Tax & Structuring

If you run your business through a family trust, there’s some good news on the distribution front. In mid-April, the ATO responded to the landmark trust distribution case, namely the Guardian AIT appeal ruling in January by the Full Federal Court, with a decision impact statement that where the ATO concedes that it will have [...]

From 1 July 2023, trustees, and directors of SMSFs must report certain events that affect their member's transfer balance account quarterly. These events must be reported by lodging a ‘transfer balance account report’ (TBAR) no later than 28 days after the end of the quarter in which they occur. The purpose of this change is [...]

One of the most common decisions facing businesses is how to finance and account for the acquisition of a motor vehicle. There are numerous ways of doing so, with each resulting in differing accounting, taxation, and GST treatment. Options How should you go about purchasing a vehicle? While it may seem a relatively straightforward question, [...]

Are you an employer who needs to make superannuation guarantee (SG) contributions for your employees? If so, it may be worthwhile bringing forward these SG contributions before 1 July to benefit from a tax deduction this financial year. However, the timing of when SG contributions are deductible to an employer can be tricky if employers [...]

It’s now only a week or so until the Federal Budget which is to be handed down on 9 May. Some of the things to look out for this year potentially include: Abolition of Temporary Full Expensing Under current legislative settings, TFE (see earlier) is set to cease on 1 July 2023 with the write-off [...]

This could be the final opportunity for your business to take advantage of Temporary Full Expensing (TFE)…but get in before 1 July! To recap, TFE encourages and supports businesses by allowing an immediate deduction for the business portion of the cost of a depreciating asset. There is no cost threshold – the whole cost of [...]