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$20k instant asset write-off passes ParliamentLegislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.Purchases of depreciable assets with a cost of less than $20,000 that a s...

The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the Australian Taxation Office’s...

What’s ahead for 2024-25?Will 2024-25 be another year of volatility or a return to stability? Personal tax & superAs you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the superannua...

New nationwide research released by ASIC’s Moneysmart reveals that 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in the last 12 months.Alarmingly, the research revealed that more than half surveyed, said they are not aware that they ar...

The ATO has warned that it is looking closely at how trusts distribute income and to who.The way in which trusts distribute income has come under intense scrutiny in recent years. Trust distribution arrangements need to be carefully considered by trustees before taking steps to appoint or distrib...

The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions.For youOpportunitiesTake advantage of the 1 July 2024 tax cuts by bringing forward your deductible expenses into 2023-24. Prepay your deducti...

Here’s a summary of the key changes coming into effect on 1 July 2024:Tax cuts reduce personal income tax rates and change the thresholds.Superannuation guarantee increases from 11% to 11.5% - check the impact on any salary package arrangements.Superannuation caps increase from $27,500 to $30,000...

The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of self-managed superannuation funds (SMSFs). In general, access to your super is only possible if:You retire and turn 60; orYou turn 65 (regardless of whether yo...

The ATO is cracking down on business owners who take money or use company resources for themselves.It’s common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing ‘the business’ from their life can b...

Generational succession - handing your business across to your kids or family - sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and dilige...