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 […]
Announced as part of the 2023–24 Federal budget, increased funding has been provided to the ATO to scrutinise taxpayers who have high-value outstanding debts of over $100,000 and aged debts older than two years where those taxpayers are: public and multinational groups with an aggregate turnover of over $10 million, or privately owned groups or […]
Prepare now for your taxable payments annual report (TPAR) lodgement. Whether you lodge your own report directly with the ATO or if you use our lodgement services, this form is due by the 28th August. There are a number of supplier details required in the TPAR. If you have not kept up-to-date supplier records throughout […]
The start of the new financial year is upon us. For most of you, this means finalising your general ledger accounts in order to get the necessary information to us to prepare your final 2023 accounts and tax returns. However, it can be a time where we forget that our businesses have final obligations due […]
It’s nearly time to make a finalisation declaration for Single Touch Payroll. There is no need to issue payment summaries to employees you have reported through STP. Employers must complete the finalisation declaration by 14 July for employees. Employers with a mixture of employees and closely held payees have until 30 September to make the […]