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Future-focused firms: Setting the stage for succession

Many of the businesses we meet with talk in general terms about their future plans, but few have a written succession plan in place.   One factor impacting business leaders’ succession planning relates to wariness about competitiveness for increased seniority distracting the tier of emerging leaders from revenue generation.   But we also see reluctance when leaders […]

Strong performance for SA points to need to sustain inbound interest

After a slow post-pandemic recovery, South Australia has surged to be Australia’s best performing State, writes Andrew Beitz, but capitalising on that position will mean investment and an injection of skills. Fifteen years is a long time to wait, but in January South Australia finally made it — for the first time securing the top spot […]

Snapshot of 2024-25 State & Territory Budget changes and other updates

With the exception of Tasmania, all Australian States and Territories have now delivered their Budgets for 2024-25. The first half of the 2024 calendar year has been a busy one in the world of State and Territory taxes, partly due to many measures associated with their budgets for 2024-25. The Budgets contain announcements regarding changes […]

Cutting the tail: Is it time to break up with a client?

It’s understandable that firms may feel tempted to take on client work that is outside their core offerings but that can be a false economy for many.   Utilisation has continued to fall in the past year, even as demand has recovered, and that can be enough for firm principals to try and recover the sunk […]

Climate Reporting – the beginning but not the end

As legislation makes its way through Federal Parliament, the middle market should know this “isn’t the end, it’s the beginning”. At the recent Deakin Law School International Sustainability Reporting Forum, ASIC Chair Joe Longo made it clear that ASIC believes the implementation of mandatory climate disclosures “isn’t the end – it’s the beginning”. It is […]

Exposure Draft Legislation for Pillar Two

On 21 March 2024, draft legislation was released to implement the new Pillar 2 (or ‘GloBE’) rules (the Rules). The draft legislation will introduce a new tax regime and new compliance for multinational (MNE) groups that have an Australian presence and consolidated global revenue of Euro 750 million annually. The intention is to ensure that […]

Key tax considerations for this 30 June

As the financial year draws to a close, it is time to start thinking about whether your year-end tax planning is in order. Tax planning requires consideration of income and deductions for the year as well as whether compliance requirements have been met (e.g. appropriate elections have been made on a timely basis and other […]

Trust distributions – critical year-end considerations for trustees

Both the ATO and the Courts have confirmed that it is critically important that trustees properly consider which beneficiaries should receive distributions and how those distribution entitlements are satisfied. These developments highlight that trustees cannot be passive in their trust distribution decisions. It is therefore important that trustees take these developments into account when exercising […]

NSW State Budget 2024-2025: from black to a red of $3.6 billion

The NSW State Labor Government has admitted “the 2024-25 Budget projects a deficit of $3.6 billion in 2024-25, down from the $0.5 billion surplus projected in the 2023-24 Half-Yearly Review”. So, what does the State Budget offer to the NSW business community? From a State Tax revenue exercise, foreigners have been asked to pay more […]

Navigating year-end tax planning for managed funds: Top tips

As we near the end of the financial year, responsible entities, trustees and fund managers must prioritise tax compliance and investor reporting. Failing to address key issues could lead to unexpected tax liabilities for trustees or significant taxable income for members without sufficient cash distributions. 1. Setting a timetable  Where your fund has made distributions […]

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