Federal Parliament has finally passed the $20,000 Instant Asset Write-Off

Can you believe it? It’s nearly June and the extension of the $20,000 (or is it $30,000?) Instant Asset Write-Off for small businesses (turnover less than $10M) has not been legislated!

If your total superannuation balance on the previous 30 June is $500,000 or less, you may have unused concessional super caps that you can use or carry forward - except that the carry-forward time limit is five years.

The $20,000 Instant Asset Write-Off has been extended to 30 June 2024.

Compulsory Employee Superannuation rises from 10.5% to 11% for paydays after 30 June 2023. The Keating Government’s Superannuation Guarantee, introduced 31 years ago, was a master stroke in structural economic reform.

The just-announced 4% tax depreciation rate for build-to-rent properties suggests that the Federal Labor Government has finally got the economics right when it comes to tax incentives for rental property owners.

As we head into Tax Planning season, it is worth noting that another “stimulus” measure - the Low & Middle Income Tax Offset (LMITO) - will not be available in 2023.

The increase in money supply created to boost and maintain activity over the tumultuous Covid 19 pandemic period is now having its inevitable consequences with rising inflation globally, not just in Australia. But is increasing interest rates the only way to rein-in rampant inflation, and is it fairly targeted?

In the highly unlikely event that the tiered tax rate for large superannuation balances announced this week will have any direct effect on you at all, it would be a good problem to have.

The cat-and-pigeon show created by the ATO’s more aggressive stance on the application of Section 100A to unpaid trust distributions to adult children took a new twist last month with the release of the Full Federal Court’s appeal decision in the Guardian Case.

The super-generous plant and equipment immediate tax write-offs are set to end on 30 June 2023. What happens next and what strategies should you employ?

As of 1 January 2023, those of us over 55 yo can now make Downsizer Super Contributions of up to $300,000 each.

The ATO has decreed what should be your five New Year’s resolutions. Thanks ATO! I might work on a list of five NYRs for the ATO!

The ATO’s change of posture on 100A is arguably the biggest threat to SME & HNW tax planning in the past ten years.

I don’t know how Reserve Bank Governor Dr Philip Lowe can tell us with a straight face that they were “caught out” by a surprise surge in inflation.

Australia’s business and professional communities can breathe a massive sigh of relief after the High Court restored confidence in one the fundamentals of asset protection - putting assets in the name of the low-risk spouse.

Retirement may seem a long way off, but it’s never too soon to begin planning your exit. Let us talk you through the available options and strategies.

Minimize your tax bill with some smart planning that will leave more money in your pocket come tax time.

With borrowed money going quickly from almost free to quite expensive, it’s time to rethink your debt strategy.

A well-organized estate is one of the most thoughtful gifts you can leave your family.