Tax Planning Year End Guide 2024
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 the end of the financial year, 30 June 2024. We encourage you to schedule a meeting with us as soon as possible to assess your tax planning options. Download Our Year End Tax Planning Guide Does this change my position? Get in contact with our advisors Our Practice Leaders
Federal Budget 2024-25 | Hall Chadwick
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 in the Budget, are helping with the cost of living, building more housing, investing in skills and education, strengthening Medicare and responsible economic management to help fight inflation. The key tax measures announced in the Budget include extending the $20,000 instant asset write-off for eligible businesses by 12 months until 30 June 2025, introducing tax incentives for hydrogen production and critical minerals production, strengthening foreign resident [...]
Blockchain Australia Event
Mark Bailey recently had the privilege of participating in a Blockchain Australia event to provide a policy submission and discuss key industry issues. Thank you to Dai Le MP, Paul Fletcher, Senator Andrew Bragg, and Jenny Ware MP for investing their time to listen. We are all united in one meaningful action. Our goal is straightforward: to improve safety and create more opportunities for all Australians. It is always inspiring to work with people from the blockchain industry. The collaborative culture is truly unique — a sure recipe for success. We’re ready to help. If have any questions about the digital economy please contact our team on +61 3 9820 6400. Disclaimer: This is not advice. You should not act [...]
Tracing Illicit Funds: A Quick Case Study
Improvements in KYC standards and compliance are increasing the odds for professionals and law enforcement in tracking down bad actors and recovering stolen funds. As the digital economy continues to advance, the concept of 'anonymity' surrounding cryptocurrency transactions continues to be misunderstood. Various methodologies, tools, and data sources can be used to trace the flow of digital currencies across the complex and interconnected network that is blockchains. A recent matter that we were involved in required us to trace and detail the date, time, count, value and trail of a fraud victim’s Bitcoin funds. Armed with specialised knowledge and software (a cryptocurrency tracing tool with exchange attribution, transaction mapping and monitoring functions) a total of 9.8732 BTC (around 550,000 AUD [...]
We’ve had a win… a UPE is not a loan!
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 that a UPE can be a loan, which underpins TR 2010/3 (withdrawn) and TD 2022/11, has been seriously called into question. Special thanks to our counsels – Mr. Andrew de Wijn and Mr. Paul Jeffreys – for their meticulous preparation and capable presentation of the case. Should the reader wish to explore in further detail, please contact Buck Xiao from our Melbourne office. Key Contact [...]
Hong Kong’s Virtual Assets Regulations
"Mark Bailey and his team have published an article titled 'Hong Kong's Virtual Assets Regulations" The article explores Hong Kong's new regulations and guidelines for licensing Virtual Asset trading Platforms (VATP's) have numerous features that specifically address and provide greater protection for retail investors from not only scams and fraud, but also overexposure to the asset class. Download our full article Key Contact Mark Bailey Director of Corporate Finance & Advisory