The rise in business bankruptcy
ASIC’s annual insolvency data shows corporate business failure is up 39% compared to last financial year. The industries with the highest representation were construction, accommodation and food services at the…
The changes to how tax practitioners work with clients
The Government has amended the legislation guiding registered tax practitioners to include compulsory reporting of material uncorrected errors to the Tax Commissioner.The Government has legislated a series of changes to…
Divorce, you, and your business
Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved. What happens when there is…
When is a gift not a gift?
The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends.The case of Rusanova…
10 Strategies to Boost a Business’s Cash Flow
We sometimes see businesses which are healthy, growing, reputable, and stable… but their cash resources are limited. And that’s an impediment to operations running smoothly and ensuring long-term success.Here are…
$20k instant asset write-off passes Parliament
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.Purchases of…
Is your family home really tax free?
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the…
What’s ahead for 2024-25?
Will 2024-25 be another year of volatility or a return to stability? Personal tax & superAs you would be aware (at least we hope so after a $40m public education…
What’s changing on 1 July 2024?
Here’s a summary of the key changes coming into effect on 1 July 2024:Tax cuts reduce personal income tax rates and change the thresholds.Superannuation guarantee increases from 11% to 11.5%…
ATO fires warning shot on trust distributions
The ATO has warned that it is looking closely at how trusts distribute income and to who.The way in which trusts distribute income has come under intense scrutiny in recent…
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