From www.smsfadviser.com: Documentation of estate planning materials, particularly regarding wills and binding death benefit nominations (BDBNs), is essential to ensure their validity.
Many cases face challenges due to errors in compliance with legislative requirements, such as improper witnessing or lack of notification to trustees.… read more
From www.smsfadviser.com: A death benefit payment is levied on the recipient, not the fund, but the fund must withhold taxes if the payment goes to an individual.… read more
From gtlaw.com.au: Harm prevention charities in Australia focus on promoting individual wellbeing and addressing social issues, with updated requirements for Deductible Gift Recipient (DGR) endorsement.… read more
From gtlaw.com.au: Harm prevention charities significantly enhance individual well-being and community participation, with the ATO managing a new DGR category from January 2024.
Upcoming events and forums, such as the CLAANZ Annual Conference and ACNC Governing for Good Forum, will address governance, regulatory developments, and privacy reforms.… read more
From au.andersen.com: In May 2025, significant updates and changes in taxation legislation, ATO compliance activities, and guidance are introduced, including new exemptions for electronic distribution platform operators and stricter scrutiny on deduction claims.… read more
From bdo.com.au: Employers must ensure they pay employees their legal entitlements to avoid severe penalties, including fines and imprisonment, for wage theft.
Regular audits and collaboration with experts can help businesses maintain compliance and address any discrepancies.… read more
From www.accountantsdaily.com.au: Xero has partnered with Karbon to integrate their platforms, aiming to enhance productivity for accounting firms by streamlining operations and facilitating automated workflows.… read more
From www.insurancebusinessmag.com: A report from NobleOak shows that 60% of Australians now hold life insurance policies, up from 55% last year, but confusion about key terminology persists, with only 30% understanding “fully underwritten” insurance.… read more
From www.smsfadviser.com: Peter Burgess, CEO of the SMSF Association, stated that reports of panic selling among SMSFs due to the proposed $3 million super tax are not surprising.… read more
From www.accountantsdaily.com.au: The Australian Financial Security Authority has issued a warning against the misuse of the personal insolvency system, emphasising that such abuse undermines the system’s integrity and the confidence of affected communities.… read more
From www.aigroup.com.au: The International Monetary Fund has downgraded its global GDP growth forecast to 2.8% for 2025, significantly impacted by US tariffs and economic disruptions, with advanced economies lagging behind.… read more
From www.aigroup.com.au: Core inflation remains stable with the headline Consumer Price Index at 2.4% per annum, while real GDP growth has slowed to 1.3% p.a.,… read more
From sladen.com.au: Division 296, which is a proposed tax regulation, raises questions about the timing and strategy for superannuation withdrawals, as benefits may need to be modeled against potential tax implications.… read more
From www.sciencedirect.com: Major corporate customers play a crucial role in deterring supplier misconduct by imposing pressure for compliance with social and environmental standards.
Firms with concentrated customer bases demonstrate significantly lower misconduct rates and penalties, especially when customers exert higher scrutiny.… read more
From: www.grantthornton.com.au: The newly elected Country Liberal Party has presented its first budget for the Northern Territory, focusing on reducing crime and increasing public service costs while projecting net debt to rise significantly over the next few years.… read more