2018/19 Federal Budget – For Trusts

1. Children’s Income from Testamentary Trusts From 1 July 2019, the Government intends to change the law so that the adult tax rates and the tax-free threshold available to children…

1. Extending The $20,000 Instant Asset Write-Off By Another 12 Months The government will extend the current $20,000 instant asset write-off available for small business entities (i.e. businesses with an…

1. Phoenix Activity Phoenix activity is where companies are deliberately gutted of assets and income to pay their debts to the ATO and other creditors including employees. This activity has…

Increased Difficulty for Partners To Access Small Business CGT Concessions From 8 May 2018, partners who alienate their partnership income by creating, assigning or other-wise deal in rights to the…

Deny Deductions for Vacant Land From 1 July 2019 The Government will deny deductions for expenses (e.g. interest costs and rates) associated with holding vacant land (for either commercial or…

1. The Government’s Three Stage Personal Income Tax PlanThe Government is introducing a 7 year Personal Income Tax Plan that will be rolled out in three stages. The first stage…

1. Three-Yearly Audit Cycle for Some SMSFs From 1 July 2019, the Government will change the annual audit requirement to a three-yearly requirement for SMSFs with a history of good…

With annual turnover in excess of $146 billion, franchising is big business in this country. While buying into a franchise can often be promoted as a ‘gold mine’, the reality…

It’s a very common question and superannuation laws constantly change. You’ve worked hard to build up a nest egg and everyone wants to retire sooner rather than later. You might…

Cash flow is the life blood of any business and remains a massive ongoing challenge for business owners. In fact, according to research by the Australian Bureau of Statistics, half…