TOP 5 CHALLENGES FOR FAMILY BUSINESSES

Improving cash flow is the no. 1 challenge for most family businesses, according to a new survey. 

ATO interest charges soar to highest level since GFC

The general and shortfall rates for late tax payments rise for the eighth quarter in a row.

 

Super tax concession changes: consultation

As flagged earlier in the year when the announcement was made, the Federal Government recently released a consultation paper on its proposal to reduce super tax concessions for individuals with super balances over $3 million, including those with self-managed super funds (SMSFs). 

Property investors beware: new data matching program

 

Individual property investors should be aware that the Australian Taxation Office (ATO) has announced a new data matching program that will obtain data from various financial institutions for the 2021–2022 to 2025–2026 income years

 

When will we learn to protect ourselves from ourselves?

 

For years now, Australians have been hacked, scammed, contaminated by viruses, and spammed. 

 

Average ATO refund tumbles $430 compared to last July

 

Fewer taxpayers have raced to file an early return and the total paid out in refunds is already down by $1.7 billion.

 

Penalty amnesty tempts 7,000 small businesses back into tax system

 

UPDATED: This budget measure waives fines for late lodgment of income, BAS and FBT returns due during the pandemic.

 

Christmas ‘crunch time for economy, inflation outlook’

Christmas will be crunch time for the economy because an end-of-year bonanza would add fuel to the inflation fire, says HLB Mann Judd.

Small business debt and tax gap at top of ATO hit list

Small business has shot to the top of the ATO’s hit list because it emerged from COVID-19 responsible for the biggest tax gap and almost two-thirds of the $37 billion tax debt, a commissioner says.

Sole traders cut back super, work longer hours

Rising costs and extra paperwork has hit work-life balance for independent earners, specialist accountancy says.

Budget: all the key points you need to know

A rundown of the main measures that will impact accountants and small business.

Federal Budget 2022/23 – Documents and Facts Sheets

All the detail for those who like to better understand the fine print.