Recognition and Transfer of Intellectual Property (IP) by Small Businesses

Posted on

Small businesses often derive significant value from innovation, which frequently results in the creation of Intellectual Property (IP). However, this vital aspect is often overlooked, particularly since internally generated IP is not recognized on balance sheets for accounting purposes unless acquired from outside. Since the introduction of the small business restructure rollover on July 1, […]

Read More

Superannuation Strategy

Posted on

In 2020, a husband and wife approached us with the intention of maximizing their superannuation contributions after selling their family home for just under $2 million, where they had lived for nearly 20 years. To achieve this, we devised a strategy that combined Downsizer, non-concessional, and concessional contributions. At the time, individuals over the age […]

Read More

Superannuation and KiwiSaver Transfers Between Australia and New Zealand

Posted on

If you’re planning a permanent move between New Zealand and Australia, you may be wondering what happens to your superannuation or KiwiSaver savings. The Trans-Tasman Retirement Savings Portability Scheme allows you to transfer retirement savings between the two countries under certain conditions. Here’s what you need to know. Key Points to Consider Voluntary ParticipationThe scheme […]

Read More

Strategic Retirement Planning with Spouse Contribution Splitting

Posted on

As retirement approaches, many couples find significant imbalances in their superannuation accounts. Addressing these disparities proactively can enhance retirement strategies and improve financial outcomes. Your Total Superannuation Balance (TSB) as of30 June each year determines your eligibility for several superannuation strategies in the following financial year. These include: The Age Pension and Superannuation BalancesFor couples, […]

Read More

Managing your business’s tax debts

Posted on

Dealing with a tax bill can be a challenging experience for many Australian businesses. Recently, the Australian Taxation Office (ATO) has adopted a proactive approach to debt recovery. However, their focus remains on working collaboratively with businesses to manage and resolve tax debts effectively. Checking Your Tax Debt You can review your tax debt by […]

Read More

FBT and Tax Implications for End-of-Year Parties and Gifts

Posted on

As the year winds down, many businesses take the opportunity to celebrate the festive season and acknowledge their employees’ hard work. While holiday parties and gifts are a wonderful way to show appreciation, it’s crucial to understand the potential tax implications—particularly regarding Fringe Benefits Tax (FBT)—to avoid unexpected liabilities. FBT is a tax employers pay […]

Read More

Understanding the Medicare levy and Medicare levy surcharge

Posted on

Navigating the Australian tax system can be complex, especially when it comes to understanding the Medicare levy and the Medicare levy surcharge (MLS). Here’s a breakdown to help clarify how these charges work, who they affect, and how private health insurance impacts your tax obligations. What is the Medicare Levy? The Medicare levy is a […]

Read More

Changes to Cash and Cheques in Australia – What You Need to Know

Posted on

The Australian Government has announced a plan to modernise the nation’s payment system, striking a balance between embracing digital payments and ensuring inclusivity. While digital payment methods continue to grow, the government is taking steps to ensure cash remains an option for essential transactions and to phase out cheques in a gradual, considered manner. Key […]

Read More