraints under review
A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement. A recent Australian Bureau of Statistics (ABS) survey found that 46.9% of businesses surveyed used some kind of...
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