News

Company money crackdown

The ATO is cracking down on business owners who take money or use company resources for themselves.

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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.

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Do your kids really want to take over your business?

It’s important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid misunderstandings and disputes.

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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).

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Quote of the month

“If you could kick the person in the pants responsible for most of your trouble, you wouldn't sit for a month.” Former US President, Theodore Roosevelt

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News Alert: New reporting requirements for Not-For-Profit entities

Non-charitable not-for-profit (NFP) organisations holding an active Australian Business Number (ABN) will soon be required to lodge an annual NFP return to self-assess their income tax exemption status. This lodgement requirement will commence from the 2023–24 income year with a due date of 31 October 2024.

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Quote of the month

“Experience is one thing you can’t get for nothing.” Oscar Wilde

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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.

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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?

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The assault on professional services

The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.

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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.

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Warning on SMSF asset valuations

The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.

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