Take Advantage of Tax Planning Now!

Take Advantage of Tax Planning Now!

The end of the financial year will soon be upon us, with 30 June 2022 just around the corner. The months of May and June are the time to review and analyse ways to reduce your 2022 taxes based on your current income and expenses from July last year until now. We recommend all our clients consider tax planning for their business and personal tax.

For 2022 Business Tax Guide CLICK HERE 
For 2022 Personal Tax Guide CLICK HERE 

Download our tax planning guide for more information.

  • Schedule your tax meeting with us and discuss how your business and things are going?
  • Income and profit estimates of what your 2022 total year profit could look like.
  • Review how your business income and expenses are performing, comparing to previous years.
  • Be told ideas to reduce your 2022 tax bill via purchased assets, paying extra super, & profit-sharing, etc.
  • Utilise spare cash now – by knowing what the 2022 tax payable estimate will be. You can use excess business funds you have accumulated to invest, purchase assets, and reduce the home loan, etc.
  • Free up cash flow by reducing quarterly tax instalments for June due to claiming asset purchases or showing a downturn in the business.
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ATO ‘s attack on Trusts and Trust Distributions

ATO ‘s attack on Trusts and Trust Distributions

The Australian Taxation Office released a package of new guidance material that directly targets how trust distribute income.  Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach.

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Paying your super to your Grandchildren

Paying your super to your Grandchildren

We get asked this question often, “when I die can I give my superannuation to my grandchildren”, hard to believe but the answer is NO!

If you would like to find out more

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Make 2022 a year of financial success

Make 2022 a year of financial success

With the new year upon us, now is the perfect time to make improvements and manage your finances better. Here are five things you can do to set yourself up for financial success in the new year. For more – Make 2022 a year of financial success

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Tax and the Normalisation of Cryptocurrency

Tax and the Normalisation of Cryptocurrency

In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become normal.

But cryptocurrency is only one part of the blockchain universe. Non-fungible tokens or NFTs (fungible means interchangeable) are one-of-a-kind digital assets which are part of the Ethereum blockchain. An example is the CryptoKitties game that allows players to purchase, collect, breed, and sell unique virtual cats – and, before you laugh, the game transacted over $1 million in virtual cats in its first few days of launching.

NFTs are also rapidly rising in popularity in the art world because ownership of the asset is on the blockchain and in some cases, the artist can take a percentage of every transaction of that artwork – so, no more starving artists because they can generate an income from the asset over time not just on the first sale. A stellar example is the sale of an NFT artwork by the digital artist Beeple, which was sold at auction by Christies in March 2021 for $69 million (USD).

Let’s look at what the Australian Taxation Office has to say about some of the commonly asked questions about the implications of investing in blockchain.

For more, Tax and the Normalisation of Cryptocurrency

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