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 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.
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.
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.
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.
Early last month, the ATO issued a reminder around auditors. If you have an SMSF, you need to appoint an approved SMSF auditor for each
income year, no later than 45 days before you need to lodge your SMSF annual return (SAR).
Sometimes promoters of schemes target self-managed super funds (SMSFs). Schemes can include tax avoidance arrangements that inappropriately
channel money or assets into your SMSF so you pay less tax. They may also include arrangements promoting the illegal early release of
benefits from your fund for personal use.
If the subject of self-education leads to, or is likely to lead to, an increase in the taxpayer’s income from current (but not new)
income-earning activities, a deduction for self-education expenses incurred will be allowable.
Thought of registering a trademark for your new business?
The ATO has issued a reminder around trademarks! For background, a trademark legally protects your brand and helps customers distinguish
your products or services in the market from others. Trademarks can be used to protect a logo, phrase, word, letter, colour, sound, smell,
picture, movement, aspect of packaging or any combination of these. In short, they protect your brand, products and services.
The ATO has issued a reminder for companies wishing to claim a tax offset for their R&D (research and development) activities. The
reminder was issued in the context of the ATO’s success in the Federal Court decision T.D.S. Biz Pty Ltd v FCT.
Disclaimer: Any representations, opinions or statements are based on our understanding of the relevant legislation as at the date of
issue. Although every effort has been made to verify the accuracy of the information contained in this material, Forsyths, its
officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any
error, inaccuracy in, or omission from the information contained in this material or any loss or damage suffered by any person directly or
indirectly through relying on this information.
Warning: This information is of general nature only and is not intended as a personal advice. It does not take in to account your
particular investment objectives, financial situation and needs. Before making a financial decision, you should assess whether the
advice is appropriate to your individual investment objectives, financial situation and particular needs. We recommend you consult a
professional financial adviser who will assist you. Any references to past investment performance are not an indication of future
investment returns. You should also obtain a copy of and consider the Product Disclosure Statement (PDS) for any financial product
mentioned before making any decision to acquire a financial product.