7 ways Managers are Navigating the Evolving World of ESG
Managing Environmental, Social, and Governance (ESG) considerations – Opportunities and Challenges
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10 Strategies to Boost a Business’s Cash Flow
Understanding and optimizing the inflow and outflow of cash
5 million+ struggle with mortgage payments
New nationwide research released by ASIC’s Moneysmart reveals that 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in the last 12 months.
ATO fires warning shot on trust distributions
The ATO has warned that it is looking closely at how trusts distribute income and to who.
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.
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.
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 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 top of the list.
Earned an income from the sharing economy?
It’s essential that any income earned from sharing economy platforms such as Airbnb, Stayz, Uber, etc., is declared in your tax return.
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.
5 Ways to Get the Most from Goal-Setting (and Goal Achievement)
A fresh approach to goal-setting can bring the best results. Here are 5 methods to help set sensible and relevant goals, while increasing the chances of success.
The Fringe Benefit Tax traps
The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.
Best Practices in Tax Planning for Business Leaders
Tax is part of doing business… but being prepared helps leaders know they’re compliant, not paying too much and will avoid unpleasant surprises. Here are some best practices to guide leaders and their Accountants.
The ATO Debt Dilemma
Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.
How to take advantage of the 1 July super cap increase
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change.
Revised stage 3 tax cuts confirmed for 1 July
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
Getting back what you put in: Loans to get a business started
It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own. A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.
Self-Audits: Staying on Top of Important Trends in your Business Self
Many businesses don’t need to invest in a full-time CFO or Finance Director… but from time to time, they will need advanced finance skills for strategic or complex matters. One option is to engage a ‘virtual’ or ‘fractional’ or ‘outsourced’ CFO, so let’s explore this further.
Managing Environmental, Social, and Governance (ESG) considerations – Opportunities and Challenges
Environmental, Social, and Governance (ESG) issues are increasingly on the agenda for business leaders. What does this mean and what actions should be taken? Here are some considerations to guide leaders on this evolving topic.
Recruitment in 2024: How Leaders will Attract Talented Employees
The changing recruitment landscape requires leaders to look for innovative ways to stand out and build talented teams. Here are some ways business leaders are taking on the recruitment challenge.
Engaging a ‘Virtual’ or ‘Fractional’ CFO
Many businesses don’t need to invest in a full-time CFO or Finance Director… but from time to time, they will need advanced finance skills for strategic or complex matters. One option is to engage a ‘virtual’ or ‘fractional’ or ‘outsourced’ CFO, so let’s explore this further.
7 Ways Businesses Avoid Cyber Fraud
What can businesses do to protect themselves against this financial fraud? Here are some guidelines.
8 Best Practices Cost Management
All businesses should review their expenses periodically. Prudent expense management helps ensure that valuable cash resources are used wisely. And sometimes, a business may NEED TO reduce expenses as a matter of survival.
9 Ways to Reduce IT Costs
One expense that can grow out of control in many businesses is Information Technology (IT). Tweaking investment in IT increases performance and profitability and sometimes major cutbacks are necessary. Either way, it’s best to be systematic. Here are some ways to economise on IT spending.
9 Ways to Strengthen Financial Controls in a Remote Work Environment
Leaders need to demonstrate the importance of improving financial security and minimising risk. Here are measures they can take.
The Billion Dollar TikTok Scandal
$1.7 billion paid out in fraudulent refunds, another $2.7bn in fraudulent claims stopped, around 56,000 alleged perpetrators and over 100 arrests to date. How did the TikTok tax scandal get out of control?
The case of the taxpayer who was paid too late
What a difference timing makes. A recent case before the Administrative Appeals Tribunal (AAT) is a reminder about the tax impact of the timing of employment income.
The shape of Australia’s future
What will the Australian community look like in 40 years? We look at the key takeaways from the Intergenerational Report.
Legislating the ‘objective’ of super
The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’
Why is my tax refund so small?
The tax refund many Australians expect has dramatically reduced. We show you why.
Thinking of subdividing? The tax implications and pitfalls of small-scale subdivisions
You’ve got a block of land that’s perfect for a subdivision. The details have all been worked out with Council, the builders, and the bank. But, one important aspect has been left out; the tax implications.
Succession: What does it take to and 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.
9 Ways to Strengthen Financial Controls in a Remote Work Environment
Leaders need to demonstrate the importance of improving financial security and minimising risk. Here are measures they can take.
6 Ways to Improve Cash Flow by Managing Receivable
Businesses thrive when the cash position is healthy. Astute management of Accounts Receivable (Collections) can have a big effect on the cash balance… So, let’s look at some Best Practices in this area.
$20k Small Business Energy Incentive
In a pre-Budget announcement, the Government has committed to a Small Business Energy Incentive Scheme that offers a bonus tax deduction of up to $20,000.
‘OnlyFans’ Tax Risk Warning
The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for ‘content creators’ to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry.
ATO Rental Property Blitz
The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses.
Access to home guarantee scheme expanded to friends and siblings
From 1 July 2023, access to the Government’s Home Guarantee Scheme will be expanded to joint applications from “friends, siblings, and other family members” and to those who have not owned a home for at least 10 years.
Question of the month: Company loan to pay down the mortgage
A friend’s accountant suggested that they could reduce interest on non-deductible debt by using company cash to offset their personal mortgage, then transferring the cash back by 30 June. Is this an acceptable strategy?
Right to super to be enshrined in National Employment Standards
The Government has announced that it will enshrine a right to superannuation payments in the National Employment Standards (NES).
Managing High Levels of Business Debt
Taking on debt can help build a business. Borrowing works well when the cash generates a return in excess of the cost of the debt. Sometimes, however, leaders take on too much debt which they need to reduce while managing cash carefully. Let’s look at some ways to tackle this high-risk situation.
Reviewing Cost to Increase Cash and Drive Profits
A periodic review of business expenses will benefit ALL organisations and usually results in reduced costs, increased cash, and more profit.
The 120% technology and skills ‘boost’ deduction
The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to take maximise your deductions.
What changed on 1 July 2023
Employers & business Superannuation guarantee increases to 11% from 10.5% National and Award minimum wage increases take effect. The minimum salary that must be paid to a sponsored employee - the Temporary Skilled Migration Income Threshold - increased to $70,000...
Important: 1 July 2023 wage increases
On 1 July 2023, award rates of pay and the National Minimum Wage increased by 5.75%.
Cents per kilometre increase
The cents per kilometre rate for motor vehicle expenses for 2023-24 has increased to 85 cents.
Backing a winner: Digital games tax
From 1 July 2023, a new reporting regime will require platforms that enable taxi services including ride sourcing, and short-term accommodation to report their transactions to the ATO each year. From 1 July 2024, the regime will expand to include all other platforms.
Company money: A guide for owners
When you start up a business, inevitably, it consumes not just a lot of time but a lot of cash and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running the business can pay you back. Right?
How Does Tax Apply to Electric Cars?
Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles.
Using KPIs to Drive Management Decisions
Key Performance Indicators (KPI‘s) are important management tools and we encourage business leaders to use KPI’s in their businesses.
Selling a business? The pros and cons of earn-out clauses
Earn-out clauses for the sale of a business are increasingly common. We look at the positives and negatives that every business owner should consider.
Budget 2023-24
The 2023-24 Federal Budget will be released on Tuesday, 9 May 2023. Look out for our update the next day on the important issues to you, your superannuation and your business.
What sharing platforms are sharing with the ATO
From 1 July 2023, a new reporting regime will require platforms that enable taxi services including ride sourcing, and short-term accommodation to report their transactions to the ATO each year. From 1 July 2024, the regime will expand to include all other platforms.
Update: Tax on super balances above $3m
In a very quick turnaround from announcement to draft legislation, Treasury has released the exposure draft legislation for consultation to enact the Government’s intention to impose a 30% tax on future superannuation fund earnings where the member’s total superannuation balance is above $3m.
10 Tips on Onboarding Remote Employees
Remote employment presents challenges, including ONBOARDING, which means helping employees quickly become comfortable, engaged and productive. Here are tips on making the onboarding process a success.
Crisis Management – An Overview for Leaders
Business leaders crave stability and predictability… but sometimes they are confronted by a crisis for which they are not prepared. Although rare, a crisis of some kind will probably emerge in all businesses at some time. This article provides guidelines for leaders who may be presented with a business crisis.
Future earnings for super balances above $3m taxed at 30% from 2025-26
The Government has announced that from 2025‑26, the 15% concessional tax rate applied to future earnings for superannuation balances above $3 million will increase to 30%. The concessional tax rate on earnings from superannuation in the accumulation phase will remain...
1 July 2023 Super Balance Increase but no Change for Contributions
The general transfer balance cap (TBC) – the amount of money you can potentially hold in a tax-free retirement account, will increase by $200,000 on 1 July 2023 to $1.9 million.
What will the ATO be Asking about your Holiday Home?
Taxpayers claiming deductions on holiday homes are in the ATO’s sights.
End of the FBT year fast approaching
The Fringe Benefits Tax (FBT) year ends on 31 March 2023. If you operate a business, we’ll be in contact with you shortly to work out whether or not your business needs to be registered for FBT (if you are not already) and start collecting the information to work out your FBT liability (if any).