Epoch News
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 highest representation were construction, accommodation and food services at the top of the list. Restructuring appointments grew by over...
Is your family home really tax-free?
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it's never that simple. As the character of Darryl Kerrigan in The Castle said, "It's not a house. It's a...
$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 five days before the end of the financial year. Purchases of depreciable assets with a cost of less than $20,000 that a small business...
What’s ahead for 2024-25?
Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts took effect on 1 July 2024. At the same time, the...
What’s changing on 1 July 2024
Here’s a summary of the key changes coming into effect on 1 July 2024: Tax cuts reduce personal income tax rates and change the thresholds. Superannuation guarantee increases from 11% to 11.5% - check the impact on any salary package arrangements. Superannuation caps...
ATO fires warning shot on trust distributions
The ATO has warned that it is looking closely at how trusts distribute income and to who. In recent years, how trusts distribute income has come under intense scrutiny. Trust distribution arrangements need to be carefully considered by trustees before they appoint or...
The essential 30 June guide
The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions. For you Opportunities Take advantage of the 1 July 2024 tax cuts by bringing forward your deductible expenses...
Do your kids really want to take over your business?
Generational succession - handing your business to your kids or family - sounds simple enough. Still, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It's important that generational succession is...
Should you be the ‘bank of mum & dad’?
The great wealth transfer from the baby boomer generation has begun, and home ownership is the catalyst. The average home price in NSW is $1,184,500, the highest in the country. Canberra is next at $948,500, followed by Victoria at $895,000, with the Northern...
Company money crackdown
The ATO is cracking down on business owners who take money or use company resources for themselves. It's common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing 'the...