A Director Penalty Notice (DPN) sounds scary for a reason – it’s something all business owners need to be aware of, and take seriously. The ATO issues these notices to hold directors personally liable for unpaid company debts related to certain tax obligations. Not fully comprehending or addressing a DPN can lead to severe financial […]
Learn how to choose the right business structure in Australia by weighing the pros and cons for your small business setup. Navigating the maze of business structures in Australia can be daunting for small business owners. With options ranging from sole trader through to corporation and a myriad of choices in between, each small business […]
It’s already mid July and it turns out that our parents saying “every year flies by faster” is based on… fact. The new financial year coming around so quickly means that many business owners forgo the opportunity to do some reflecting and planning for 24/25. Here are eight things to consider for the new financial […]
Every year, we get a heads up as to which areas the ATO will be paying extra attention to during the tax season. They’ll pick apart common things that people accidentally (or deliberately) get wrong on their returns to crack down on. Here are the focus areas for 2024. Rental property claims The ATO’s review […]
Jim Chalmers, Treasurer of Australia, is back on our screens and he’s handed down the 2024 Federal Budget. We’ll continue updating this article as more details come to light, but here’s what we’ve gleaned from the announcement so far. Helping with the cost of living, building more homes for Australia and investing more in the […]
Selling deceased estate property? Understand probate, 2-year CGT exemption, executor duties, and tax obligations for beneficiaries and inherited assets. A morbid topic, yes – but deceased estates are relevant at some point in everyone’s lives and it’s important to have a basic understanding of what they are and what the tax consequences are before you […]
Explore what a trust is, how trusts work, and the different types of trusts in Australia, from family trusts to testamentary and charitable structures. Many of our clients have a business structure that involves a trust and whilst the common response is “sounds great” (and we appreciate that people put their trust in us) it’s […]
Learn how the main residence exemption works for CGT in Australia, eligibility, partial exemptions, the six-year rule, ATO basics, and records you’ll need. Property is a fickle beast when it comes to tax implications, and the most common question that arises is: what’s the difference between a main residence and an investment property for tax […]
Received an ATO penalty? Learn how to request a remission to reduce or cancel fines for late BAS, PAYG, or tax lodgements.
You might have heard that PM Anthony Albanese’s government has made a few (significant!) tweaks to the planned tax cuts for the 2024-25 financial year. So now that they’ve gone through, what’s the scoop, and how will it affect you? We’re so glad you asked! So what’s changed? Unlike the original stage three tax cuts […]
