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For financial years ending on or after 30 June 2020, certain not-for-profit (NFP) entities preparing special purpose financial statements (SPFS) will need to include new disclosures in their financial statements regarding their compliance with the recognition and measurement (R&M) requirements of Australian Accounting Standards (AAS). Read more
Property features in the affairs of almost all our clients, and it often represents a significant part of their wealth. So we’re naturally on alert for any impact on property from changes to tax law. Parliament passed new laws with effect from 1 July last year that deny deductions for expenses relating to holding “vacant land”, even when it’s held for an income-producing purpose, such as development for sale, or building a commercial or residential rental property. Read more
The small business concessions can be very generous in reducing or even eliminating the tax impost on a capital gain you make from selling your business (or your company), or an asset used in the business. For example, in combination with the general 50% discount on capital gains, these concessions can reduce your tax bill on a capital gain in the millions to nil in fairly mundane circumstances. Read more
From 1 July 2018, a new opportunity has been available to let you contribute more to your super. Read more
Discussing your finances with a long or short-term partner, can save you uncomfortable conversations down the track, especially when you start to manage money together. Read more
Markets continue to push upwards to new record levels, whilst closer to home, Governor Lowe indicated rates may move lower in the New Year. In Asia, the pro-democracy protests continued in Hong Kong leading into and after their local elections. Read more
We are delighted to announce the promotion of Kirsty Radovanovic to Manager in our Business Consulting and Taxation divisions. Read more
It can be quite an adventure to live and work overseas for a time, should the opportunity arise. Many people who have done so choose to keep their home because they can maintain the exemption from capital gains tax (CGT). Not anymore. In fact, not ever. Read more
Draft legislation has been introduced to Parliament to modify the Research & Development (R&D) tax incentive, effective from 1 July 2019. The intent is to better target the incentive, and better motivate some businesses to spend on R&D. Read more