Month: February 2025 AWST
Kennedy distances Treasury from super drawdown compulsion
From financialnewswire.com.au: Treasury Secretary Dr. Steven Kennedy stated that the Federal Treasury does not intend to restrict retirees’ choices regarding superannuation drawdowns, responding to discussions about proposed mandatory rates for those with over $200,000 in their accounts.… read more
From 7% to 6%: How rate cuts can ease loan burdens
From dynamicbusiness.com: Australia’s SMEs face mounting tax debts as the February 28, 2025 deadline approaches, risking penalties from the ATO.
Economic shifts, including cooling rents and a potential interest rate cut from the Reserve Bank of Australia (RBA), could provide relief to these businesses, allowing them to manage their debts more effectively.… read more
Tax Alert – March 2025
From hlb.com.au: Latest tax news for March 2025: ASIC warns investors about scammers impersonating Bunnings and offering fake investment bonds.
Tax deductions for vacant land require strict compliance with conditions, and mistakes in charging GST can be rectified with proper steps.… read more
ATO outlines focus areas for SMSF auditor compliance
From www.accountantsdaily.com.au: The ATO has outlined its focus areas for SMSF auditor compliance in 2025, emphasising the verification of market valuations and the need for auditors to retain sufficient evidence.… read more
How to influence as a finance leader
From www.icaew.com: Accountants must develop influencing skills to effectively communicate and persuade stakeholders in a changing business environment.
Key influencing attributes include communication, reasoning, consulting, and active listening, which can be nurtured through practice and mentorship.… read more
ASFA defends role of super funds in private markets
From financialnewswire.com.au: The Association of Superannuation Funds of Australia has defended the role of superannuation funds in private capital markets, emphasizing that all Australians with super accounts have benefited from these investments, which delivered strong double-digit returns in 2024.… read more
The mess behind Treasury’s meals deductions costings
From www.themandarin.com.au: Treasury’s costings for a proposed policy simplifying meal entertainment deductions for small businesses highlight significant uncertainties, with preliminary figures suggesting potential costs of $1.6 billion for broader entertainment expenses and $500 million specifically for meals.… read more
Federal Court freezes assets of Osama Saad
From asic.gov.au: The Federal Court has issued interim orders to freeze certain assets of Osama Saad, former director of Aus Super Compare and Atlas Marketing, following an application from ASIC.… read more
Major Projects & Construction updates
From www.claytonutz.com: The Queensland Government has paused the rollout of phases 3 and 4 of the trust account framework under the Building Industry Fairness Act, which impacts the eligibility of construction contracts.… read more
Xero: Analytics powered by Syft
From blog.xero.com: Xero has launched early access to “Analytics powered by Syft” for eligible US-based customers on Established plans, offering enhanced visualizations of financial data to support better business decision-making.… read more
5 SMSF estate planning and capacity considerations
From www.smsfadviser.com: As the population ages, legal professionals face increasing challenges related to capacity, elder abuse, and decision-making in estate planning and superannuation matters, especially concerning SMSFs.… read more
Executive compensation: trend to uniformity
From www.sciencedirect.com: A recent trend in executive compensation reveals a shift towards uniformity in pay structures, with 24% of the variation in CEO compensation components disappearing since 2006.… read more