Epoch News
Selling a business? The pros and cons of earn-out clauses
Earn-out clauses for the sale of a business are increasingly common. We look at the positives and negatives that every business owner should consider. Business transactions often include earn-out clauses where the vendors 'earn' part of the purchase price based on the...
How does tax apply to electric cars?
Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles. The FBT exemption for electric cars Suppose your employer provides you with a car classified as a zero or...
The ‘Super’ Wars
A consultation paper released by Treasury has sparked a national debate about the role, purpose and access to Superannuation ahead of the 2023-24 Federal Budget. What is the purpose of Superannuation? At first glance, the consultation released by Treasury in February...
What will the ATO be asking about your holiday home?
Taxpayers claiming deductions on holiday homes are in the ATO's sights. The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise...
What’s the deal with working from home
The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has 'refreshed' the way you can claim deductions for the costs you incur while working from home. From 1 July 2022 onwards, you can choose either a...
Is downsizing worth it?
From 1 January 2023, those 55 and over can make a 'downsizer' contribution to superannuation. Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has been reduced to 55 from 60, more people can use this...
Why business strategy matters in 2023
In a volatile market, keeping to a strategy, or, let's face it, creating one, can be tough. The downside of not taking time out for your strategy is that you tend to keep a short-term focus at an operational level to try and pick quick wins to generate financial...
The party’s over for family trusts
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions - changing the goalposts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups...
The party’s over for family trusts
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions - changing the goalposts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups...
What do the ‘Secure Jobs, Better Pay’ reforms mean?
The Government’s ‘Secure Jobs, Better Pay’ legislation passed Parliament on 2 December 2022. I explore the issues. The Fair Work Legislation Amendment (Secure Jobs, Better Pay) Bill 2022 passed Parliament on 2 December 2020. The legislation is...