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May 2024 Newsletter

This issue explores key financial topics for businesses and individuals. It covers the ATO's actions against the misuse of company resources, insights into Division 7A, and guidelines on superannuation access. We also discuss the financial implications of supporting family members in buying homes and the challenges of business succession. Stay informed on these essential financial management and planning topics.

The ATO is intensifying efforts to address business owners improperly using company funds and resources for personal gain. Misuse often blurs the lines between business and personal life. In response to frequent violations, the ATO has initiated an educational campaign to highlight these issues and the significant tax repercussions they trigger. Read the full article here.

The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of self-managed superannuation funds (SMSFs). Read the full article here.

In general, access to your super is only possible if:

  • You retire and turn 60; or
  • You turn 65 (regardless of whether you’re working).

The wealth transfer from baby boomers is underway, with home ownership as a key driver. Home prices range from NSW’s high of $1,184,500 to the Northern Territory’s low of $489,200. With 2024’s cash rate projected to stay at 4.35%, families are increasingly pressured to assist the younger generation in buying homes. Read the full article here.

Generational succession – handing your business across to your kids or family – sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid misunderstandings and disputes. Read the full article here.

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