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When hiring new staff, there are certain steps you should follow to cover your tax, workplace, and superannuation obligations. Confirm they are legally permitted to work in Australia Australian citizens, permanent residents, and New Zealand citizens are legally permitted to work in Australia. If the worker does not fall into these categories, you must, before [...]

The Federal Budget for 2024–25 was handed down on Tuesday 14 May 2024. It contains a range of proposed measures across the areas of income tax, superannuation, tax administration, and related cost of living measures. Some of these may affect you directly or indirectly. We have provided a summary of these measures and what they [...]

Keeping track of your superannuation balance is key, as it impacts how much you can contribute to superannuation and whether you are entitled to other superannuation concessions and measures. Introduction Your total superannuation balance (TSB) is an important concept as it impacts your eligibility for up to six favourable superannuation-related measures, including the: Bring forward [...]

For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business or the passing of control of it to other family members when you retire. Depending on your circumstances, this may include realising assets and making other changes to ownership, but [...]

Following the ATO’s claims that nine out of ten residential rental property investors who have been audited have been getting their returns wrong, it might be worth touching on some of the tax traps and pitfalls to be wary of. In no particular order, these include: Apportionment of rental income and deductions Where a rental [...]

Are you planning to maximise your superannuation contribution caps this financial year? If so, it’s crucial to get the timing right so your contribution is received by your superannuation fund in the current financial year. Lessons from a recent court case A recent court case[1] has confirmed that contributions are made on the date they [...]