Insights

Managing a Super Fund as a trustee can have significant complexities, especially where keeping abreast of changes in legislation and audit focus areas.

Under introduced changes by the Australian Business Registry Service (ABRS), Company Directors (of all types of companies) are now required to register with ASIC and gain a unique 'Director Identification Number' (Director ID) identifier.

In our September episode of the Building Your Business podcast, Chris Lewis hosts Matthew Joiner - Partner, Cor Cordis and Ian Walker (Executive Chairman) as they discuss the Australian Tax Offices' (ATO) recent focus on director obligations and debt recovery activity, the Director Penalty Scheme, and the increased issue of Director Penalty Notices.

As part of my Chairman’s Address this month, I wanted to take this opportunity to share my thoughts on the Professional Services industry and the current business factors impacting those within the sector and of a similar nature.

In our latest Building Your Business podcast episode, Chris Lewis hosts Wayne Clark - Director, Maxwell Stone Consulting and Smiljan Jankovic (AGR Managing Director) as they discuss how businesses can build their talent attraction strategy and the connection between your brand and employee recruitment.

For those operating a Self-Managed Super Fund, the Australian Tax Office has released new rulings relating to an increased focus on tax treatments surrounding ‘Non-Arm’s Length Income’ (NALI) and ‘Non-Arm’s Length Expense’ (NALE) transactions.

For all businesses, regardless of size, maintaining confident and accurate financial information is essential in building a successful venture. Therefore, ensuring you have the appropriate bookkeeping functions and systems is critical moving forward.

As originally announced in this year's March Federal Budget by the then-Morrison Government, new reforms surrounding Employee Share Schemes (ESS) available to employees have now received Royal Assent, with revised legislation to take effect from 1 October 2022.

As of 1 July 2022, new legislation has now taken effect which details the Australian Tax Office’s compliance approach to the allocation of profits or income from Professional Firms as assessable income to the ‘Individual Professional Practitioner’ (IPP).

For Individual taxpayers, July presents an ideal time to get ahead in lodging your Income Tax Return for the pervious Financial Year. In claiming all appropriate deductions, you can potentially lower your tax obligations.