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New Div 296 Tax Legislation for Super Balances over $3m

November 27th, 2023

Is your super balance over, or approaching, $3 million? In October 2023, the Australian Government introduced draft Div 296 legislation aimed at reducing tax concessions for individuals whose total superannuation balance (TSB) exceeds $3 million. The policy consideration of this measure is to achieve a more equitable Australian Superannuation System, and this new measure isread more

Starting a Business in Australia – A Quick Guide

October 13th, 2023

The allure of entrepreneurship is undeniable, and for many Australians, starting their own business is motivated by the pursuit of autonomy, escaping the 9-to-5 grind, and carving their own path. If you’re considering starting a business, you might be drawn in by the opportunity to purse a passion full-time. Even beyond these personal motivations, businessread more

Simplify Your Business’ Tax and Compliance in 2023-2024

August 9th, 2023

No matter what business you run, being an entrepreneur can be challenging, exciting, daunting, and even overwhelming at times – and that’s just in day-to-day operations, let alone the tax and compliance requirements required to keep everything above board. The shifting landscape of tax and compliance legislation can make it tricky to stay on topread more

Audit Insurance: Protecting Businesses & Sophisticated Individuals

August 2nd, 2023

In today's ever-changing and complex compliance landscape, the Australian Taxation Office (ATO) has also become more vigilant over time and enhanced their data-matching capabilities to increase their scrutiny of financial records – meaning individuals & businesses of all sizes and shapes face a higher risk of being audited. To safeguard against the potential financial burdenread more

Commonwealth 25 Per Cent COVID Top-Up Payments

June 22nd, 2023

Did your business receive payments through a COVID-19 Business Support Program? Depending upon which grant you received, your business may now be eligible for a 25 per cent top-up payment. Claims for the COVID-19 top-up payments will be open until the end of 30 June 2023 – given this short turnaround time it is criticalread more

End of Financial Year Preparations – Race to the Finish Line

May 19th, 2023

At this time of year, we find ourselves having regular discussions with clients about best business practice for end of financial year preparations. This can include end of year payroll, transitioning to cloud-based software for the first time, changing software providers, or simply reviewing data file accuracy. The key for business owners is to beread more

McKinley Plowman Federal Budget Update 2023-24

May 10th, 2023

The 2023-24 Federal Budget was handed down on Tuesday 9 May 2023 by Treasurer Jim Chalmers of the Albanese government. The budget will return to a $4 billion surplus this financial year, followed by a $13.9 billion deficit the following year. Treasury forecasts under this budget inflation will fall from 6% this year to 3.25%read more

The Benefits of Tax Planning for Your Bottom Line

March 29th, 2023

Tax Planning season is here! With 30 June fast approaching, now is the time to consider tax planning for your business. They say that if you fail to prepare, prepare to fail – or in this case, prepare to potentially deal with a hefty tax bill and disrupted cash flow! Getting a clear picture ofread more

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