As we approach 30 June (end of financial year), now is the time that you may be looking to optimise your tax deductions which can help to maximise your tax savings.
All business owners are concerned about safeguarding their business, their assets and maximising their wealth. However, this is not a simple process and you need to have effective strategies in place.
Whilst it is morbid to think about, it is vital business owners have a plan in place for what will happen to the business if the owner dies. The considerations you need to make in this situation are like the considerations you would have in place for exiting your business, however there are a few other important areas that need to be addressed in the case of the business owner’s death.
Treasurer Jim Chalmers has delivered his third Budget, prioritising boosting private sector investment to “fund and finance the future”.
The Australian Tax Office (ATO) has outlined its focal points for this tax season. These areas mirror focus areas from the previous year however, they should still be regarded as important to ensure correct compliance.
Financial problems can come up quickly, unexpectedly and often through no fault of our own. With the cost-of-living continuing to take its toll, the number of people finding it difficult to repay their loans is increasing.
The idea of entrusting anyone, let alone financial planner, help you with your finances can certainly get the nerves racing. We’ve all heard the horror stories (yes, even us) about people who have lost their life savings due to dodgy advisors or bad advice.
The Australian Tax Office (ATO) confirmed this month that the superannuation thresholds for 2024 will increase. These adjustments equate to nearly a 10% rise in the allowable super contributions. The raised thresholds also benefit low-income earners by increasing the earnings limit for qualifying for the $500 co-contribution payment.