The 2024-25 Financial Year is upon us and it has brought several new laws which may impact you.
As we approach 30 June (end of financial year), now is the time that you may be looking to optimise your tax deductions which can help to maximise your tax savings.
All business owners are concerned about safeguarding their business, their assets and maximising their wealth. However, this is not a simple process and you need to have effective strategies in place.
Whilst it is morbid to think about, it is vital business owners have a plan in place for what will happen to the business if the owner dies. The considerations you need to make in this situation are like the considerations you would have in place for exiting your business, however there are a few other important areas that need to be addressed in the case of the business owner’s death.
Treasurer Jim Chalmers has delivered his third Budget, prioritising boosting private sector investment to “fund and finance the future”.
The Australian Tax Office (ATO) has outlined its focal points for this tax season. These areas mirror focus areas from the previous year however, they should still be regarded as important to ensure correct compliance.