ACCOUNTING

At Oreon, we are practicing what we preach to ensure effective succession planning. With the current skills shortages, especially in traditional roles like accounting, we’ve proactively created innovative Undergraduate and Graduate Programs over the last couple of years to attract young talent to the industry. This year, with five new students and a total of eight participants taking part in these programs, we have reason to celebrate.

Following the ATO’s claims that nine out of ten residential rental property investors who have been audited have been getting their returns wrong, it might be worth touching on some of the tax traps and pitfalls to be wary of.

For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business, or the passing of control of it to other family members when you retire.

A question that often gets asked when dealing with death benefit nominations is whether a person will qualify under the interdependency or financial dependency definitions. This is an important consideration as meeting the dependency criteria will enable potential beneficiaries to qualify as a dependant and therefore allow them to receive a death benefit.

The new financial year can be a time where business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about minimising tax, rather a range of factors should be considered as such as asset protection, establishment and ongoing compliance costs, succession planning, and your understanding of each structure etc.

Although not related to tax, there are a number of changes on the Fair Work front that employers should be aware of.

The predicted slowing of the economy in 2023-24 along with the pay day super guarantee (SG) proposal are sure to make cashflow more important than ever for business over the coming months and years, noting that it is one of the biggest difficulties faced by business.

This could be the final opportunity for your business to take advantage of Temporary Full Expensing (TFE)…but get in before 1 July!

If you carry on your business affairs through a trust structure, there is now more clarity around the law on distributions following much uncertainty throughout the year.

ASIC has released fresh and timely information around crypto scams. Scammers use cryptocurrencies, like bitcoin or ether, because they are not easily recovered. Crypto can be sent overseas quickly with limited oversight. If you lose your money to a crypto scam, your money is likely gone. If you buy crypto, only invest what you can afford to lose as it’s a somewhat volatile investment.

Are you one of the five million Australians who claim work from home deductions? If so, stricter record-keeping rules may now apply.

Have you missed the deadline to apply for a director identification number (director ID)? If so, you can still apply!