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Solomons Insights
The Instant Asset Write-Off brought in 2023-24 has been extended until June 30 2025. This write-off threshold was increased from $1000 to $20,000 back in 2023-24. What does that mean for you? The increase in the instant asset write-off threshold offers a significant cash flow benefit to small businesses. This allows them to claim an...
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Solomons Group is pleased to announce the addition of Rebecca Li to our team. Rebecca brings over 20 years of wealth management expertise to ultra-high-net-worth (UHNW) and high-net-worth (HNW) clients across the Asia Pacific, including regions such as Hong Kong, Taiwan, and Southeast Asia. Rebecca specialises in managing substantial investment portfolios for a diverse range...
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Financial Year
As the end of the financial year approaches, here are some areas at risk of increased ATO scrutiny and opportunities to maximise tax deductions. For Individuals Opportunities Bring forward your deductible expenses into 2023-24. Prepay your deductible expense where possible, make any deductible superannuation contributions and plan any philanthropic gifts to utilise the higher tax...
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Brisbane – Solomons Group is honoured to have hosted and partnered with the launch of Skilled Migrant Professionals Magazine (SMP Magazine) at our Brisbane office on the 16th May 2024. This groundbreaking publication aims to create a community where skilled migrants can connect, share experiences, and draw inspiration. We extend our heartfelt congratulations to Emmagness...
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Solomons Group is pleased to announce the addition of Joel Tilbrook to our team. Joel brings extensive industry knowledge and global strategies from leading financial institutions, enhancing our clients’ access to the Australian and international markets opportunities. Joel specialises in providing bespoke financial guidance to high-net-worth individuals and families. He empowers clients to make informed...
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The ATO is cracking down on business owners who take money or use company resources for their personal uses. With a blurry line between personal and working life for business owners, they often utilise company resources for their personal uses. Whilst there are tax laws preventing individuals from accessing profits or assets of the company...
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Wealth transfer from the baby boomer generation has begun and home ownership is the catalyst. The average price of a home around Australia (from highest-lowest) is: NSW: $1,184,500 ACT: $948,000 VIC: $895,000 NT: $489,200 With the target cash rate expected to remain steady at a 12-year high of 4.35% in 2024, parents and family feel...
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The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of SMSFs. Generally, access to super can only be possible when: You retire and turn 60, or You turn 65, regardless of whether you’re working Early access to superannuation is only possible in limited...
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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 survey also found 20.8% of businesses use non-compete clauses for...
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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 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 business that...
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