News
Succession Planning for Family Businesses
For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business, or the passing of control of it to other family members when you retire.
Rental Properties: Traps and pitfalls
Following the ATO’s claims that nine out of ten residential rental property investors who have been audited have been getting their returns wrong, it might be worth touching on some of the tax traps and pitfalls to be wary of.
Take Care With Contribution Timing This Financial Year
Are you are planning to maximise your superannuation contribution caps this financial year? If so, it’s crucial to get the timing right so your contribution is received by your superannuation fund in the current financial year.
Selling Your Home? Beware of a Partial Capital Gains Tax Liability!
With the temptation for homeowners to cash in on spiralling house prices around Australia, it is important to turn your mind to whether you may only have a partial capital gains tax (CGT) main residence exemption available to you, and not a full CGT exemption (because of the way you have used your home).
Mortgage vs super: Where should I put my extra cash?
Many of us wonder about the best vehicle to use for our extra savings. Is it better to direct extra savings to your mortgage or superannuation? As with most financial decisions, there is no one-size-fits-all approach as it depends on a number of factors for each individual.
Family companies and the many tax traps
If you own a family company, then it is very important how you receive and treat any payments made from the company to you (or your associates – for example, your spouse).
Six super strategies to consider before 30 June 2024
With the end of financial year fast approaching, now is a great time to boost your superannuation savings and potentially save on tax.
Cyber attacks and scams
In an increasingly digital world, cyber security has become a critical concern for our clients. By understanding the risks posed by cyber threats and scams, and by implementing proactive security measures, clients can safeguard themselves from the potentially devastating consequences of falling victim to a scam or a cyber breach.
RAA update on the August/September 2022 Flood Grants
If you have been approved for a Special Disaster Grant or Rural Landholder Grant for the floods that occurred from August/September 2022 and you haven’t yet claimed the maximum approved grant amount, you can still submit additional invoices to claim via the RAA website.
Super Contribution Caps to Increase on 1 July
For the first time in three years, the superannuation contributions are set to increase from 1 July 2024.
Stage 3 Tax Cuts: A Tax Saving opportunity
Many taxpayers and their advisers focus on timing issues around year-end by deferring income and bringing forward deductions.
Cyber Attacks & Scams
In an increasingly digital world, cyber security has become a critical concern for our clients. By understanding the risks posed by cyber threats and scams, and by implementing proactive security measures, clients can safeguard themselves from the potentially devastating consequences of falling victim to a scam or a cyber breach.
Nurturing Financial Growth and Community Prosperity in Regional Australia
Nurturing Financial Growth and Community Prosperity in Regional Australia In a recent interview with Regional Australia Bank, our Managing Director of Forsyths, Andrew Kirk, shares the story behind this esteemed financial institution and its commitment to both financial excellence and community well-being.
Sharing information and knowledge that are relevant can help foster more creative solutions
They say there are only two certainties in life: death and taxes. But in the world of financial services, we know there are a few more!
Returning to Work After Retirement
Most people look forward to retirement as it is a chance to finally take time to relax, enjoy life and do things they never had time for when they were working.
Collectables – and inherited jewellery
The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes.
Tax issues when dealing with volunteers
From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensable workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive.
Forsyths Spreads Joy this Christmas with their Build a Bike for Charity Initiative
Forsyths, a leading regional Accounting and Financial Services firm, recently celebrated its annual Firm Day, by blending team building with community giving. The unique event brought together teams from their five regional locations to assemble 15 bicycles from scratch, each destined to bring holiday cheer to families in need.
Don't Ignore Those Tax Debts: The ATO Won't!
Whilst the ATO went out of its way to assist businesses doing it tough during the COVID lockdowns, a more robust approach to collecting outstanding tax debts now seems to be the order of the day.
Two "Main Residences" is Possible
The CGT exemption for a person’s home is only available in respect of one home owned at any given time.
Taken Goods for Private Use? Here's the Latest Values
The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes.
Lost or Destroyed Tax Records? Don't Panic!
Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim.
Give Yourself a Super Gift This Christmas
Give yourself the ultimate gift that doesn't cost a thing – a super to-do list which is a gift that will benefit you now and in the future.
Adapting to changing weather and economic conditions
Staying ahead of the curve is essential. As we continue to witness the impact of changing weather patterns and economic fluctuations on farming operations, it becomes increasingly clear that adopting smart financial farming strategies is not just beneficial - it's crucial
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