Category: Insights & Updates

November 2024 Insights & Updates for Munro’s Clients

This month for you we have the following Insights & Updates: Business Improvement Insights Five Phases of a High Performing Leader Enhancing Employee Engagement Leadership Diagnostic Tax Updates New Limits on ATO Interest Deductions The Commonwealth Penalty Unit has Increased Contractor or Employee? Recent Case Offers Insight for Businesses Federal Court Ruling on Unexplained Bank […]

October 2024 Insights & Updates for Munro’s Clients

This month for you we have the following Insights & Updates: Business Improvement Insights A Detailed Guide to Creating and Managing Workplace Policies Utilising Small Business Restructuring When In Financial Distress A Detailed Guide to Effective Family Business Succession Planning Selling a Business Diagnostic Tax Updates New ATO Guidelines on Personal Services Income Handling Employee […]

September 2024 Insights & Updates for Munro’s Clients

This month for you we have the following Insights & Updates: Business Improvement Insights Effective Risk Management for Business Success Implementing a Family Governance Framework Wealth Protection Diagnostic Tax Updates Super Guarantee Compliance: A Key Focus for ATO Debt Collection Maximise Your Super Contributions in 2024–2025: Key Changes to Bring-Forward Arrangements Navigating ATO’s Online Selling […]

August 2024 Insights & Updates for Munro’s Clients

This month for you we have the following Insights & Updates: Business Improvement Insights 5 Tips For Developing A Business Plan Experience Success Diagnostic Tax Updates Updated ATO Guidance For Extended Definition of Employee For Superannuation Purposes The Risks of Undisclosed Business Income: Lessons from a Recent Tribunal Decision Choosing the Right Method to Claim […]

July 2024 Insights & Updates for Munro’s Clients

This month for you we have the following Insights & Updates: Business Improvement Insights Key Business Succession Issues The Crucial Importance of an Up-to-Date Will Succession Planning Diagnostic Tax Updates New Financial Year Compliance Checklist for Businesses Streamlined STP Finalisation for Employers Payroll Tax Annual Reconciliation: Including Key Considerations for Employers with Remote Workers Taxable […]

Tax Time Scams: Be on Guard (July 2024 Scam Awareness Update)

Relevant For: Everyone. Key Points: ATO impersonation scams are rising. In May 2024, ATO impersonation scam reports increased by 31%. Scammers use unsolicited SMS, email and social media to offer fake refunds or resolve tax issues. ATO is removing hyperlinks from unsolicited SMS to prevent phishing. Verify ATO communications through official contact numbers. The ATO […]

Beware of Fake ASIC Branding on Social Media (July 2024 Scam Awareness Update)

Relevant For: Australian investors. Key Points: Fake ASIC branding is being used in social media scams. Reports include misleading social media ads, cold calling and fake Telegram accounts. ASIC does not endorse investment training or platforms. ASIC does not cold call investors about investments. Investor need to be cautious and verify ASIC-related communications. Full Article: […]

June 2024 Insights & Updates for Munro’s Clients

This month we have the following Insights & Updates for you: Business Improvement Insights Implementing a Performance Improvement Plan for Employees Staff Performance Diagnostic 10 End of Financial Year Tasks For Businesses Tax Updates Uncertainty over the instant asset write-off threshold for 2023-24 Why your PAYG withholding reporting cycle must soon change Tax Issues to […]

10 End of Financial Year Tasks For Businesses (June 2024 Business Insights)

Relevant For: Business owners, financial controllers and bookkeepers preparing for the end of the financial year. Key Points: Reconcile all financial accounts for accuracy and clarity. Conduct thorough inventory audits to correct discrepancies and update valuations. Review and analyse financial reports to assess performance and identify improvement areas. Assess and ensure compliance with all tax […]

Beware of cold callers offering to switch your super (Scam Awareness Update)

Relevant For: Australian investors and superannuation holders. Key Points: ASIC warns against cold callers urging super fund switches using personal data from brokers or baiting techniques. Particular note to people aged 25-50, due to significant risk of reduced retirement savings due to unsuitable investments and high fees. ASIC calls for increased vigilance from super trustees. […]

Bond and term deposit scams on the rise (Scam Awareness Update)

Relevant For: Individuals and businesses considering investment opportunities, particularly in bonds and term deposits. Key Points: Rise in scams involving fake bonds and term deposits. Scammers impersonate legitimate financial services using real business details. Scams often involve online ads and social media posts. Professional and convincing counterfeit investment materials are used. Scammers gain trust by […]

May 2024 Insights & Updates for Munro’s Clients

This month for you we have the following Insights & Updates: Business Improvement Insights Tips for Improving Cash Flow in Your Business Profit Improvement Diagnostic Tax Updates Increase in the instant asset write-off threshold to $30,000 Self-education expenses not tax deductible First ASIC prosecution for failing to have a director ID Small business skills and […]

April 2024 Insights & Updates for Munro’s Clients

This month for you we have the following Insights & Updates: Business Improvement Insights Navigating the 5 Stages of Growth to Maximise Business Value Business Growth Diagnostic Tax Updates Revised stage 3 tax cuts now law Refresher on deductibility of self-education expenses ATO scrutinising novated leases Paying super on expanded government paid parental leave Small […]