Family

Why the ATO is targeting babyboomer wealth

2025-02-11T11:56:08+10:00February 11th, 2025|ATO, Family, General, News, SMSF, Trusts|

“Succession planning, and the tax risks associated with it, is our number one focus in 2025. In recent years we’ve observed an increase in reorganisations that appear to be connected to succession planning.” ATO Private Wealth Deputy Commissioner Louise Clarke The Australian Taxation Office (ATO) thinks that wealthy babyboomer Australians, particularly those with successful

What’s ahead in 2025?

2024-12-09T21:09:13+10:00December 9th, 2024|ATO, Corporate, Family, General, News|

The last few years have been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty. We explore some of the key changes and challenges. An election Welcome to political advertising slipping into your social media, voicemail, and television viewing - most likely with messages from the

What makes or breaks Christmas?

2024-11-12T13:45:34+10:00November 21st, 2024|Budget, Corporate, Family, General|

The cost of living has eased over the past year but consumers are still under pressure. For business, planning is the key to managing Christmas volatility. The countdown to Christmas is on and we’re in the midst of a headlong rush to maximise any remaining opportunities before the Christmas lull. Busy period or not,

More women using ‘downsizer’ contributions to boost super

2024-10-10T15:30:16+10:00October 31st, 2024|ATO, Family, General, Super|

If you are aged 55 years or older, the downsizer contribution rules enable you to contribute up to $300,000 from the proceeds of the sale of your home to your superannuation fund (eligibility criteria applies). In 2023-24, over 57% of people making a ‘downsizer’ contribution to super were women. And, the average value of

Succession: the series

2024-11-12T13:07:17+10:00October 24th, 2024|ATO, Family, General|

Ok, not that Succession series. Each month we’ll bring you a new perspective on transferring property. Be it estate planning, managing an inheritance, or the various forms of business succession. This article, we look at the tax consequences of inheriting property. Beyond the difficult task of dividing up your assets and determining who should

It wasn’t me: the tax fraud scam

2024-10-10T14:57:37+10:00September 1st, 2024|ATO, Corporate, Family, General, News, NSW, Scams|

You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you. And you certainly didn’t get a $100k refund in your bank account. What happens now? In what is rapidly becoming the most common tax

When is a gift not a gift?

2024-08-14T21:32:09+10:00August 14th, 2024|ATO, Family, General|

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 and Commissioner of Taxation is enough for a telemovie. The plot features an Australian resident Russian couple ‘gifted’ over $1.6m in unexplained bank

The Essential 30 June Guide

2024-06-04T20:39:45+10:00June 5th, 2024|ATO, Budget, Corporate, Family, General, News|

The end of the financial year is fast approaching. Click HERE for an insightful article titled "The Essential 30 June Guide," it outlines the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions. In summary: Key Opportunities for You 1. Tax Cuts and Deductions: - Prepay deductible expenses and

Should you be the ‘bank of Mum & Dad’?

2024-04-27T10:27:20+10:00May 8th, 2024|Family, General|

The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst. The average price of a home in NSW is $1,184,500, the highest in the country. Canberra is next at $948,500, followed by Victoria at $895,000, with the Northern Territory the lowest at $489,2001. With the target cash

Succession: What does it take to and your business to the next generation?

2023-09-20T23:04:53+10:00August 23rd, 2023|ATO, Family, General|

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

Go to Top