Heaney Business Group

It wasn’t me: the tax fraud scam

You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you. […]

The changes to how tax practitioners work with clients

The Government has amended the legislation guiding registered tax practitioners to include compulsory reporting of material uncorrected errors to the Tax Commissioner. The Government has legislated a series of changes […]

Divorce, you, and your business

Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved. What happens when there is […]

When is a gift not a gift?

The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends. The case of […]

Federal Budget 2024-25

How much is my business worth?

For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement. But what is your business really worth […]

Warning on SMSF Asset Valuations

The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices. ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets […]

CGT and The Family Home: Expats and Foreigners Targeted Again - loans to get a business started

Getting back what you put in: Loans to get a business started

It is a frequent practice among entrepreneurs to invest their own financial resources into their startup to fuel its launch and maintain operations until it becomes self-sufficient. A recent legal […]

The Updated Stage 3 Personal Income Tax Cuts

Revised Stage 3 Tax Cuts Confirmed For 1 July

Parliament has approved the modified stage 3 tax reductions, which are scheduled to take effect starting 1 July 2024. Prior to the implementation of the updated tax brackets, it’s important […]

How To Take Advantage Of The 1 July Super Cap Increase

Starting on 1 July 2024, there will be an opportunity to enhance your superannuation contributions. Let’s explore how you can benefit from this upcoming change. Come 1 July 2024, the […]

The ATO Debt Dilemma

In the closing months of last year, a myriad of taxpayers and their representatives were alerted by the Australian Taxation Office (ATO) regarding the existence of outstanding historical tax debts. […]

Pitfalls of the Fringe Benefits Tax

The fiscal period for the Fringe Benefits Tax (FBT) concludes on March 31st. We delve into the problematic areas that are expected to draw scrutiny from the ATO. Electric Vehicles […]