Business

With Christmas, a distant memory, life and tax obligations are returning to a familiar routine. We look at a variety of tax issues, including a consideration of the tax consequences if you receive compensation when your bank or financial institution hasn’t acted as ethically and correctly as they could have; the tax issues and obligations surrounding […]

Superannuation remains a cornerstone of financial planning for most Australians. In this issue, we provide you with a practical to-do list to make sure that your super is working optimally for you. This to-do list includes consolidating your super, reviewing your investment strategy, and checking your beneficiary nominations and insurance within your superannuation. Undertaking these tasks can significantly impact

In the November edition of the Client Newsletter we delve into the intricacies of nominating a superannuation beneficiary, examining the various types of nominations and the legal requirements they must meet. Additionally, we tackle the complexity of tax residency in Australia. As the recent AAT case reveals, citizenship is not the sole determining factor; other

Our October Newsletter provides a selection of articles that address some of the most pressing financial concerns and opportunities facing individuals and businesses today. From the intricacies of superannuation contributions to the nuances of capital gains tax, this issue aims to provide you with a comprehensive understanding of topics that are often considered complex but

Whether it be course and tuition fees, professional and trade journals, textbooks, airfares, accommodations, or meals…there are potentially a wide range of expenses that may qualify as deductible for self-education purposes. However, there are key hurdles that must be cleared. First, the self-education must maintain or improve your current skills or knowledge. Alternatively, the self-education

The recent ATO crackdown on trusts – involving section 100A where potentially the ATO may take an unfavourable view on what were previously understood to be legitimate distribution arrangements – may have some business owners posing the question of whether trusts are still worth it in terms of a useful business structure. However, asset protection,

July 1 saw an increase to the superannuation guarantee (SG) rate payable to employees and some contractors. While the increase from 10.5% to 11% may seem straightforward, there are complexities involved especially in the common case where the work to which superannuation was owed was performed in June but the employee was not paid for

With the end of the financial year looming, the ATO has announced its three key focus areas for Tax Time 2023 – rental property deductions, work-related expenses, and capital gains tax (CGT). To maximise your claims in this area and protect yourself from ATO audits and adjustments, we inform readers of the type of records

The federal budget, handed down last night, contained a number of tax, superannuation, and social security/cost of living proposals including: The end of temporary full expensing Small business energy initiative Crackdown on unpaid tax and superannuation No change to stage 3 tax cuts Confirmation of an extra 15% tax on super ‘earnings’ for account balances

Do you operate your business via a family trust? If so, there is good news on the tax distribution front. The ATO, via a decision impact statement, has now conceded that it will have to amend its position on trust distributions. In the Guardian appeal, the Full Federal Court rejected the ATO’s position reimbursement agreements and