Month: March 2025 AWST
Examinations by the Official Receiver – A more cost effective option
From worrells.net.au: Liquidators and trustees possess the authority to conduct public examinations during insolvency investigations, which can be costly.
An alternative is an examination by the Official Receiver under Section 77C of the Bankruptcy Act, offering a more cost-effective and efficient method for gathering evidence related to bankrupts’ affairs.… read more
Tax agents desperate for ATO phone line overhaul
From www.accountantsdaily.com.au: The National Tax and Accountants’ Association has criticized the ATO’s tax agent phone line for providing inadequate support, excessive wait times, and poorly trained staff.… read more
Co-Owner Disputes and Sale of Property
From worrells.net.au: Co-owner disputes can complicate the sale of jointly owned property, leading to the appointment of Statutory Trustees by the court to manage the sale and ensure fair distribution of proceeds.… read more
Boardroom Brief Week Commencing 24 March 2025
From gtlaw.com.au: This week’s boardroom brief provides non-executive directors with crucial updates, including ACCC’s draft merger assessment guidelines, a $10.5 million penalty for Active Super due to greenwashing, and comments from the US Federal Reserve Chair on inflation risks.… read more
NFPs should receive FBT relief for meal entertainment
From bdo.com.au: BDO advocates for changes to the FBT law that would allow Non-profit organizations (NFPs) to benefit from tax exemptions on entertainment.
The proposal addresses the erosion of FBT exemption and the unchanged capping thresholds, while acknowledging the unique challenges and needs of NFPs.… read more
Berkshire’s way of investing
From morningstar.com.au: Explore the investment philosophy and future of Berkshire Hathaway as guided by Warren Buffett and Charlie Munger.
Gain insights into common misunderstandings about Buffett’s strategies, key takeaways from his letters to shareholders, and resources for further learning.… read more
So, You’ve Decided to Separate from your Husband
From pcllawyers.com.au: This comprehensive guide provides valuable insight into the crucial steps to take when separating from a husband, including seeking legal counsel, understanding financial obligations, securing the family home, and navigating child custody arrangements.… read more
Federal Budget Report 2025
From au.andersen.com: The Federal Budget Report 2025 reveals fiscal projections and tax measures including a projected underlying cash deficit of $42.1 billion, gross debt reaching $1.022 trillion, and total tax receipts of $676.1 billion for 2025-26.… read more
ATO confirms AI use not fully reliable
From smsmagazine.com.au: The ATO has stated that SMSF practitioners and trustees cannot fully rely on artificial intelligence (AI) for SMSF functions and that human judgment remains essential in critical areas like audits and financial advice.… read more