Christmas is fast approaching, as well as the end of the calendar year. For many of us, this means rushing around to various functions and spending quality time with family. However, with all the distractions, it can be a time when we forget our tax obligations...
Meta Description: Discover the benefits of setting up a family trust, including tax advantages, wealth protection, and why consulting an accountant is essential in Australia. Family trusts are a crucial tool for protecting and distributing wealth within families in...
By Peter Woodford, Associate, TSP Accountants & Business Advisors Accountants vs Bookkeepers If you run a business in Newcastle or the surrounding areas, you know how important sound financial management is to your success. One of the cornerstones of financial...
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the...
The Federal Budget for 2024-25, the third handed down by Treasurer Jim Chalmers, delivered a back-to-back surplus for the first time in nearly 20 years built on high commodity prices and strong employment. Key features of this Budget include modified stage 3 tax cuts,...
The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax. Two new cases before the Administrative Appeals Tribunal demonstrate how serious the Australian Taxation Office (ATO) is about making sure professional...
