News
Celebrating Team Member Promotions
This month we celebrate over 15 employees who have recently received a promotion with Forsyths.
What’s changing on 1 July 2024?
Here’s a summary of the key changes coming into effect on 1 July 2024:
ATO fires warning shot on trust distributions
The ATO has warned that it is looking closely at how trusts distribute income and to who. The way in which trusts distribute income has come under intense scrutiny in recent years. Trust distribution arrangements need to be carefully considered by trustees before taking steps to appoint or distribute income to beneficiaries.
$20k instant asset write-off passes Parliament
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.
Hiring New Staff
When hiring new staff, there are certain steps you should follow to cover off on your tax, workplace, and superannuation obligations.
Don’t lose your super to scammers
Don’t be another victim – be on the lookout for scammers who call you about your superannuation!
What’s not considered “income” by the ATO?
It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations and may therefore need to be included elsewhere in your tax return.
Personal services income explained
The personal services income (PSI) rules apply to income that is earned mainly from the personal efforts or skills of a person.
Federal Budget 2024-25
The Federal Budget for 2024-25 was handed down on Tuesday 14 May 2024. It contains a range of proposed measures across the areas of income tax, superannuation, tax administration and related cost of living measures.
Forsyths Welcomes Our Next Custodian
David McLennan steps in as Managing Principal, Continuing the Legacy of Leadership as our next Custodian.
The Forsyths Foundation announces 2024 Charitable Recipients
As part of their company-wide efforts, the Forsyths Foundation annually donates to charities that offer valuable support or services to the communities that Forsyths serve. Here are the 2024 deserving recipients.
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.
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