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Mar 08, 2023 / News
We need to talk about your kids
Last year, we covered the re-emergence of interest in a particular set of anti-avoidance rules applying to trusts. Section 100A in the tax law targeted promoted “trust stripping” schemes in the 1970s used by a relatively small number of wealthy people. However, trusts are now widely used such that anyone with a trust is capable of offending section 100A, and the Australian Taxation Office (ATO) has commenced a program of review. Accordingly, you ought to give attention to this ahead of making the required trust income appointment decisions by this 30 June. Read more
Mar 08, 2023 / News
Effective Estate Planning – what you need to know
It’s hardly surprising. The first thing most Australians think of when the subject of Estate Planning comes up is their Will. It’s also surprising that when asked, one in four people tell me that they do not have a Will! Read more
Mar 06, 2023 / News
Not-For-Profit Newsletter - Edition 15
This edition covers several governance and compliance considerations including self-assessing income tax exemptions, deductible gift recipient registration requirements, and cybersecurity matters. In respect to financial reporting, we have included details of the latest ASIC focus areas and updates to accounting standards. There are also a number of items relating to ACNC and government activities. Read more
Feb 06, 2023 / News
Beyond the Numbers | Edition 1 2023
Welcome to the first edition of Beyond The Numbers for 2023, our monthly newsletter which brings you a summary of the latest developments from local and international standard setters and regulators. Read more
Jan 23, 2023 / News
Non-current Liabilities with Covenants
The classification of loans subject to covenants are expected to change following amendments to accounting standards. Read more
Dec 21, 2022 / News
Anti-avoidance laws for trusts – the ATO listened
The ATO recently finalised two pronouncements in relation to their views and compliance approach for a key set of laws targeting tax avoidance through trusts. Elements of the draft versions released earlier this year were somewhat impractical, and out of step with other integrity laws enacted in recent decades. Read more
Dec 13, 2022 / News
Fringe Benefits Tax considerations this Festive Season
As we arrive at the season of festive celebrations, it is timely to consider the Fringe Benefits Tax (FBT) consequences on meal entertainment so there are no surprises when the Annual FBT return is prepared in the new year. Read more
Dec 13, 2022 / News
ATO’s final position on tax avoidance through trusts
Many people use trusts. For holding investments, running a business and a number of other reasons. They’re simpler, more flexible and less regulated than companies. They offer asset protection, wealth succession outside of deceased-estate regulation, and greater anonymity, and they’re usually more tax effective. Over the year, our team at Nexia Australia have been waiting for these high anticipated pronouncements from the ATO. Read more
Nov 22, 2022 / News
Responsible investing – making money and doing good
There is no doubt that interest in responsible investments is growing. It is an area that continues to gain momentum as investors seek to align their investment objectives with their own personal values and ethics. Read more
