Yes, an accountant can help set up a family trust, but there is an important distinction between providing accounting and tax advice and preparing the legal documents that establish the trust. Your accountant can help you decide whether a family trust makes sense for your circumstances, consider the tax implications and help structure it around…
If your business uses a family trust, proposed Australian tax reforms could change the way your trust is taxed from 1 July 2028. The Australian Government has proposed a 30% minimum tax on discretionary trusts, with draft legislation released in September 2026. The changes are not yet something business owners need to panic about or…
Losing someone close to you is difficult. On top of the emotional impact, there are often legal and financial responsibilities that need attention. One of the most common questions people ask is whether there is inheritance tax in Australia. The short answer is no. Australia does not have a specific inheritance tax. However, there can…
As the financial year draws to a close, it’s crucial for business owners to address several key areas to ensure compliance and optimise financial performance. Remember, in the realm of tax planning, the phrase “time is money” truly applies. Effective Tax Planning This period leading up to the end of the financial year is critical…
There is much to consider in the lead up to 30 June, and this year is no different except the Stage 3 Tax Cuts which take effect from 1 July provide an extra opportunity that could minimise your tax liability this financial year. In this article we explore what’s involved and a raft of other…
At this time of year, when many business owners are finalising the prior year’s tax return, we like to remind them of the need for accurate record keeping as the ATO continues to ramp up its tax compliance activities.
The ATO has made changes to the way working from home deductions can be claimed by eligible taxpayers for the 2023 income year.
The idea of being singled out for a tax audit or an ATO review is never a pleasant one, but nevertheless it should always be regarded a possibility. Through our Audit Shield service, all our clients have the option to be covered by our tax audit insurance policy, which offers financial protection against the unexpected…
As the dust settles from last week’s budget announcements, smart business owners will be looking at tax planning opportunities for the upcoming end of financial year. Scheduling in a tax planning catch-up well in advance of June 30 will provide the time necessary for implementing any actions that can make the most of business and…
When it comes to cryptocurrency and tax, there are key points you’ll need to understand if you want to avoid falling foul of the ATO. In this article, we explore what you should expect from a tax perspective if you’re dabbling in the world of crypto. There seems to be a misconception that cryptocurrencies such…