The rise in business bankruptcy
ASIC’s annual insolvency data shows corporate business failure (those companies entering external administration) is up 39% in 2023-2024, compared to the previous financial year. The industries with the highest …
Becoming the 'Bank of Mum & Dad'
FACT: When we roll into 01 January 2025, every Baby Boomer will be aged 60 or older – many well cashed up and with a healthy asset base. With surplus time and money on their hands, the great wealth transfer from the baby boomer gene …
The Essential EOFY '24 Guide
With the end of the 2023-2024 financial year fast approaching, we outline the areas at risk of increased Australian Tax Office scrutiny and the opportunities to maximise your tax deductions by 30 June. …
Super contribution caps to increase from 01 July 2024
More changes to superannuation are on the way, with the recent announcement that contributions caps will increase on the back of a 4.5 per cent rise in Average Weekly Ordinary Time Earnings (AWOTE) …
The proposed $3 million super cap tax
The Federal Government has proposed an additional tax in the superannuation space, targeting super funds with balances over $3 million. Draft legislation for this new tax, currently known as Division 296 Tax, was released on 03 Octo …
Succession: Handing your business to the next generation
What is the end game for your business? Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value for you, the owners …
Super Guarantee increasing to 11%
Compulsory superannuation for workers is a vital part of the Australian retirement income system. Introduced in 1992 and known as Superannuation Guarantee (SG), it’s a forced savings scheme designed to provide an income to Australia …
Getting ready for EOFY '23
With the end of the 2023 financial year upon us, meeting with one of our Accounting Advisers for a Tax Planning session is a great way to address future planning, cash flow management and preparing for your tax lodgement. Finding so …
End of the Lamington Offset
With the Federal Budget on Tuesday, 09 May and end of financial year looming, cost-of-living pressures (or relief) and income tax are sure to be in the spotlight. The Federal Government has already …
ATO changes to Work from Home (WFH) deductions
With working from home becoming and remaining more prevalent since the pandemic, it's important to be aware that the Australian Tax Office (ATO) has updated its approach around claiming expenses for …