ASIC targets growing companies in Audit crackdown
ASIC is in the midst of a concerted campaign targeting private companies that have outgrown the reporting exemptions.
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Tax
6 tax planning strategies to minimise your tax
It is tax planning time! In most instances, tax planning happens in the final quarter of the financial year between April and June. 30 June is fast approaching, so now is a great time to plan and forecast for the end of and new financial years to ensure you’re in the best possible tax position.
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Tax savings through superannuation
In the lead up to 30 June, we want to remind you about the tax savings opportunities available via contributions to your superannuation. Upon your retirement from the workforce, your superannuation is likely to be a vital source of your future income. There are many ways to ‘top up’ your super while you’re still earning
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Generational succession: 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 dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid misunderstandings and disputes – you need to make sure that everyone understands what the transition will mean and everyone is aware of their role and responsibilities.
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Four priorities for the ATO this tax time
The Australian Taxation Office (ATO) has announced its 2022 tax-time hit list. The four priorities for the ATO this tax time are: Record-keeping Work-related expenses Rental property income and deductions Capital gains from crypto assets, property and shares ATO assistant commissioner Tim Loh said the ATO was targeting problem areas where it saw people making mistakes.
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Five wise ways to spend your tax refund
For those fortunate to expect a tax refund each year, there are wise ways to spend your tax refund. For many, it can be an exciting time waiting for those hard-earned dollars to hit your bank account and planning what to spend their refund on. This can often be an opportunity to treat yourself with
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Australian Federal Budget 2023/24: the wins for small business
On Tuesday evening, Federal Treasurer Jim Chalmers handed down the 2023-24 federal budget. A surplus of $4.2 billion is forecast in 2022-23, but an underlying cash deficit of $13.9 billion is expected in 2023-24 (and a $35.1 billion deficit for 2024-25). The budget papers note that the global economic outlook has deteriorated and is highly
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What is crypto and why is it such a risk?
Crypto-assets (crypto) also known as cryptocurrencies, coins or tokens are digital assets that do not have a physical form. They may not be backed by physical assets. Crypto is a high-risk investment. This is because it is so volatile, often fluctuating by huge amounts within a short period. As with any investment, you must be
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What Everyone Selling a Property Valued at $750K or More Needs to Know
Every vendor selling a property needs to prove that they are a resident of Australia for tax purposes unless they are happy for the purchaser to withhold a 12.5% withholding tax. From 1 July 2017, every individual selling a property with a sale value of $750,000 or more is affected.
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