Insights

As an investor I am always looking for areas of development and themes where great ideas are forming but perhaps main street has not yet caught on or up.

Australia is a beautiful country which has a harsh landscape and difficult weather patterns. Our population to land mass in some areas is low and sparse and can be very lonely for individuals managing the country in these rural and outback areas.

Tax implications for agribusinesses can vary significantly depending on factors such as the nature of the agricultural activities, the structure of the business and the specific government regulations.

Below is a list of tax strategies and considerations to help primary producers manage cash flow and manage their situations while times are tough.

As Tax Time approaches, the ATO has announced it will be focusing on three commons errors made by taxpayers, and cracking down on Division 7A mistakes.

The end of the financial year is fast approaching, and with it comes a number of important deadlines and changes business owners and tax payers need to be aware of. From deadlines for deductible contributions to adjustments in tax rates and super guarantee contributions. As tax and business advisers we want to ensure you have a smooth transition into the new financial year, stay on top of your financial obligations and take advantage of any available benefits.

As we approach the end of the 2024 financial year, now is the perfect time for business owners to analyse the financial situation of their business in order to gain an understanding of the potential tax position for the 2024 financial year.

Business owners should consider engaging with their Accountant to undertake sometailored tax planning advice, where individualised strategies can be determined based on their circumstances and implemented prior to 30 June 2024. This can in fact reduce their tax liability and maximise deductions.

Division 293 tax is an additional tax imposed by the Australian government on high-income earners in addition to the normal taxes they pay. Division 293 tax is calculated separately from income tax and is specifically applied to concessional superannuation contributions that exceed the concessional contributions cap or to an individual’s income for surcharge purposes that exceeds the Division 293 threshold (currently at $250,000).

Borrowing the results from recent other Professional Firms’ business surveys, it seems to me that the top concerns for Australian executives (and most probably other parts of the world) are the same in the short term as they are for the medium term. That being, cyber risks, talent recruitment/retention and upskilling a work force for the digital world.

The traditional hourly billing model, long favoured by professional services firms, is facing scrutiny and disruption in the face of technological advancements and evolving client expectations. As technology enables greater efficiency and transparency, it is often wondered if the billable hour is necessarily a true measure of value. Many firms are re-evaluating their approach to pricing, turning towards value-based models that prioritise outcomes over billable hours.

The ATO has been concerned about arrangements involving individual professional practitioners who redirect their income from an activity or business that includes their professional services to an associated entity where it has the effect of significantly reducing your tax liability.

As we approach the end of the Fringe Benefit Tax year for 2023/24, it is important for SME businesses to continue to maintain obligations ahead of the 31 March Year-End date.