Heaney Business Group

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 […]

Inconsistencies Between Taxpayer Claims and ATO Evidence

A striking case brought before the Administrative Appeals Tribunal (AAT) recently underscored the critical nature of aligning one’s tax claims with the supporting evidence provided. This case revolved around heritage […]

Contractor or Employee?

The presence of a clause in a contract labeling a worker as an independent contractor isn’t the final word on their status for tax and superannuation purposes, according to recent […]

Can my SMSF invest in property development?

The Australian passion for property, combined with enticing tax benefits such as a 15% tax rate during the accumulation phase and possibly zero tax during retirement, motivates many SMSF trustees […]

Warning: Beware of Redrawing Investment Loans

The Australian Taxation Office (ATO) has raised concerns regarding the incorrect reporting of rental property income and expenses, resulting in an estimated annual loss of $1 billion in tax revenue. […]

Understanding the GST implications for food products

Have you ever wondered when food is considered GST-free? The distinction between GST-free and taxable foods can be quite nuanced, as exemplified by a recent case before the Administrative Appeals […]