The pitfalls and tax implications of small-scale subdivisions

Many small-scale developers often assume that their tax exposure is minimal – but this is not always the case and the tax treatment of a subdivision project can significantly impact on cashflow and the financial viability of the project.

TaxationJPR BUSINESS GROUP7 August 2023taxation, tax, land tax, subdivision

Succession and family business: how do you take it to the next gen?

For generational succession to succeed, even if that succession is the sale of the business and the management of the sale proceeds for the benefit of the family, communication is essential. Where generational succession fails, it is often because succession has not been formalised until a catalyst event or retirement planning requires it.

Backing a winner: Digital games tax

The digital games and interactive entertainment sector is the largest creative sector in the world and one of the fastest growing industries worldwide. The global digital games industry is worth around $250 billion and in Australia, grew 22% between 2020 and 2021 generating $226.5 million in income and employing over 1,300 fulltime workers. And, it’s an industry the Government wants to support with a new tax offset.

TaxationJPR BUSINESS GROUP5 July 2023tax, tax deductions, Taxation, digital games

Higher total superannuation balance cap

An increase in the total super balance (TSB) from $1.7 million to $1.9 million is the biggest change for strategic super savers from July 1.

Super Guarantee reaches eleven per cent

Workers’ retirement savings got a boost from July 1 when the superannuation guarantee (SG) increased to 11 per cent as part of a legislated plan to raise the rate to 12 per cent by 2025.

The 120% technology and skills 'boost' deduction

The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to take maximise your deductions.

TaxationJPR BUSINESS GROUP3 July 2023tax, tax deductions, Taxation

Important: 1 July 2023 wage increases

For employers, incorrectly calculating wages is not portrayed as a mistake, it’s “wage theft.” Beyond the reputational issues of getting it wrong, the Fair Work Commission backs it up with fines of $9,390 per breach for a corporation. In 2021-22 alone, the Fair Work Ombudsman recovered $532 million in unpaid wages recovered for over 384,000 workers.

What changed on 1 July 2023

It’s a new financial year. Here are some important changes that came into effect on 1 July 2023 that you should be aware of.

Taxation, Financial AccountingJPR BUSINESS GROUP1 July 2023tax deductions, Taxation

Right to Super to be Enshrined in National Employment Standards

The Government has announced that it will enshrine a right to superannuation payments in the National Employment Standards (NES).

$20K Small Business Energy Incentive

In a pre-Budget announcement, the Government has committed to a Small Business Energy Incentive Scheme that offers a bonus tax deduction of up to $20,000.