Blog 4 - Indepth Accounting

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ATO Fires Warning Shot on Trust Distributions

Blog, Tax Compliance / By Indepth Accounting

The ATO is intensifying its scrutiny on how trusts distribute income. Trustees must carefully review trust deeds, ensure compliance with distribution requirements, and understand the implications of family trust elections. Changes in tax return reporting now require detailed information on trust income distributions. It’s crucial for trustees to get it right to avoid significant tax ramifications. Learn how to navigate these complexities and ensure your trust distributions are compliant.

The image is in shades of black and white. Two fifty dollar bills and one hundred dollar bills lay fanned out on top of tax papers. The letters EOFY are stamped on top of the tax papers in sage green.

The Essential 30 June Guide

Blog, Business Advisory, Tax Compliance / By Indepth Accounting

Prepare for the end of the financial year with our essential guide. Learn how to maximize deductions, make strategic superannuation contributions, navigate work from home expenses, and understand the ATO’s areas of scrutiny. Ensure your tax returns are accurate and beneficial.

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Do your kids really want to take over your business?

Blog, Business Advisory / By Indepth Accounting

Generational succession – handing your business across to your kids or family – sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business …

Do your kids really want to take over your business? Read More »

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Should you be the “Bank of Mum & Dad?”

Blog, Tax Compliance / By Indepth Accounting

The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst. The average price of a home in NSW is $1,184,500, the highest in the country. Canberra is next at $948,500, followed by Victoria at $895,000, with the Northern Territory the lowest at $489,200. With the target cash rate …

Should you be the “Bank of Mum & Dad?” Read More »

A smashed piggy bank with the letters "SMSF" on the side, lies in pieces. In front of it lays a pile of coins and a hammer.

Accessing Money in your SMSF

Blog, SMSF / By Indepth Accounting

The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of self-managed superannuation funds (SMSFs). In general, access to your super is only possible if: You retire and turn 60; or You turn 65 (regardless of whether you’re working) Early access to superannuation is …

Accessing Money in your SMSF Read More »

Company Money Crackdown

Blog, Tax Compliance / By Indepth Accounting

A pie chart in hues of light pink, terra cotta, and mustard sits in the center, while three hands reach for a slice of the pie.

A man in a business suit looks off into the distance, his chin in one hand, while contemplating. A thought bubble shows three stacks of coins in progressively larger piles. An arrow follows their upward swing.

How Much is my Business Worth?

Blog, Business Advisory / By Indepth Accounting

For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement. But what is your business really worth and what sets a high value business apart? Every business owner is naturally curious about just how much their business is worth. However, for every …

How Much is my Business Worth? Read More »

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The Assault on Professional Services Practices

Blog, Tax Compliance / By Indepth Accounting

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 services firms – lawyers, accountants, architects, medical practices, engineers, architects, etc. – are appropriately taxed. In both …

The Assault on Professional Services Practices Read More »

In the center of the page, there is a circle made up of dots and arrows, reminiscent of a compass. In the middle of the compass is a graphic of a bag with a dollar sign on the outside. The numbers 2024 and 2025 are on either side of the circle.

Budget 2024-25

Blog, Tax Compliance / By Indepth Accounting

The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic shift to net zero. According to election guru Antony Green, the window for the next election starts on Saturday, 3 August 2024, “the first possible …

Budget 2024-25 Read More »

A black and white image of man in a business suit, complete with hat, astride a large red arrow, curving upward. His arm is raised with hat in hand, reminiscent of a rodeo cowboy on a horse. The background of the entire scene is a graphic of a collection of calculators in all shpes and sizes.

Warning on SMSF Asset Valuations

Blog, SMSF / By Indepth Accounting

The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices. ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commercial Australian property, you can forgive the ATO for …

Warning on SMSF Asset Valuations Read More »

ATO Fires Warning Shot on Trust Distributions

The Essential 30 June Guide

Do your kids really want to take over your business?

Should you be the “Bank of Mum & Dad?”

Accessing Money in your SMSF

Company Money Crackdown

How Much is my Business Worth?

The Assault on Professional Services Practices

Budget 2024-25

Warning on SMSF Asset Valuations

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