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.
Rental Properties: Traps and pitfalls
Following the ATO’s claims that nine out of ten residential rental property investors who have been audited have been getting their returns wrong, it might be worth touching on some of the tax traps and pitfalls to be wary of.
Take Care With Contribution Timing This Financial Year
Are you are planning to maximise your superannuation contribution caps this financial year? If so, it’s crucial to get the timing right so your contribution is received by your superannuation fund in the current financial year.
Selling Your Home? Beware of a Partial Capital Gains Tax Liability!
With the temptation for homeowners to cash in on spiralling house prices around Australia, it is important to turn your mind to whether you may only have a partial capital gains tax (CGT) main residence exemption available to you, and not a full CGT exemption (because of the way you have used your home).
Mortgage vs super: Where should I put my extra cash?
Many of us wonder about the best vehicle to use for our extra savings. Is it better to direct extra savings to your mortgage or superannuation? As with most financial decisions, there is no one-size-fits-all approach as it depends on a number of factors for each individual.
Family companies and the many tax traps
If you own a family company, then it is very important how you receive and treat any payments made from the company to you (or your associates – for example, your spouse).
Six super strategies to consider before 30 June 2024
With the end of financial year fast approaching, now is a great time to boost your superannuation savings and potentially save on tax.
Cyber attacks and scams
In an increasingly digital world, cyber security has become a critical concern for our clients. By understanding the risks posed by cyber threats and scams, and by implementing proactive security measures, clients can safeguard themselves from the potentially devastating consequences of falling victim to a scam or a cyber breach.
RAA update on the August/September 2022 Flood Grants
If you have been approved for a Special Disaster Grant or Rural Landholder Grant for the floods that occurred from August/September 2022 and you haven’t yet claimed the maximum approved grant amount, you can still submit additional invoices to claim via the RAA website.
Super Contribution Caps to Increase on 1 July
For the first time in three years, the superannuation contributions are set to increase from 1 July 2024.
Stage 3 Tax Cuts: A Tax Saving opportunity
Many taxpayers and their advisers focus on timing issues around year-end by deferring income and bringing forward deductions.
Cyber Attacks & Scams
In an increasingly digital world, cyber security has become a critical concern for our clients. By understanding the risks posed by cyber threats and scams, and by implementing proactive security measures, clients can safeguard themselves from the potentially devastating consequences of falling victim to a scam or a cyber breach.
Nurturing Financial Growth and Community Prosperity in Regional Australia
Nurturing Financial Growth and Community Prosperity in Regional Australia In a recent interview with Regional Australia Bank, our Managing Director of Forsyths, Andrew Kirk, shares the story behind this esteemed financial institution and its commitment to both financial excellence and community well-being.
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