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Posts Tagged ‘taxation’

New Div 296 Tax Legislation for Super Balances over $3m

November 27th, 2023

Is your super balance over, or approaching, $3 million? In October 2023, the Australian Government introduced draft Div 296 legislation aimed at reducing tax concessions for individuals whose total superannuation balance (TSB) exceeds $3 million. The policy consideration of this measure is to achieve a more equitable Australian Superannuation System, and this new measure isread more

Airbnb Tax Crackdown – Your Compliance Guide

November 21st, 2023

Are you one of the record number of Australians with Airbnb, Uber, or other sharing economy income? The ATO’s recent tax crackdown on the “side hustle” has seen data-matching ramped up to ensure compliance, with inflated deductions and omitted income firmly in their sights. With this increased level of scrutiny, how can you stay outread more

Financial Advisers: Your Partners in Wealth (Part Three – Optimising Tax, Super, and Beyond)

November 1st, 2023

In the first two parts of this series, we touched on the fact that the scope of a financial adviser's role has evolved beyond simply managing investments, now taking on a more holistic, comprehensive approach to serve the complex needs of clients. This evolution includes offering guidance on emotional financial decisions, like planning for Agedread more

Starting a Business in Australia – A Quick Guide

October 13th, 2023

The allure of entrepreneurship is undeniable, and for many Australians, starting their own business is motivated by the pursuit of autonomy, escaping the 9-to-5 grind, and carving their own path. If you’re considering starting a business, you might be drawn in by the opportunity to purse a passion full-time. Even beyond these personal motivations, businessread more

Tax Debt Firmly in the ATO’s Sights

September 19th, 2023

If you have operated a business for the past few years, you are probably aware that the Australian Taxation Office (ATO) were a little more willing than normal to extend payment deadlines and work with businesses to ensure the prevailing economic conditions didn’t put them in dire financial straits. More recently, however, the ATO hasread more

Tax Lessons Learned from the 2023 Women’s World Cup

August 22nd, 2023

Just like that, the Women’s World Cup is finished! Over the past month, we’ve seen an impressive run to the semifinals from the Aussies, a few favourites knocked out early, and some intense competition on the pitch. And wouldn’t you just know it, we’ve learned a few tax-related lessons along the way! If you’re readyread more

Commonwealth 25 Per Cent COVID Top-Up Payments

June 22nd, 2023

Did your business receive payments through a COVID-19 Business Support Program? Depending upon which grant you received, your business may now be eligible for a 25 per cent top-up payment. Claims for the COVID-19 top-up payments will be open until the end of 30 June 2023 – given this short turnaround time it is criticalread more

McKinley Plowman Federal Budget Update 2023-24

May 10th, 2023

The 2023-24 Federal Budget was handed down on Tuesday 9 May 2023 by Treasurer Jim Chalmers of the Albanese government. The budget will return to a $4 billion surplus this financial year, followed by a $13.9 billion deficit the following year. Treasury forecasts under this budget inflation will fall from 6% this year to 3.25%read more

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