Latest news
How high will interest rates go?
Low interest rates have been a mainstay since the global financial crisis of 2008. When the pandemic hit, Governments pushed stimulus measures through the economy and central banks reduced interest rates even further. Coming out of COVID, housing market demand was...
Taxing Fame: The ATO’s U-turn
Sportspeople, media personalities, celebrities and ‘insta’ influencers beware. The ATO has taken a U-turn on how fame and image should be taxed. If you’re famous and make an income from your fame and image, the way the ATO believes you should be taxed on the income...
Can you prevent a hack?
In the wake of the Optus data leak, legislation before Parliament will lift the maximum fine for serious or repeated breaches of the Privacy Act from $2.2m to up to $50m. But there are no guarantees that even the strongest safety measures will prevent an attack. So,...
Lessons from a data breach
The Optus data breach is top of mind for a lot of Australians, particularly those who have had their data breached. For business, the breach is a timely warning on the importance of understanding what data is held on your customers (and should you hold it?), how it is...
Australian Super Funds Gorge on Cryptocurrency
The value of cryptocurrency assets inside Australian self-managed superannuation funds (SMSFs) increased by 589.9% ($1.17bn) between June 2019 and June 2022, according to the latest ATO statistics. While cryptocurrency is a relatively small asset class at only 0.16%...
COVID downgraded but not gone
National Cabinet agreed to end the mandatory isolation requirements for COVID-19 effective from 14 October 2022. Each state and territory has, or will, implement the end of the isolation rules. The Pandemic Leave Disaster Payment, the payment to workers who have lost...
States move on property based taxes
Queensland backs down on Australia-wide land tax assessment The Queensland Government has backed away from an amendment that would have seen the land tax rate for investment property in Queensland assessed on the value of the investor’s Australia wide land holdings...
To cut or not to cut? Stage three personal tax cuts
In September, amid a climate of startling interest rates, UK Chancellor Kwasi Kwarteng announced a series of tax cuts, including the reduction of the top personal income tax rate that applies to those earning more than £150,000 from 45% to 40%. Just ten days later,...
Securing Funds for Retirement
- From Bruce Grieve of Bentleys Wealth Advisors I recently met with a lovely retired couple who were working with another advisor and were unhappy with the way their concerns regarding their investments were addressed and how their portfolio was structured. After...
Acquiring collectibles inside your SMSF
Clients with self-managed superannuation funds (SMSF) often ask what assets the SMSF can acquire. ‘Why’? The golden rule for acquiring assets inside your SMSF is why? To be compliant, your fund must be maintained for the sole purpose of providing retirement benefits...
120% deduction for skills training and technology costs
The Government has reinvigorated the 120% skills training and technology costs deduction for small and medium businesses. An election ago, the 2022-23 Budget proposed a 120% tax deduction for expenditure by small and medium businesses on technology, or skills and...
How to sell your business
We’re often asked the best way to sell a business. There are two key components at play in the sale of a business: structuring the transaction; and positioning the business to the market. Both elements are important and can significantly impact your result....
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