Articles
Forward Estimates: Policy Decisions Impacting Receipts
The Mid-Year Economic and Fiscal Outlook (MYEFO) brought significant changes to receipts policy decisions, with total receipts seeing a substantial increase of $0.5 billion for 2023–24 and a continuous uptrend of $1.2 billion over the four-year period ending in...
Important Timing for Small Business $20,000 Asset Write-Off
Pending legislation in Federal Parliament proposes a significant change to the instant asset write-off for small business entities. The deduction limit will be increased from $1,000 to $20,000 for depreciating assets acquired after 1 July 2023. This update aligns with...
Upcoming Enhancements for Pension and Income Support Recipients
In a move to address industry skill shortages and encourage workforce participation, the government has announced pivotal changes to support income recipients returning to work. The pensioner work bonus has been permanently augmented, and the employment income nil...
Victoria’s Proposed Property Tax Changes
**An update is being published, please check the latest article: Updated Vacant Residential Land Tax Framework The Victorian Treasurer introduced significant property tax changes in October 2023, which build upon earlier reforms in May 2023. These changes are...
ATO’s SMSF Compliance Crackdown Explained
Recently, the Australian Taxation Office (ATO) has significantly increased its compliance activities within the self-managed super fund (SMSF) sector. This proactive approach comes as a response to the growing number of funds identified as non-compliant with...
Essential Due Diligence Steps When Purchasing a Business
Acquiring an existing business is a significant decision that demands meticulous attention. This checklist provides a overview of some key considerations for prospective business buyers. It's important to note that you can acquire a business by purchasing its assets...
ASIC Urges Lenders to Prioritize Customer Support
In the face of rising living costs and interest rate hikes, many Australians are grappling with financial difficulties. To address this urgent issue, the Australian Securities and Investments Commission (ASIC) has issued a compelling call to banks, credit...
Key Elements to consider when choosing Cyber Insurance cover
Cyber insurance policies are designed to help organizations mitigate the financial impact of cyber incidents and data breaches. To create a robust cyber insurance policy, several key pillars or components should be included. These pillars help ensure comprehensive...
Salary sacrificing is not just about super
When most people think of salary sacrifice they think of superannuation. It’s pretty easy to see why. If someone earning $100,000 a year takes the last $10,000 of that amount as cash salary, they will pay $3,900 in tax and the Medicare levy. Salary sacrifice that same...
Alpha Accounting Merges With LZR
It is with a lot of excitement that we announce the merger of Alpha Accounting with LZR Partners effective Monday 3 July 2023. Alpha Accounting is an established tax practice based in Caulfield North and has been around since 1978. Director, Paris Kechayas, and all of...
