The Government has announced its intention to introduce mandatory standards for large superannuation funds to, amongst other things, deliver timely and compassionate handling of death benefits. Do we have a problem with paying out super when a member dies?

“Succession planning, and the tax risks associated with it, is our number one focus in 2025. In recent years we’ve observed an increase in reorganisations that appear to be connected to succession planning.” - ATO Private Wealth Deputy Commissioner Louise Clarke

We want to take this opportunity to wish you and your family a safe and happy Christmas.

It’s been an eventful and busy year. Let’s hope 2025 is a year of stability and peace.

We will look forward to working with you again in 2025 and making it the best possible year for you.

We wish you and your family the warmest of Christmas wishes.

Can you avoid giving the Australian Tax Office a gift this Christmas?

The cost of living has eased over the past year but consumers are still under pressure. For business, planning is the key to managing Christmas volatility.

Australian voters tend to reject US style education favouring more egalitarian systems where income does not determine access.

If you are aged 55 years or older, the downsizer contribution rules enable you to contribute up to $300,000 from the proceeds of the sale of your home to your superannuation fund (eligibility criteria applies).

The ability for life insurers to discriminate based on adverse predictive genetic test results will be banned under a new Government proposal.

‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers.

Multinational ride-sharing system Uber has successfully contested six Revenue NSW payroll tax assessments totalling over $81.5 million. The assessments were issued on the basis that Uber drivers were employees and therefore payroll tax was payable.

The politicians have weighed in on the Reserve Bank of Australia’s economic policy and their reticence to reduce interest rates in the face of community pressure. We look at what the numbers are really showing.

Own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in tax returns matches up.

You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you. And you certainly didn’t get a $100k refund in your bank account. What happens now?

Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved.

The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends.

ASIC’s annual insolvency data shows corporate business failure is up 39% compared to last financial year. The industries with the highest representation were construction, accommodation and food services at the top of the list.

It can be challenging following up on payment of invoices when the economy has been down, but it is important to keep cash flowing into your business. As with all business dealings right now, there are tactics you can use to help.

The withholding tax rate for the capital gains tax regime for non-residents is proposed to increase from 12.5 per cent to 15 per cent and the $750,000 property value threshold is proposed to be removed and reduced to nil.

Working for yourself or running your own business? Setup robust systems for expenses & tax requirements so you can focus on your important tasks. We can help take the headaches out of your business accounting.

A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement.