by Financially Sorted | Feb 10, 2025 | SMSF, Superannuation
Superannuation – what lies ahead in 2025? There are certainly a few big-ticket items causing quite a stir in the world of Superannuation. $3m Super Cap – Division 296 Fortunately, the proposals around the Division 296 “$3m super cap” didn’t get passed...
by Financially Sorted | Jan 31, 2025 | Business, Tax & Accounting
Common beliefs like “I can use company money any way I like” or “I don’t need to keep records” are causing Division 7A mistakes, the ATO has told taxpayers. What is Division 7A? Division 7A applies to certain payments, loans and debt forgiveness made by trustees to a...
by Financially Sorted | Jan 31, 2025 | ATO, Property Investment, Tax & Accounting, Tax Returns
Records of around 2.2 million landlords, tenants and property managers will be used to track down underreported income by the ATO. The ATO is ramping up its scrutiny into millions of landlords’ tax affairs to catch those who fail to lodge income tax returns and who...
by Financially Sorted | Dec 16, 2024 | Economy, Interest Rates, Small Business
The last few years have certainly been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty.Let’s explore some of the key changes and challenges that may lie ahead. An election Welcome to political...
by Financially Sorted | Nov 25, 2024 | Tax & Accounting
Beyond the difficult task of dividing up your assets and determining who should get what, it’s essential to look at the tax consequences of how your assets will flow through to your beneficiaries when you are gone. When assets pass from a deceased individual to a...
