1st Quarter 2025

The main residence exemption needs to be considered in a variety of situations. The Australian Taxation Office (ATO) are seeing issues with non-reporting of a capital gain, loss, or main residence exemption for property sales.

The Australian Taxation Office (ATO) is cracking down on business owners who take money or use company resources for themselves.

It’s common for business owners to utilize company resources for their personal use. The business is often such a part of their life that the line distinguishing ‘the business’ from their life can be blurred.

The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst.

The average price of a home in NSW is $1,184,500, the highest in the country. Canberra is next at $948,500, followed by Victoria at $895,000, with the Northern Territory the lowest at $489,2001. With the target cash rate expected to remain steady at a 12 year high of 4.35% over 2024, the pressure is on parents and family to help the younger generation become homeowners.

Generational succession - handing your business across to your kids or family - sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It is important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid misunderstandings and disputes.