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. ...Read More

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 date...Read More

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...Read More

From 1 July 2024, the amount you can contribute will increase from $27,500 to $30,000 for concessional super contributions; $110,000 to $120,000 for non-concessional contributions. Growing Your Super Contribution caps are indexed to wages growth based on the December quarter average weekly ordinary times earnings (AWOTE) of the previous year. Indexation Impacts The Following Areas:...Read More

It is common for business owners to devote their money into a business to get it up and running until it can sustain and survive on its own. A recent case highlights the dangers of taking money out of a company without considering tax implications. Case Study – Private and Company Expense A taxpayer who...Read More

The Fringe Benefits Tax year (FBT) ends on 31 March 2024. In late 2022, as an incentive to promote electric vehicles (EV), the Australian Government allowed employers to provide EV to employees without incurring 47% FBT for private use. The condition of the exemption applies to: Electric cars Hydrogen fuel cell electric cars Plug-in hybrid...Read More

Late 2023, thousands of Australians were notified about an outstanding historical tax debt that they never knew about. In circumstances when a taxpayer is in serious hardship and unable to pay the ATO, the ATO can temporarily decide to not pursue a debt and place it “on hold”. However, it is not extinguished and can...Read More

Brisbane, Australia – In a significant move to enhance its global financial services and commitment to cross-border excellence, Solomons Group Australia is delighted to announce the partnership with Sam Chung as our Cross Border Engagement Lead based in our Brisbane office. Sam’s illustrious career in the financial sector spans over two decades, with key positions...Read More

Solomons Legal Proudly Supports Living Colour Magazine in Celebrating Diversity and Inclusivity Solomons Legal Appears On Page 2 – After The Front Cover Brisbane, Queensland – Solomons Group is thrilled to announce its support for Living Colour Magazine, a bright publication that champions diversity, creativity, and cultural appreciation in Australia. Through a strategic advertisement placement...Read More

Victor Asoyo has been honoured as a finalist for the 2023 African Professionals of Australia Award, recognizing his exceptional contributions to his profession and the African community in Australia. Dr Maggy T. Sikulu-Lord receiving the award on behalf of Victor Asoyo Brisbane, Queensland – The African Professionals of Australia (APA) is pleased to announce that...Read More