Money Talk Archives - The Garis Group

The ATO has begun utilising new powers that will allow it to disclose business tax debts to credit reporting bureaus, sparking concerns as businesses reel from ongoing lockdown restrictions.

The problem when the evidence doesn’t match what the taxpayer tells the ATO

February 6, 2024

A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. The case involves heritage farmland originally purchased for $1.6m that sold 7 years later for $4.25m and the GST debt that the ATO is now pursuing on the sale. In 2013,…

Stage 3 personal income tax cuts redesigned

February 6, 2024

Heather Moore

The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. Relative to the current…

Succession: What does it take to and your business to the next generation?

August 25, 2023

Heather Moore

What is the end game for your business? Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value for you, the owners. When it comes to generational succession of a family business, there are a few important aspects: Succession of the…

The ‘Super’ Wars

March 23, 2023

Heather Moore

A consultation paper released by Treasury has sparked a national debate about the role, purpose and access to superannuation ahead of the 2023-24 Federal Budget. What is the purpose of superannuation? At first glance, the consultation released by Treasury in February titled Legislating the objective of Superannuation sounds innocuous enough. The consultation seeks to anchor…

hand holding piece of jigsaw puzzle with word FINANCIAL PLANNING

Why You Should Hire A Financial Advisor

February 16, 2023

Heather Moore

advice, Financial Planning

When it comes to managing your finances, getting the advice of a professional financial advisor can be beneficial. Financial advisors are highly trained professionals that specialise in helping people make sound decisions with their money. They can provide guidance on how to save for retirement, invest wisely and stay ahead of economic trends. A financial…

Full throttle in 2023

February 10, 2023

Heather Moore

Business Plan, planning, strategy

In a volatile market, keeping to a strategy, or let’s face it creating one, can be tough. The downside of not taking time out for your strategy is that there is a tendency to keep a short-term focus at an operational level to try and pick quick wins to generate financial returns. Sometimes in the…

The ATO’s final position on risky trust distributions Copy

February 10, 2023

Heather Moore

accountant, Trust Distributions

The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions – changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups will pay higher taxes because of the ATO’s more aggressive approach. Section…

SMSF reporting changes from 1 July 2023

February 10, 2023

Heather Moore

accountant, self managed super, SMSF

If you have an SMSF with a total balance of less than $1 million, from 1 July 2023 you will need to report quarterly to the ATO instead of annually. Previously, SMSFs with a balance under $1m reported annually at the same time as lodging the SMSF annual return.

Is ‘downsizing’ worth it?

February 10, 2023

Heather Moore

accountant, property investment, Retirement

From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation. Downsizer contributions are an excellent way to get money into superannuation quickly. And now that the age limit has reduced to 55 from 60, more people have an opportunity to use this strategy if it suits their needs. What’s a…

Australian Super Funds Gorge on Cryptocurrency

October 13, 2022

Heather Moore

The value of cryptocurrency assets inside Australian self managed superannuation funds (SMSFs) increased by 589.9% ($1.17bn) between June 2019 and June 2022, according to the latest ATO statistics. While cryptocurrency is a relatively small asset class at only 0.16% of the $837bn held in SMSFs, it is a growing asset class, larger than collectibles and…

The problem when the evidence doesn’t match what the taxpayer tells the ATO

Stage 3 personal income tax cuts redesigned

Succession: What does it take to and your business to the next generation?

The ‘Super’ Wars

Why You Should Hire A Financial Advisor

Full throttle in 2023

The ATO’s final position on risky trust distributions Copy

SMSF reporting changes from 1 July 2023

Is ‘downsizing’ worth it?

Australian Super Funds Gorge on Cryptocurrency

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