Client Information Bulletin | June 2024
Topics covered in this edition of our Client Information Bulletin are: Year-end tax tips What’s in the legislative pipeline? From the ATO FBT issues Key tax dates Click here to DOWNLOAD CIB – June edition 2024
Client Information Bulletin | May 2024
Topics covered in this edition of our Client Information Bulletin are: Stages 3 personal income tax cuts redesigned From the ATO Starting a franchise Understanding Division 7A – avoid common errors Franking offset holding rule – LIFO method Superannuation/SMSFs FBT issues Key tax dates Click here to DOWNLOAD CIB – May edition 2024
No.101: Full Detailed Federal Budget Report 2024/2025
The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024. Described as a “responsible Budget that helps people under pressure today”, the Treasurer has forecast a second consecutive surplus of $9.3 billion. The main priorities of the Government, as reflected in the Budget, are helping
Read More…
Client Information Bulletin | March 2024
Topics covered in this edition of our Client Information Bulletin are: What has the Government been up to? From the ATO: – Employee or independent contractor – ATO’s compliance approach – Are your ABN details up to date? – Taxable payments annual report – Applying for a substituted account period (SAP) – Depreciating assets –
Read More…
No.100: Vacant Residential Land Tax
Vacant Residential Land Tax (“VRLT”) was introduced in Victoria back in 2017 and was effective from 1 January 2018. However, this state tax was not widely known because its operation had been largely limited to foreign property owners in urban Melbourne council areas. However, clients with property interests in Victoria outside of metropolitan Melbourne will
Read More…
No.99: Superannuation Update
This update is intended to assist you in navigating the rules regarding several key changes and to provide topical information with respect to superannuation. Disclaimer: The information contained in this bulletin contains factual information and makes no recommendation or gives any opinions. Accordingly, it is not financial product advice and should not be relied upon
Read More…
No.98: SMSFs – The importance of valuing your assets
One of the many responsibilities SMSF trustees have each income year is to value their fund’s assets at market value. The market value is calculated on 30 June and is the amount someone could be reasonably expected to pay if the asset was for sale. These valuations will be used when preparing the annual financial statements and
Read More…
No.97: Substantial increase to SMSF pensions for the 2024 year
If you have an SMSF paying a pension, you are required to take a minimum amount of income each year from your account. In response to COVID-19, the government temporarily lowered the annual minimum amount until 30 June 2023. From 1 July 2023, the reduction to the minimum pension drawdown requirements no longer applies. Therefore,
Read More…
Client Information Bulletin | June 2023
Topics covered in this edition of our Client Information Bulleting are: Year end tax tips What’s in the Parliamentary pipeline? Are you a primary producer? What has the ATO been saying? The recipe for business success FBT issues From the courts Key tax dates Click here to DOWNLOAD CIB – June edition 2023
No.96: Victorian State Budget 2023-2024
The 2023-24 State Budget was delivered on Tuesday 23 May 2023. The full Budget papers are split into five sections and are supported by Budget Information Papers available from https://www.dtf.vic.gov.au/state-budget/2023-24-state-budget. Pertinent highlights including those that may have potential implications for your business and or personal finances are set out below. Key Highlights The government has resolved
Read More…