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. When it comes to generational succession of a family business, there are a few important aspects: • Succession
Tough financial times can usher in a wave of stress. Here, we present ten strategies to assuage your unease by channelling your focus on the controllable aspects of your life. 1. Prioritise Personal Well-being: Adequate nutrition, sufficient sleep, reserved time for leisure, and learning relaxation techniques are critical to your overall health and wellness.
A wealth of scientific research has underlined the profound impact of financial issues on physical and mental well-being. Those wrestling with debt are more susceptible to various conditions, such as insomnia, hypertension, chronic pain, and even cardiac issues. However, it is our mental health that often bears the heaviest toll. Acute financial stress can
Taxpayers claiming deductions on holiday homes are in the ATO’s sights. The ATO is concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise claims: • How many days was it rented out and was the rent in line
The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new ‘fixed rate’ method
Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to gains you have made on the sale of
Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach. Family trust beneficiaries at risk The tax legislation contains an integrity rule, section
