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The October 2022 Federal Budget announced on Tuesday night was the second for 2022, and represents the new Government drawing a line under the previous government’s policies. The Budget itself did not present many substantial reforms or initiatives.

ASIC has moved to prevent people using false Company Director identities to rip off customers, employees, subcontractors, lenders, and of course, the ATO. So all Company Directors have to have a registered identity. But time’s running out on Director IDs for existing Directors.

On July 13 2022, the ATO finalised a Determination that changes how they view unpaid present entitlements (UPE) sitting in a trust with a private company beneficiary. In short, it now views them as a loan from the company to the trustee, requiring a complying loan agreement to avoid a tax liability.

Working towards retirement? Here’s how to get your finances in order

Data tips to help you grow your small business

Why is small business failure so high?

It’s no secret that small businesses are the backbone of the Australian economy. In fact, small business employs more than 4.7 million people and 41 per cent of the business workforce in Australia. It’s a staggering number. However, of the 2.3 million small businesses operating in Australia, many will sadly fail.

Boost your superannuation savings

Many people see their superannuation as money they only need to think about when retirement approaches. However, this shouldn’t be the case. Whether you’re self-employed or working for a company, making good financial choices about your superannuation will help you maximise your savings and live out your dream retirement.

Financial Advice will help your family business grow

As the new year begins, How Benchmarking improves Budgeting for Small Business is the perfect start for success in FY22.