In short, I see the budget exhibits outrageous spending, certainly not setting ourselves up for a positive future (10 years of deficits), not designed to address economic and social problems, not crafted to build productivity, or defend a nation, but built for a singular purpose – to win an election.

The Stage 3 tax cuts, including stage 1 and stage 2 which were part of a packaged legislated in 2019 to address “bracket creep”. Both parties voted for the legislation and indicated that they would not change it in the 2022 Federal Election.

Paul Kelly in The Weekend Australian 27-28 January 2024 reports that “the bottom 40% of Australians pay no net tax. The top 10% of taxpayers will now pay about 47% of all income tax revenue.

When choosing an accountant to support you and your family business, what are you seeking?  What is their role?  What is their purpose? Do you require a tax accountant, a financial accountant, or a management accountant?

Ongoing economic uncertainty created by global events continued into 2023, fuelled by persistently high inflation, repeated interest rate hikes, tight labour markets and geopolitical shocks. These and other factors have compounded cost of living pressures. 

For more than 20 years, small business entities have been able to immediately write-off the full cost of depreciating assets so long as the cost of the asset is less than the relevant threshold.

The NSW Tax Forum is established as one of the premier taxation events in Australia and each year our team attends to ensure we are continuing to develop our knowledge and understanding. This year’s forum was attended by Pete, Kati, Audrey and Simon.

Dodging the pitfalls With the ATO cracking down even more this year, experts highlight 10 ways to stay out of the limelight and maximise your returns. Duncan Hughes reports.

As part of the Federal Budget 2020-21, the government announced a loss carry back measure to encourage new investment and work with the temporary asset expensing measures also announced at the budget.