From www.smsfadviser.com: Using a contribution reserve is an effective strategy for clients looking to reduce their taxable income after a profitable financial year.
With the transfer balance cap raised to $2 million, clients can now make non-concessional contributions if their balance is below this threshold, potentially avoiding Division 293 tax on contributions exceeding $250,000.… read more
From www.smsfadviser.com: SMSF trustees must evaluate their personal circumstances regarding changes in response to the upcoming Division 296 tax, set to be implemented on 1 July 2025.… read more
From www.aicd.com.au: The Australian Institute of Company Directors and the Governance Institute of Australia have updated their Joint Statement on Board Minutes, dealing with minute-taking in the context of increasing AI usage.… read more
From www.bleepingcomputer.com: ChatGPT is introducing a “Download as PDF” option for its Deep Research feature, allowing users to save comprehensive reports in a formatted manner.… read more
From thestreet.com: [US context] Missouri House Bill 594 proposes to eliminate the capital gains tax, including profits from digital assets like Bitcoin and XRP, pending Governor Mike Kehoe’s signature.… read more
From www.smsfadviser.com: A reg 13.22C entity cannot invest in a partnership, even if the partnership solely invests in allowable assets such as property and cash.… read more
From www.abl.com.au: James Hardie agreed to acquire Delaware company Azek by issuing 35% of its shares without seeking shareholder approval, leading to significant backlash.
This situation highlights a need for changes in the ASX Listing Rules to better balance corporate governance and investor protection.… read more
From www.accountingtoday.com: As accounting firms raise their prices, they must also enhance the value and quality of service they provide to clients.
The parallel is drawn between hospitality standards and client expectations in professional services.… read more
From: www.fssuper.com.au: SMSF trustees are encouraged to proactively engage with the ATO through its early engagement and voluntary disclosure service to address contraventions of the Superannuation Industry (Supervision) Act.… read more
From gtlaw.com.au: Australia faces challenges with AI knowledge and training while employer adoption boosts workplace efficiency.
Generative AI has a modest but significant economic impact, potentially increasing GDP and productivity through task automation.… read more
From allens.com.au: Climate policy focuses on achieving net zero emissions by 2050, with renewable energy targets set for 2030.
New legislation aims to strengthen environmental governance and compliance through the establishment of Environment Protection Australia and Environment Information Australia.… read more
From www.accountantsdaily.com.au: Family law disputes involving high-net-worth individuals often include complex trust structures and equitable interests, making the division of assets challenging.
Courts must navigate issues such as the delineation of trust property, control over trusts, and potential undue influence or fraudulent misrepresentation.… read more
From piperalderman.com.au: The US Senate’s GENIUS Act for regulating stablecoin issuance has encountered setbacks as bipartisan support wanes due to demands for stricter anti-money laundering provisions and consumer protections.… read more
From www.smsfadviser.com: Recent legacy pension reforms allow non-commutable pensions to be commuted without Centrelink implications if they lack asset-test exemptions.
However, if a non-commutable pension has an asset-test exemption, it may face Centrelink reassessment, potentially resulting in a debt for overpayment of age pension benefits.… read more
From www.bantacs.com.au: Scam emails are misleadingly spreading false information about superannuation, claiming that withdrawals will be tightened and delayed until age 70.
Julia Hartman warns against clicking on links in these emails, as genuine changes would be widely reported through official channels.… read more