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

A Ten-Step Guide to Alleviating Financial Stress in Challenging Times

2023-08-20T12:45:57+10:00July 15th, 2023|Budget, Family, General, Support|

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.

Mind over Money: How Managing Your Finances Can Improve Your Mental Health

2023-06-21T17:00:52+10:00June 18th, 2023|Budget, Family, General, Support|

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

What will the ATO be asking about your Holiday Home?

2023-05-09T23:40:58+10:00April 6th, 2023|ATO, Family, General, News|

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

What’s the Deal with Working from Home?

2023-03-15T08:34:52+10:00March 15th, 2023|ATO, Corporate, Family, General, News, WFH|

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

The ATO’s Attack on Trusts and Trust Distributions

2022-03-10T09:10:56+10:00March 10th, 2022|ATO, Corporate, Family, General, News, Trusts|

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

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