Financial Milestones

This is a very serious issue for company directors which is being swept under the carpet. It is also a live problem every year with many of our company clients. Please be aware that in 2024 the directors loan interest rate jumps to over 8% so this is becomeing a bit expensive.

Tax agents still failing Div 7A basics, ATO warns The Tax Office has begun a year-long lecture series to educate practitioners on Division 7A after finding most breaches related to "fundamental concepts".

People didn't understand the consequence of the $20,000 withdrawal of $20,000 from their super during Covid. The cost by retirement has been calculated at about $95,000. Quite significant. It is understandable for those who were desperate, however, there were many who did withdraw when in fact they didn't really need the funds.

The point of this is that people can get these early withdrawals put back into their super through salary sacrificing means as the contributions cap is about to be increased in the 2024-2025 year.

Back to bite us: Super cash spent during Covid leaves $85b black hole - InQueensland Up to $85 billion in extra taxpayer funds will needed by the end of the century to support those without enough super after millions of Australians tapped into their accounts early during the pandemic.

Another example of bullying by a monopoly in the grocery sector. With all the news and threat of an enquiry, Woolworths still have the gall to treat an Australian producer in this way. It is the dairy farmers who stand to lose here.

Farmer anger after Woolworths axes Norco milk from all of its 150 stores in metropolitan Sydney A dairy industry advocate says Woolworths' decision to stop selling Norco milk in its Sydney stores shows big supermarkets "don't give a stuff" about the consumer or the farmer.

Great article about Public Company CEO's highlighted by the recent departure of 2 of them.

CEOs head for gallows as ‘woke’ demands kill careers Are CEOs being pressured by too many woke agendas? Will more public company executives exit to avoid the hangman’s noose?

Beware companies that spam. I continually get spam emails and texts even after unsubscribing. It is obnoxious corporate behavour.

Oops! 4WD Supacentre's text marketing mishap costs them $302,500 4WD Supacentre, has copped a penalty of $302,500 for sending over 83,000 marketing text messages in breach of Australian spam laws.

Wow - Just Wow

$2 billion taxation scam: Up to 150 ATO staff investigated over social media scheme Up to 150 Australian Taxation Office staff have been investigated for suspected involvement in a social media scam that ripped off $2 billion.

This is one of the best articles I have ever seen on that disgusting practice of lenders clawing back commission from brokers if a borrower refinances or pays out a mortgage up to 2 years after settlement of the mortgage. Especially so as banks make record profits and small businesses (mortgage brokers) suffer significant losses. It is a practice I have suffered through many years of mortgage brokering with no power to control these losses suffered.

Unpacking the unjust clawback: A call for fairness in finance Despite collaborative efforts between lenders and brokers, there’s an underlying issue that needs a spotlight: the skewed relationship in remuneration. Phil Rice dives into the nitty-gritty of this matter and explores the call for change.

The ATO have been sending warning signals for some time. One of the difficult issues is that many people don't answer their mobile phones when they receive calls that they cannot identify because of the plethora of scams. Now it is important that if you receive an unidentified call it may be the ATO. If there is a message, please ring back. But you don't necessarily have to ring the number suggested in the message. I would suggest you google the ATO website and obtain the appropriate number there. Or, you should contact your Accountant if you have one and get them to verify the authenticity of the phone number. However, the message is that it is important to contact the ATO if you have an unresolved Tax Debt.

ATO to sool debt collector on 150,000 taxpayers Recoveriescorp has been engaged by the office in its first use of a collection agency since the pandemic.

Dreadful state of affairs. This is similar to China. It is also a cover up that the ATO don't have the resources to regulate the industry and will rely on dob ins.

TASA dob-in provisions ‘devastating’ for agents, Tax Institute warns The new breach reporting rules will create a challenging environment for tax agents and could see practitioners falsely accused of misconduct, the association c

Interesting research about digital marketing. I see this all too often.

‘30% of small business tie-ups with digital marketers end in tears’ Digital platforms have changed the game but too often client and provider talk a different language, research by ASBFEO reveals. One in three small businesses clashes with their digital marketing ou