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With the uncertain economic outlook, higher interest rates and cost-of-living burdens, Treasurer Jim Chalmers has handed down his second Budget on 9 May. The Treasurer has flagged the need for ongoing spending restraint, both to repair the budget and to ensure inflation continues to ease. This blog summarises the initiatives contained in the 2023/24 Federal …
If you have a family trust that earns taxable income, there are several tax compliance matters that you must fulfil. Distributions to beneficiaries other than your spouse In 2022, the ATO issued Tax Ruling 2022/4: Income tax: section 100A reimbursement agreements. It relates to a section of tax law (S. 100A) that has always existed, …
There are two unfortunate certainties in life; death and taxes. And, unfortunately, tax cannot be avoided (legitimately) even by dying. Australia is one of the very few countries in the world that has no death taxes. However, although there is no tax levied on the property of a deceased person, there may be tax consequences …
Whilst historically ATO audits were targeted at big business and the wealthy, this has changed. Now more than ever, individuals, business and self-managed superannuation funds are at risk of being selected for an audit, investigation or review. The Commissioner of Taxation, Chris Jordan has confirmed the ATO has been instructed to undertake random audits targeting …
Helping a business keep on top of their financial affairs has radically changed over recent years. With the help of a proactive accountant, more businesses are switching to cloud based software to help streamline their core processes. Although this has provided significant time and cost savings for businesses, accounting and tax compliance tasks can still …
For many, starting a business is a dream and a step towards financial independence. With making the leap into starting your own enterprise, the decisions made within the business’s inception can have drastic implications down the track including asset protection, capital gains tax (CGT), income tax, estate and succession planning. Here are 5 things you …
As the Federal Election looms, the 2018-19 Federal Budget brings positive news to taxpayers and investors with a promise to return to surplus by 2019-20. The Budget focused on the recovery of taxes from the black economy while introducing a potential $13.4 billion in personal income tax reductions. The below provides a summary of the …
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