Oct 18, 2024 | Small Business, Succession Planning, Taxation, Trust Accounts
Family trusts can be an important tool for protecting and distributing wealth within families in Australia. Whether you’re interested in shielding your assets, benefiting from tax advantages, or simply planning for the future, a family trust offers an effective...
Oct 4, 2024 | Bookkeeping, Business Growth, Small Business, Taxation
By Peter Woodford, Associate, TSP Accountants & Business Advisors Accountants vs Bookkeepers If you run a business in Newcastle or the surrounding areas, you know how important sound financial management is to your success. One of the cornerstones of financial...
Aug 23, 2024 | Capital Gains Tax, Rental Income, Taxation
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the...
May 17, 2024 | Federal Budget, Inflation, Taxation
The Federal Budget for 2024-25, the third handed down by Treasurer Jim Chalmers, delivered a back-to-back surplus for the first time in nearly 20 years built on high commodity prices and strong employment. Key features of this Budget include modified stage 3 tax cuts,...
May 2, 2024 | Taxation, Trust Accounts
The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax. Two new cases before the Administrative Appeals Tribunal demonstrate how serious the Australian Taxation Office (ATO) is about making sure professional...
