The rise in business bankruptcy
ASIC’s annual insolvency data shows corporate business failure is up 39% compared to last financial year. The industries with the…
$20k instant asset write off passes parliament
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5…
ATO fires warning shot on trust distributions
The ATO has warned that it is looking closely at how trusts distribute income and to who. The way in…
Do your kids really want to take over your business?
Generational succession – handing your business across to your kids or family – sounds simple enough but, many families end…
Company Money Crackdown
The ATO is cracking down on business owners who take money or use company resources for themselves. It’s common for…
The assault on professional services
The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax. Two…