As we approach the end of the 2024 financial year, tax planning has never been more important. Now is a good time to think about opportunities and risks that should be addressed before 30 June 2024. To help you with this, our guide summaries some key tax planning tips which should be considered before [...]
Federal Budget - Perspective 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 [...]
After 11 months of eagerly waiting, our client, Mr. Bendel, has won in Bendel v Commissioner of Taxation. The AAT has ruled that an unpaid present entitlement (“UPE”) of a corporate beneficiary against a trust is not a loan within the meaning of s109D(3) of ITAA 36. Thus, the Commissioner’s heterodox view [...]
"We have published an article titled 'Structural Choices for Expanding into the US: An Issue-Driven Analysis' in The Tax Specialist. The article explores the US, Australian, and treaty issues that arise from concurrent business operations in both countries. It is awe-inspiring to sail down the confluence of the wild rivers of US [...]
A Budget for the current conditions The Federal Treasurer, Dr Jim Chalmers, handed down the Albanese Government's first Federal Budget at 7:30pm (AEDT) on 25 October 2022. Despite an uncertain global economic environment, the Treasurer has lauded Australia's low unemployment and strong export prices as reason for a 3.5% growth in the current financial [...]
ASIC's latest Insolvency Appointment Statistics reflect the impact of pandemic 'temporary' measures withdrawal. In response to the COVID pandemic, the Government previously implemented a range of ‘temporary’ measures to assist business weather the economic impact of the coronavirus epidemic. All of these temporary measures have now expired and the impact of the withdrawal of [...]
An essential read for those tasked to undertake due diligence on entering or investing in the Australian market In the everchanging global economy, Australia provides immense opportunities for international business. The combination of a highly qualified work force, extensive infrastructure, natural resources and a familiar legal system to most parts of the world is [...]
Tax Rates & Tables 2022-23 We’ve created a quick reference guide for you containing the 2022-23 tax rates. Covering both individual and company tax rates, tax offsets, superannuation, depreciation and fringe benefits tax. This easy to print desktop guide is available to download and print. Click here to Download [...]
If you feel guilty for adding to the environment’s vehicle emissions burden, here is some good news. Soon you may be able to purchase an electric car at a huge discount, good for both you and the future of the planet. No, the discount won’t come from a manufacturer or car dealer, instead the [...]
A debt that has been incurred by a business that cannot be ‘collected or recovered’ may be reduced under the commercial debt forgiveness rules. These rules often play a large role in insolvency proceedings and need to be handled carefully. Commercial debt forgiveness occurs when a creditor forgives a commercial debt owed by a [...]