Changes to the taxation of trust distributions
The ATO’s crackdown on the taxation of family trusts will have a significant impact on one of the most common income splitting strategies, the distribution of funds to children and grandchildren. What does the guidance mean for you, and should you reconsider how you’re using your family ...
Federal Budget 2023 Summary
The 2022-23 Federal Budget was delivered by Treasurer Josh Frydenberg with a focus on relieving short-term cost of living pressures. Temporary reduction in the fuel excise, one-off cost of living payments and increases to the low and middle income tax offset were just some of the key items. ...
‘Wellbeing” and the Benefits of Having an Employee Assistance Program
There is often a great emphasis placed on the physical wellbeing of an employee, but little is discussed when it comes to mental health.
New ‘Superannuation Stapling’ Rules Introduced: What You Need To know
Key changes to super fund rulings and a mandate (from the ATO) to create a ‘stapled-fund’ came into effect on 1 November 2021. ‘Superannuation Stapling’ requires an existing superannuation account to be linked or ‘stapled’ to an employee, allowing for their information to be tracked as they ...
E-invoicing & the Commonwealth Digital Business Plan
COVID-19 has pushed everything into the digital space, with most products and services receiving some updated form of online delivery. Payments are no different, with more companies opting to use technology to help them process digital transactions, largely thanks to the way it minimises health ...
The 2022 Federal Budget and What it Means to You
Following Treasurer Frydenberg’s budget announcement on May 11, the focus of the federal budget for the 2021-2022 financial is largely centred around rebuilding and restabilising Australia’s economy. The budget announcement heralds incoming changes for small businesses and individuals with ...
The Benefits of Being Tax Audit Protected
The newly acquired intelligence gathering and data matching capabilities of the Australian Taxation Office (ATO) are increasing the level of auditing activity for taxpayers. As a result, audits are expensive and for most unsuspecting businesses, an unbudgeted cost.
Why Now is the Time to Get into Your First Home
Entering the property market has steadily become a greater challenge over the last decade or so. Inflation, urbanisation, population growth and a range of other factors have increased competition, leaving many young people feeling as though they may never realise their dreams of property ...
5 Money Wise Rules to Abide by in 2021
People are always on the hunt for ways to soothe their financial pains and make their lives easier. But even if you are a big earner, your finances will always be at risk if you never consolidate them with the skills needed to effectively manage money. Developing financial management skills ...
Small Business Digital Adaptation Program Grants Still on Offer
On the 15th of November, the Victorian Government initiated the Small Business Digital Adaptation Program. The scheme offers grants to small businesses to assist them in trialling new digital products and tools and is still currently open. With a registration deadline of 28 February 2021, there ...