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
Cyber-attacks
Cyber-attacks are always prevalent and reaching the news headlines more and more frequently. Bad actors can do a lot of damage to your data and systems. And they're always finding new ways to break in. So, at Forsyths we urge you to be careful and protect yourself online.
How to nominate a superannuation beneficiary
There are many types of nominations offered by different funds. Knowing which one suits your circumstances is key to ensure your superannuation ends up in the right hands.
Qualifying as an interdependent or financial dependant
A question that often gets asked when dealing with death benefit nominations is whether a person will qualify under the interdependency or financial dependency definitions. This is an important consideration as meeting the dependency criteria will enable potential beneficiaries to qualify as a dependant and therefore allow them to receive a death benefit.
When two bonuses are not enough... Introducing the Energy Incentive!
If you’ve been putting off upgrading the inefficient office air-conditioner, a new 20% bonus deduction might just be the incentive you need to help beat the heat before it arrives with a vengeance!
Who is a resident for tax purposes?
A person’s residency for tax purposes can be one of the most difficult issues to determine in Australian tax law. And it is not just a question of whether a person is a ‘citizen’ of Australia.
Are you eligible to make a personal deductible contribution?
Personal deductible contributions can allow individuals to claim a tax deduction for contributions they have made to superannuation provided they meet certain requirements. So what are these requirements and what should you look out for?
Don’t overlook the CGT small business roll-over concession
The CGT small business concessions are invaluable to those who make a capital gain from a small business. They can eliminate a gain entirely; they can reduce a gain; and they can allow for the gain to be CGT-free if paid into a superannuation fund.
Small business skills and training boost
Looking to boost your employees’ skills and your tax deductions at the same time? Then keep reading to see if you could be eligible for the small business skills and training boost!
Property developers – and would-be ones – beware!
For property developers (or would-be property developers) a recent decision of the Federal Court may be of interest.
Changes to unfair contract terms laws: What businesses need to know
Soon to be implemented changes to the Australian Consumer Law will provide additional protection to consumers and small businesses prohibiting the proposal, use or reliance on unfair contract terms in standard form contracts.
How to reduce your income tax bill using superannuation
Did you know you can reduce your income tax by making a large personal tax-deductible contribution from your take-home pay to your super? This strategy may be particularly useful if you will be earning more income this financial year or if you have sold an asset this year and made a large capital gain.
Costs of a caravan/motor home for work-related travel
In these challenging and changing times, many have jumped on the modern version of the proverbial band wagon and purchased a caravan or motor home to use for work or business-related travel.
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