Our latest insights

There is more good news for everyone looking to grow their superannuation balance. In addition to the general transfer balance cap increasing from $1.6 million to $1.7 million, the concessional and non-concessional contribution caps are also set to increase from 1 July 2021.

The ATO issued a media release on 1 March 2021 stating more than 60,000 businesses have yet to comply with lodgement requirements under the Taxable Payments reporting system (TPRS) for the 2019/2020 tax year.

Good news for everyone looking to grow their superannuation balance. The ATO has announced that from 1 July 2021 the transfer balance cap (TBC) will be indexed from $1.6m to $1.7m.

Circumstances regularly arise whereby a business’ legal structure is no longer appropriate or beneficial for the business.

It didn’t take long for the numbers from the Treasurer’s economic update to be blown out with the spike in COVID cases in Melbourne resulting in the current stage 4 restrictions.

The Covid-19 pandemic continues to have a wide range of economic impacts for us all, and the Government is responding with a variety of assistance measures as these impacts evolve around us.

We have seen many examples of taxpayers incorrectly claiming exemptions or unaware that their innocuous discretionary trust or testamentary trust is a “foreign person”. Land tax exemptions are based on self-assessment and many people and companies will believe they have self-assessed appropriately, but the exemptions can be complex and confusing, and they may not technically qualify.

Financial reporting thresholds for ‘large’ proprietary companies have been doubled following a recent Australian legislative change which is effective for financial years commencing on or after 1 July 2019.

The federal budget in May provides an opportunity for the Turnbull Government to build on Australia’s record-breaking run of economic growth. Such growth is essential to fund vital infrastructure projects and health and education services, and to improve the individual and collective wellbeing of Australia’s people.

Your retail baby is growing up. The retail world is changing. You aren’t as young as you used to be, but you aren’t ready to walk away.

Retirement is supposed to be the phase of life when things become simpler. But for many people managing their retirement income adds complexity to what ought to be a time of relaxation.

The Personal Property Security Act came into force in January 2012 and a consequence of the sheer complexity of the legislation and the register itself (the PPSR) we continue to witness suppliers and financiers from both the small and big end of town unintentionally ‘donating’ their assets to insolvent companies as a consequence of unenforceable security interests.