For those of you seeking some guidance on where to best place your investments for this year’s Melbourne Cup we once again provide you with our resident expert Brad Ryan’s tips for the race that stops a nation. Over to you Brad… Whilst the weather forecast in Melbourne is for a possible thunderstorm late afternoon …
Please be advised that we are seeing the Australian Taxation Office significantly increase the level of its compliance and collection enforcement activities. The areas that the Tax Office are focusing on include: We remind all of our clients to continue to be vigilant in ensuring they are up to date with their lodgments and payments …
Tax Office – Compliance and Collection Activity Ramps Up Read More »
The Federal Government during COVID provided businesses with generous tax concessions for the purchase of equipment and vehicles used for business purposes. The effect of these measures (known as either the instant asset write-off or temporary full expensing) was that the business would receive a deduction in the year of acquisition for the entire cost …
Whilst the property market continues to remain strong and prices make it seem difficult for first home buyers there are a number of concessions and schemes aimed at making it easier for first home buyers to realise their dream. We detail below the various assistance available. First Home Guarantee Scheme Under this scheme eligible home …
For people or entities that have borrowed from their related companies under complying Division 7a loan terms there has been a significant increase in the interest rate required to be charged under the terms of those loan agreements from 4.77% to 8.27%. The impact of these changes are as follows: Note that where the borrowed …
Division 7A Loans – Significant Interest Rate Increase 2023-24 Read More »
In response to COVID-19, the Federal government temporarily reduced superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for 2019–20, 2020–21, 2021–22 and 2022–23 financial years. For the 2023–24 financial year, the 50% reduction in the minimum pension drawdown rate will no longer apply. This means that on 1 July 2023 when you …
Minimum Pensions to Increase for New Financial Year Read More »
In the most recent Federal Budget, it was announced that the Australian Taxation Office will receive $89.6 million to extend its personal income tax compliance program and expand its scope to target emerging areas of risk and tax avoidance. A tax gap of approximately $9 billion has been identified as a result of omitted rental …
With end of financial year fast approaching we thought it timely to remind people of the key changes and concessions available in relation to superannuation. 1.Superannuation Guarantee – Increases to 11% With effect from 1 July 2023 the superannuation guarantee rate increases from 10.5% to 11%, please check to ensure your payroll system will adjust …
Coeus Advisers – Budget Briefing 11th May 2023 Thank you to those of you who attended our Inaugural Budget Briefing last Thursday at the Hamilton Hotel. We trust you enjoyed the afternoon and gained some insights from our guest speakers Justin Smirk (Westpac) and Brad Ryan (Coeus Advisers). We look forward to building on the success of …
We are pleased to announce that we have welcomed Lynlea Carrodus as a Senior Manager (Accounting) to our team this month. Lynlea has been working in public practice for more than 25 years. Over this time Lynlea has been assisting business and individuals navigate the complex taxation and superannuation systems. Lynlea’s experience has enabled her …
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