This milestone is about more than just geographical expansion; it stands as a powerful testament to our unwavering commitment. New Offices, New Horizons Solomons Group Australia proudly announces the opening of our new office in Perth, marking a significant expansion of our national footprint. This latest addition, our third office in Australia, underscores our commitment...Read More

The problem when the evidence doesn’t match what the taxpayer tells the ATO – A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. In this case, a piece of heritage farmland was initially bought for $1.6 million and later sold...Read More

In the latest advisory from the ATO, Solomons Accountants & Advisers reminds you that simply labelling a worker as an independent contractor in an agreement doesn’t automatically classify them as such for tax and superannuation purposes. It’s important to understand the true nature of the working relationship to determine the correct classification. When a written...Read More

The allure of property investment, coupled with the appealing 15% tax rate during the SMSF accumulation phase and the potential for tax-free retirement, greatly motivates many SMSF trustees to consider property development for substantial returns. This article delves into the advantages, challenges, and common issues associated with this investment approach. An SMSF can invest in...Read More

The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. Following considerable discussion, the Australian Government has announced changes to the planned Stage 3 tax cuts starting from 1 July 2024. As a result of these amendments, a larger number...Read More

As previously announced, from 1 July 2023, access to the Government’s Home Guarantee Scheme will be expanded to joint applications from “friends, siblings, and other family members” and to those who have not owned a home for at least 10 years. Specifics & breakdown First Home Guarantee Guarantees part of a first homeowner’s home loan...Read More

Learn about the non-arm’s length income rules and the confirmed tax on super earnings above $3 million, and how it affects super funds and investors in this informative article. Clarifying the non-arm’s length income rules for superfunds The Non-Arm’s Length Income (NALI) rules aim to prevent superannuation trustees from artificially inflating the fund’s balance and...Read More

Discover how your small or medium-sized business could benefit from up to $20,000 in bonus deductions for energy-efficient upgrades and electrification. Eligible assets include induction cooktops, heat pumps and more, with the incentive available between 1 July 2023 and 30 June 2024. Don’t miss out! The incentive As previously announced, the Small Business Energy Incentive...Read More

When you start up a business, inevitably, it consumes not just a lot of time but a lot of cash and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running the business can pay you back. Right? As a business...Read More

Earn-out clauses for the sale of a business are increasingly common. We look at the positives and negatives that every business owner should consider. In the world of business, it’s not uncommon to include earn-out clauses in transactions. These clauses enable vendors to ‘earn’ a portion of the purchase price based on the performance of...Read More