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ASB Consulting & Tax blog

Practical Advice And Updates Tailored For Business Owners And Operators.

 

Our goal is to be more than your accountant – we aim to be your business partner, offering insights that aid in your business growth. Each article is designed to deliver clear, information, assisting you in making informed decisions for your business.

 

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managing Christmas volatility

Managing Christmas volatility.

Managing Christmas Volatility What makes or breaks Christmas?   The cost of living has eased over the past year but consumers are still under pressure. For business, planning is the key to managing Christmas volatility.   The countdown to Christmas is on and we’re in the midst of a headlong rush to maximise any remaining opportunities before the Christmas lull. Busy period or not, Christmas causes a period of dislocation and volatility for most businesses.

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November 24, 2024
When overseas workers are Australian employees

When overseas workers are Australian employees

When overseas workers are Australian employees   The Fair Work Commission has determined that a Philippines based “independent contractor” was an employee unfairly dismissed by her Australian employer.   Like us, you are probably curious how a foreign national living in the Philippines, who had an ‘independent contractors’ agreement with an Australian company, could be classified as an Australian employee by the Fair Work Commission?   The recent case of Ms Joanna Pascua v Doessel

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November 18, 2024
downsizer contributions

More women using ‘downsizer’ contributions to boost super

More women using ‘downsizer’ contributions to boost super   If you are aged 55 years or older, the downsizer contribution rules enable you to contribute up to $300,000 from the proceeds of the sale of your home to your superannuation fund (eligibility criteria applies).   In 2023-24, over 57% of people making a ‘downsizer’ contribution to super were women. And, the average value of the contribution was marginally higher at $262,000 versus $259,000 contributed by

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November 11, 2024
tax consequences of inheriting property

Succession: The Series – tax consequences of inheriting property

Succession: the series   Ok, not that Succession series. Each month we’ll bring you a new perspective on transferring property. Be it estate planning, managing an inheritance, or the various forms of business succession. This month, we look at the tax consequences of inheriting property.   Beyond the difficult task of dividing up your assets and determining who should get what, it’s essential to look at the tax consequences of how your assets will flow

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October 31, 2024
Payday Super

Payday super: the details

Payday super: the details   ‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers.   From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary and wages instead of the current quarterly payment sequence.   The rationale is that speeding up the payment sequence for SG

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October 15, 2024
Economic policy

Is the RBA to blame? The economic state of play

Is the RBA to blame? The economic state of play   The politicians have weighed in on the Reserve Bank of Australia’s economic policy and their reticence to reduce interest rates in the face of community pressure. We look at what the numbers are really showing.   Treasurer Jim Chalmers has stated that global uncertainty and rate rises are “smashing the economy”.   Former Treasurer Wayne Swan weighed in and told Channel 9 that the

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October 8, 2024
Property and lifestyle assets

Property and lifestyle assets in the spotlight

Property and ‘lifestyle’ assets in the spotlight   Own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in tax returns matches up.   The Australian Taxation Office (ATO) has initiated two data matching programs impacting investment property owners and those lucky enough to hold expensive lifestyle assets.   Investment property   What investment property owners

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September 23, 2024
tax fraud scam

The tax fraud scam

The tax fraud scam   You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you. And you certainly didn’t get a $100k refund in your bank account. What happens now?   In what is rapidly becoming the most common tax scam, myGov accounts are being accessed for their rich source of personal data, bank accounts

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September 15, 2024
The rise in business bankruptcy

The rise in business bankruptcy

The rise in business bankruptcy   ASIC’s annual insolvency data shows corporate business failure is up 39% compared to last financial year. The industries with the highest representation were construction, accommodation and food services at the top of the list.   Restructuring appointments grew by over 200% in 2023-24. Small business restructuring allows eligible companies – those whose liabilities do not exceed $1 million plus other criteria – to retain control of its business while

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September 2, 2024
Divorce you and your business

Divorce, you, and your business

Divorce, you, and your business   Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved when it comes to divorce, you and your business.   What happens when there is a family company?   For couples that have assets tied up in a company, the tax consequences of any settlements paid from the company will need to be assessed.

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August 26, 2024