Insights.

2022 – 2023 Federal Budget

Last night, Treasurer Josh Frydenberg handed down a budget aimed at reducing the cost of living for individuals and families, while supporting businesses through Australia’s economic recovery and encouraging them to invest in innovation. We have prepared an in-depth budget report for you to download. Should you wish to discuss the impact of these announcements on…

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ATO Taxpayer Alert – Family Trust distributions under Attack

The ATO has recently released a Draft Ruling TR 2022/D1 and Taxpayer Alert TA 2022/1 directly targeting Family Trust distributions made to adult children. In the Alert, the ATO have advised they are currently reviewing trust arrangements where Trust income is distributed to adult children (more than likely at a lower marginal tax rate), while…

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Hall Browns Accountants’ launches new look

We are excited to announce the launch of our new brand. We would like to thank the team at Prodigy Plus for their assistance and expertise with the design of the new branding and website. Prodigy Plus ran a workshop with the Hall Browns team to consider our mission, values and culture and we thank…

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Cryptocurrency – ATO Focus Area

With Bitcoin at an all-time high and with the ever-increasing adoption of Cryptocurrency by large institutions and individuals alike, the ATO has re-iterated to taxpayers the importance of correctly declaring income relating to Cryptocurrency transactions.

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Director Identification deadline announced

Current Australian directors will now have one year to apply for their unique director identification number before substantial fines of potentially in excess of over $1.11 million are introduced for failure to comply with the new regime. 

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6 Member SMSF’s are here

From 1 July 2021, self-managed super funds (SMSF) and small APRA funds (SAFs) will be allowed to have up to six members instead of four.  The changes have been on the table for some-time but were finally passed in June 2021.

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COVID 19 – DISASTER RECOVERY PAYMENTS

With the emerging COVID-19 situation in QLD over the weekend, the 11 LGA’s subject to a lockdown have now been declared a Commonwealth Hotspot. This opens up pathways for both individuals and businesses to claim support similar to measures already in place in other states.

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Office working remotely due to COVID shut down

Due to current government regulations, our office is currently closed and all staff are working remotely.  You can contact us through our regular office phone number (07) 38311055 or you can contact our staff directly on the following numbers.

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2021 Federal Budget

Last night, Treasurer Josh Frydenberg handed down a budget that is heavily focused on spending and economic recovery to build resilience and future essential services. The Government’s immediate focus is on expenditure measures targeting a range of social and economic challenges.  With the repair of the budget being a medium term challenge.

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ATO – Privately Owned & Wealthy Group Reviews

The ATO are currently ramping up their audit activity with “The next 5000 performance program” which focuses on high wealth private groups who control wealth of more than $50m. Privately owned and wealthy groups with a combined annual turnover — including associated subsidiaries of more than $10 million, or controlled wealth of over $5 million,…

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