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 […]
In October 2020, the government introduced Temporary Full Expensing, allowing an immediate write-off of the full purchase price of eligible capital expenditures such as plant and equipment. This was extended to 30 June 2023, from 1 July 2023 it is now limited to purchases under $20,000 for small business entities (SBE) with a turnover of […]
Succession planning in family businesses is a multifaceted process, involving the transition of leadership, control, and ownership from one generation to the next. While it is a crucial phase for the continuity of the business, it can be fraught with complexities that must be carefully navigated to ensure a smooth and amicable transition. In […]
Farmers often grapple with complex decisions about how to structure their farm businesses. Traditionally, trusts have played a central role, offering asset protection and income flexibility. However, the landscape is changing, with companies emerging as contenders for a place in farm structures and offering the potential for enduring tax benefits. Understanding these options can help […]