Ed.
Importance of documenting arm’s length dealings
From bdo.com.au: SMSFs must document commercial lease terms and maintain accurate valuations to avoid non-arm’s length income (NALI) issues.
Trustees are advised to keep detailed records and consult with advisers to ensure compliance and prevent higher tax rates.… read more
Testamentary Trust: How Can It Save You Thousands of Dollars?
From jbsolicitors.com.au: Testamentary trusts, established through a Will, manage assets for beneficiaries posthumously, providing significant tax savings and creditor protection.
Executors and trustees play crucial roles in asset distribution and maintaining financial transparency.… read more
Boardroom Brief Week Commencing 26 May 2025
From gtlaw.com.au: ASIC emphasises compliance and transparency in financial reporting for FY25-26, with a focus on audit practices and investment portfolios.
The Takeovers Panel addresses shareholder association concerns and delisting applications, while legal guidance on director resignation highlights key principles.… read more
What Is Estate Planning and Who Can Help Me With It?
From jbsolicitors.com.au: Estate planning involves organising and managing assets, including real estate, personal items, and digital assets, to ensure their smooth transfer after death.
Challenges such as disputes over Wills can arise, making it essential to consult with estate planning lawyers for tailored and effective plans.… read more
Tax Briefing: Harnessing data and technology to transform the tax function
From www.pwc.com.au: In a recent Tax Briefing, PwC experts discussed the integration of data and technology into tax functions, highlighting that 41% of tax professionals prioritize effective data usage before implementing new technologies like generative AI.… read more
Tribunal upholds ATO’s position in COVID-19 payment case
From www.accountantsdaily.com.au: The Administrative Review Tribunal upheld the Commissioner of Taxation’s decision that a consulting business was not entitled to Cash Flow Boost payments during the COVID-19 pandemic.… read more
Family groups must start tax planning now
From www.accountantsdaily.com.au: Grant Thornton advises family groups to initiate tax planning ahead of the financial year to enhance tax efficiency and mitigate risks.
The firm highlights the importance of establishing a tax strategy that aligns with overall business goals, including completing distribution resolutions for family trusts prior to year-end to avoid penalty tax rates.… read more
ATO’s IT shop cops another mechanical audit beating
From www.themandarin.com.au: The Australian National Audit Office criticized the Australian Taxation Office for its poor management of conflict of interest safeguards during the IT Strategic Sourcing Program, which involved contracts worth approximately $2.5 billion.… read more
Burnt out, underpaid, undervalued
From thefirm.media: Accountants and bookkeepers are experiencing widespread burnout, feeling undervalued and overwhelmed by a system that is detrimental to their wellbeing.
A poignant farewell post in a Facebook group sparked a wave of shared frustrations, highlighting systemic issues like unrealistic client expectations and a demanding work environment.… read more
The ultimate EOFY superannuation checklist for 2025
From morningstar.com.au: This checklist provides guidance on managing superannuation before the end of the financial year in 2025.
It covers strategies for contributions, tax implications, fund management, compliance, asset management, and insurance considerations.… read more
Advocating for good tax governance
From www.accountingtimes.com.au: EY tax advisors have highlighted the challenges Australian branches of multinational companies face in advocating for good tax governance, particularly to offshore stakeholders unfamiliar with the ATO’s expectations.… read more