Audit Obligations for Large Reporting Entities: What CFOs and Directors Need to Know
A leading Australian company was recently fined $168,000 by ASIC for failing to lodge audited financial reports—because they misunderstood their obligations under the Corporations Act. Sound like an edge case? It’s not. In fact, we’re seeing it more often than you’d think. As businesses scale—adding revenue, expanding teams, or taking on new investors—many quietly cross […]
Unpacking the Proposed “$3 Million” Super Tax
What High-Balance Members Need to Know As the 2024–25 financial year draws to a close, superannuants with large balances face a pivotal change. The March 2025 Budget introduced Division 296: a proposal to impose an additional 15 per cent tax on the portion of fund earnings attributable to Total Super Balances (TSB) above $3 million. Although the legislation […]
The Importance of Early and Proactive Tax Planning for Business Owners
For business owners, preparing for tax time often evokes a sense of stress and urgency. Many find themselves scrambling in June to gather receipts, organise financial documents, and meet compliance deadlines. But what if tax season didn’t have to be frantic? What if, instead of reacting to tax obligations, you could strategically plan ahead to […]
Do You Need a Tax Accountant? Key Benefits for High-Income Earners and Business Owners
For high-net-worth professionals and business owners, navigating Australia’s complex tax landscape can feel like solving an intricate puzzle. Between ever-changing regulations and the demands of managing wealth or running a business, the risks of missed opportunities or compliance issues are high. While some attempt to tackle taxes alone, the guidance of a professional tax accountant […]
Tax planning: Act now to avoid paying more tax than you should
As we approach the end of another financial year, now is the time to consider the tax planning strategies that will help you optimise your cashflow and avoid paying more tax than you should. Each year, we assist a diverse range of clients – including business owners, family groups and individuals – to make the […]
Australian film industry’s ‘Ticket to Paradise’
George Clooney and Julia Roberts’ recent arrival on Hamilton Island is one of the latest and greatest results of the Australian federal government’s Location Incentive Program. ‘Ticket to Paradise’, which reportedly received a $6.4 million grant, is expected to generate $47 million for the Australian economy and create more than 270 jobs. In July 2020, […]
Last Call: Finalise and implement your tax plan now
Now is the time to finalise and implement your 2020-21 end of financial year tax plan. With so much financial disruption over the past 12 months, it’s important to make the most of the tax saving measures available to you. Here we consider a range of matters that can be actioned prior to 30 June […]
Is your OLD business structure right for the NEW normal?
The business structure implemented when you first started your business may no longer be suitable. Reviewing your business, and possibly restructuring, may result in substantial improvements in the current business environment. Further, if your business value is down due to COVID-19 circumstances, now may be an ideal time to implement changes for the better, which […]
2020FY Tax Planning
As 30 June 2020 approaches, now is the time to consider available options to reduce your income tax in the current financial year (2020FY). The 2020FY has been extraordinary, starting with the devastation of the eastern seaboard bushfires which was followed by the significant economic and social upheaval associated with the arrival of the COVID-19 […]
Tax Losses 2 of 3: Trust tax losses – Do you pass the trust loss rules?
by Raul Valois, Partner Australian trust loss rules are complex, poorly understood and onerous to apply. As a result, business or investment trusts risk claiming losses incorrectly, a situation that can result in a significant tax liability. By making a family trust election (FTE), small to medium sized privately-held businesses operating as a trust can […]
Tax Losses 1 of 3: Corporate tax losses – Do you pass the ‘continuity of ownership’ (COT) test?
If your company has past tax losses that haven’t been used as a tax deduction, this tip is for you… Check the conditions under which a company’s past losses may be claimed as tax deductions. The benefits may include significant reductions in corporate tax payable. Owners and directors of companies need to be aware of […]
2017 End of Financial Year Checklist
The end of financial year is an important time for business owners as you complete end-of-year activities and begin planning for the new financial year. End of financial year planning is worthwhile and can help your business to be more prepared to take advantage of opportunities in the year ahead. There can also be consequences if you […]