As we step into the final stretch of 2023, the Australian Taxation Office (ATO) has unveiled a roadmap for the Not-for-Profit (NFP) sector, outlining significant changes and initiatives set to shape the landscape in 2024. A Shift in Focus: One notable move is the transition of the NFP Centre from the ATO’s Private Wealth business … Continue reading A Look into Australia’s Not-for-Profit Sector in 2024
Tax time can be a challenging period for small businesses, but with the right tools and information, you can ensure a smooth and efficient process. The Australian Taxation Office (ATO) offers a range of resources to help you manage your tax and superannuation obligations. In this guide, we’ll cover essential information and updates for small … Continue reading A Guide for Small Businesses
Australia has just made a significant change in how people officially declare things, waving goodbye to traditional pen-and-paper methods. Led by Attorney-General Mark Dreyfus, a new law has been passed, making it possible for Australians to use digital execution, electronic signatures, and video-link witnessing for Commonwealth statutory declarations. This move towards digitization is a response … Continue reading Australians will save time and money by using digital statutory declarations
Dealing with what happens after someone passes away can be confusing, especially when figuring out who qualifies as someone who relied on the person or needed their financial help. Let’s break it down into two important categories: Interdependency and Financial Dependency. Being Close: The Interdependency Connection An interdependency relationship is like a close friendship, where … Continue reading Understanding Interdependency and Financial Dependency
Introduction In the world of business, your brand is super important. It’s not just a name; it’s what makes your business unique and trusted by customers. That’s why having a trademark is not just a legal thing; it’s a smart move that can help your business grow. In this blog, we’ll talk about what trademarks … Continue reading Protect Your Business Identity with Trademarks
Introduction Trusts have long been a popular legal and financial instrument for business structuring and asset management. They provide benefits like asset protection, income distribution flexibility, and possible tax advantages. However, recent developments and crackdowns by tax authorities such as the Australian Taxation Office (ATO) have raised concerns about the viability of trusts for business … Continue reading Trusts – Are They Still Worth It? Navigating the Changing Landscape
Keep Good Tax Records These days, the ATO is asking a lot of questions about tax deductions. But that doesn’t mean you can’t pay less tax. You can still get a really good refund if you just keep ALL your receipts and records for every deductible expense throughout the year. That way you have a … Continue reading 10 Easy Ways to Pay Less Tax
Deciding whether to hire an employee or a contractor in Australia depends on various factors and considerations. It’s important to note that I can provide general guidance, but it’s always recommended to consult with a legal or tax professional who can provide personalized advice based on your specific circumstances. That being said, here are some … Continue reading Employee or Contractor? Deciding the Right Work Arrangement
I strongly believe that every person dreams of his own business at least once in a lifetime. Irrespective of ability and opportunity, this dream makes a home in every heart and mind. Again, it’s a different issue that neither everyone makes happen nor is it a cup of tea for all. I may have a … Continue reading Starting Your Own Business
