The 1930s and 1940s were a devastating period in Greek history. In 1938, foreseeing the upheaval that was about to envelop his country, and determined to build a better life for his family, Dimitrios Trandos left his wife and their two sons in their hometown in Northern Greece. He migrated to Australia, where he grew vegetables on […]
Corrina and Daniel Michael are broadacre farmers in the Mid-West region of Western Australia. The farm spans some 7,500 hectares, with 5,500 hectares owned and an additional 2,000 hectares leased. The family primarily engages in broadacre cropping, including wheat, lupins, canola, and barley, along with some cattle and sheep farming. This legacy has been cultivated […]
Headquartered in the heart of Western Australia’s Wheat Belt, you might be surprised to find Shermac – a family-owned business that manufactures specialised water carts and service vehicles for the mining and construction industries. Shermac’s client list is a who’s who of some of the largest companies in the world such as Alcoa, BHP, Rio […]
The SG rate, which determines how much an employer must contribute to employee super funds, will increase from 11% to 11.5% on 1 July 2024. Contributions to concessional (before-tax) super will increase from $27,500 to $30,000. From the 2024-25 financial year, the non-concessional (after-tax) super contributions cap will also increase to $120,000. Superannuation Guarantee (SG) […]
Getting ready for an audit is unlikely to be one of your favourite things to do as a business owner. But being prepared, organised and ready can take some of the pain out of an audit. Planning for your audit helps your auditor get their job done more quickly, and also means there’s minimal disruption […]
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 […]
Succession planning in family businesses is not just a matter of passing the torch; it’s a complex process that demands foresight, communication, and meticulous planning. However, numerous pitfalls can derail even the most well-intentioned efforts. For owners of family businesses, avoiding these common mistakes is paramount to ensuring a smooth transition and securing the future […]
Succession planning is a critical aspect of preserving the legacy and continuity of family businesses. Beyond the emotional and operational considerations, it is imperative to evaluate the tax implications associated with the development of a succession plan. The structure of business assets and their alignment with future business needs play a pivotal role in determining […]
For owners of family businesses, safeguarding your assets is paramount. This article explores effective legal strategies and structures designed to shield your wealth from an array of risks – be they commercial, financial, environmental, or stemming from personal relationships. Assessing Your Asset Landscape: A Foundation for Protection The most effective way to protect your assets […]
Announced in the 2023–24 Federal budget, small businesses with an aggregate turnover of less than $10 million were given an amnesty which remits failure-to-lodge penalties for outstanding tax statements lodged in the period from 1 June 2023 to 31 December 2023 that were originally due between 1 December 2019 and 29 February 2022. Late lodgment […]