About Maneesha

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So far Maneesha has created 254 blog entries.

Warning on SMSF asset valuations

2024-11-25T16:08:48+10:00April 25th, 2024|Uncategorized|

Warning on SMSF asset valuations 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 [...]

Budget 2024-25

2024-11-25T16:08:35+10:00April 22nd, 2024|Uncategorized|

Budget 2024-25 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 [...]

The assault on professional services

2024-11-25T16:08:24+10:00April 17th, 2024|Uncategorized|

The assault on professional services 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 [...]

How much is my business worth?

2024-11-25T16:08:09+10:00April 5th, 2024|Uncategorized|

How much is my business worth? 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 [...]

Non-compete clauses and worker restraints under review

2024-11-25T16:07:54+10:00April 2nd, 2024|Uncategorized|

Non-compete clauses and worker restraints under review   A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement. A recent Australian Bureau of Statistics (ABS) survey found that 46.9% of businesses surveyed used some kind of restraint clause, including for workers in non-executive roles. The [...]

How to take advantage of the 1 July super cap increase

2024-08-12T18:08:30+10:00March 22nd, 2024|Super|

How to take advantage of the 1 July super cap increase From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change. The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions [...]

Revised stage 3 tax cuts confirmed for 1 July

2024-08-12T18:10:31+10:00March 12th, 2024|Tax|

Revised stage 3 tax cuts confirmed for 1 July The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024. Before the new tax rates come into effect, check any salary sacrifice agreements to ensure that they will continue to produce the result you are after. Resident individuals [...]

The ATO Debt Dilemma

2024-08-12T18:06:26+10:00March 12th, 2024|Money, Tax|

The ATO Debt Dilemma Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed. The ATO can only release a taxpayer from a tax debt in limited [...]

The Fringe Benefit Tax traps

2024-08-12T18:05:27+10:00March 1st, 2024|Tax|

The Fringe Benefit Tax traps The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention. Electric vehicles causing sparks In late 2022, the Government introduced a concession that enables employers to provide some electric vehicles to employees without incurring the 47% fringe benefits tax [...]

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