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You may have recently seen some stories in the press or on social media circulating surrounding the ATO’s attack on Family Trusts.  In late February, the ATO released three new pieces of guidance that formally provides their aggressive position on discretionary trust distributions. The guidance is comprised of:
Discover how we sped up one clients retirement plan from 3 years to 12 months! Meet Rob and Donna, they’ve been in business for over 20 years, and for the past 15 years they have been lucky enough to have their 2 sons working alongside them in their family-owned business.  When we first met in July 2020, they both explained how they were now ready to retire and are looking to sell the business to their sons, but had no idea as to where and how they should start?
What does this husband and wife team need to do to get them 1 step closer to retiring in the near future? New data released Naturally, people aspire to get the most out of their investments, especially if a great opportunity is presented by a ‘trusted’ organisation. However, investment scams occur more often than you may think, highlighting the risk to anyone of what you may potentially face when seeking new investment opportunities.  New data released from Scamwatch Australia has reinforced the sophistication and rapidly growing number of scams each year in Australia – which has caused a loss of over $851 million* in total in 2020 – $328 million of which related to investment scams. It is extremely important for you to remain vigilant and reach out to your trusted advisors before investing your retirement savings in a new product or service.
There are new legislative requirements for all directors of companies that come into effect in November 2021.  It will require directors to apply for and be issued with a Director Identification Number (DIN) which will stay with that director for life. This includes all directors of a corporate trustee of a self-managed super fund and all directors of a foreign-owned company that operates in Australia. Directors will only be issued with one DIN, which will be used to identify you across all entities that you hold a directorship for.
Whether you are a business owner, a casual employee or know anyone working casually, this is useful information and worth sharing.  What you need to know.
As you may be aware, in March this year the Fair Work Act was amended to alter the rights of casual employees through the Fair Work Amendment Act 2021. These amendments provide more options and support to the Australian casual workforce following the financial impact of COVID-19. |
AuthorHansens is a team of accounting professionals that love what we do. The observations and opinions in the articles written here, aim to challenge, inspire and provoke change into making your business better! Archives
July 2023
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