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Accessing money in your SMSF

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...

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Company money crackdown

Company money crackdown

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...

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Do your kids really want to take over your business?

Do your kids really want to take over your business?

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...

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Should you be the ‘bank of Mum & Dad’?

Should you be the ‘bank of Mum & Dad’?

The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst.The average price of a home in NSW is $1,184,500, the highest in the country. Canberra is next at $948,500, followed by Victoria at $895,000, with the Northern Territory the lowest at $489,2001....

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Budget 2024 - 25

The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero. According to election guru Antony Green, the window for the next election starts on Saturday, 3...

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How much is my business worth?

For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement. But what is your business really worth and what sets a high value business apart?Every business owner is naturally curious about just how much their business is ...

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Non-compete clauses and worker restraints under review

Non-compete clauses and worker restraints under review

A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement. A recent Australian Bureau of Statistics (ABS) survey found that 46.9% of businesses surveyed used some kind of restraint clause, including f...

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The assault on professional services

The assault on professional services

The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.Two new cases before the Administrative Appeals Tribunal demonstrate how serious the Australian Taxation Office (ATO) is about making sure professional services firms - lawyers, accounta...

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Warning on SMSF asset valuations

Warning on SMSF asset valuations

The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commerci...

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Getting back what you put in: Loans to get a business started

Getting back what you put in: Loans to get a business started

It’s not uncommon for business owners to pour their money into a business to get it up and running and to sustain it until it can survive on its own. A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.A case before the Administ...

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