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Law
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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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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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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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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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...
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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...
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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...
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Roy Kim had been distinguished as a nominee for the 2023 Lawyers Weekly Partner of the Year Award, in recognition of his exceptional leadership and achievements in the legal field. Roy Kim had been nominated for the prestigious Lawyers Weekly – Partner of the Year 2023 award, acknowledging his outstanding leadership and contributions to the...
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Just in time for the Fringe Benefits Tax (FBT) year that started on 1st April, the Australian Taxation Office (ATO) has released new details on electric vehicles. The FTB exemption for electric cars Starting from 1 July 2022, employers may be eligible for an FBT exemption if they provide their employees with the use of...
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