The importance of cash flow forecasts As we enter into the new year, with many economists predicting a slowing of the economy, planning your business’s cashflow is more important than ever. Studies suggest that the failure to plan cash flow is one of the leading causes of small business failure. To this end, a cash

Reduction in downsizer eligibility age The eligibility age for downsizer contributions reduced from 60 to 55 years from 1 January 2023. This means if you are age 55 or older, you could invest the proceeds of the sale of your family home to your superannuation outside of your standard contribution caps. DOWNSIZER CONTRIBUTIONS From 1

ATO new-year resolutions The ATO has released its new year resolutions…and there is not a gym in sight! According to the ATO, the five new year’s resolutions to keep if you want to stay on top of your tax and super in 2023 are: 1. Know if you’re in business or not Are you earning

Annual HLB Mann Judd IPO Watch report 2023 A review of Australia’s 2022 IPO Activity. 2022 was a challenging year for the Australian IPO market, reflecting difficult conditions for both the Australian and global stock markets. There were a number of contributing factors such as macroeconomic and geopolitical issues and rising inflation, which resulted in

Missed the Director ID Deadline? Have you missed the deadline to apply for a director identification number (director ID)? If so, you can still apply! The ATO says it will take a reasonable approach with directors who are trying to do the right thing. Importantly, directors who need additional time to apply (beyond 14 December

Scam myths In the past 12 months, the ATO has identified and taken action against 595 websites impersonating its online services. These fake sites are designed to steal passwords, personal information and identity documents, such as passports and driver licences. Currently, the ATO is seeing many SMS and email scams leading to fake myGov sign-in

Hiring employees With unemployment at historic lows, workers are in demand and are also switching jobs at record rates. There are a range of issues employers should be aware of when hiring. KNOW THE LAW Before hiring a new employee, make sure you know your rights and responsibilities. The minimum terms and conditions of employment

FBT exemption for electric vehicles The new law introduces an electric car discount in the form of an FBT exemption. This allows for car fringe benefits comprising the use or availability for use of an eligible car that is a zero or low emissions vehicle to be exempt from FBT. Specifically, a car benefit will