Selling a law firm
As the average age of legal practice partners advances, succession planning rises on the list of important matters to be tackled. According to Pitcher Partners’ Legal Practices Survey, there is still only around 1 in every 3 practices that have a documented succession plan in place, and of those 3 or 4 plan to grow […]
Christmas Donations
The festive season is here again, and as with other years it is always brimming with the spirit of giving. The list of practical ways in which Australians spread goodwill is as endless as a Christmas wreath. The ATO also gets into the spirit of the season, but of course feels required to set some […]
$20000 write off
Everyone assumes that the $20,000 instant asset write-off is exclusive to eligible small businesses. However there is a hidden gem buried within the small business simplified depreciation provisions that in some circumstances can widen the application of this valuable deduction. It is possible, under certain conditions, for individuals such as employees to be able to […]
Planning to consolidate a block
Are you risking a tax hit by bundling your block with a neighbour? Home owners hoping to capitalise on the appetite for property development by working with neighbours or partnering with a builder should be wary of a surprise Capital Gains Tax or Goods and Services Tax bill. Scott McGill, Partner, Private Business and Family […]
Tax planning for law firms
All practitioners should now be attending to tax planning. Consequently, we share with you our tips and insights for consideration to fully capitalise on recent announcements. The extent of opportunity and relevance for each of these changes will be dependent on individual circumstances and we would encourage you to give us a call to discuss […]
Personal Carer
A recent court decision, and subsequent appeal, has ramifications for taxpayers with disabilities, and who are in need of a personal carer. The decision centres around what is or is not acceptable as a tax deduction in relation to the costs that arise with regard to that carer under certain conditions. The circumstances of the […]
Home renovations
Many investment property owners may be missing out on valuable property depreciation entitlements, simply by not being up-to-speed on what is and is not depreciable. Examples of assets that could qualify for tax deductions may surprise many taxpayers, and can even include items such as kids’ cubby houses or garden gnomes which form part of […]
Difference between a loan and a gift
When parents see their married children trying to create a home and a family of their own, they are often tempted to offer assistance. When that assistance takes the form something financial, it is important for everyone involved to understand the circumstances of the transaction. Financial assistance can take two forms; a gift or a […]
Tax planning for medical practices
It’s important for medical practices and practitioners to be aware of recent changes to the tax system that may impact their tax obligations, particularly as they relate to tax planning. These changes have the potential to alter strategic decision making and tax planning for those in the medical sector. Of particular note are the following […]
Redefining Governance
The word ‘governance’ sends many middle-market businesses cowering. For start-ups, it sounds like something that will constrain innovation and fast decision-making. For small family businesses, it seems like expensive overkill. For entrepreneurs with a strong vision, it appears too bureaucratic and stifling. All good businesses should have appropriate layers of governance, whatever their size or […]
