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Whether or not you like honey, you probably know that honey bees live in large organised groups. As social (versus solitary) insects, they engage in complex tasks like delegating their workload, communicating clearly, building a nest, keeping a (compound) eye…

The role of an accountant is often understated, with many people believing they’re handy to know around tax time but not essential throughout the rest of the year. If you’re trying to develop your business, or simply want to put…

Lifestyle Assets Continue to be an ATO Audit Target The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value…

Old habits die hard Old soldiers just fade away Old habits die hard Harder than November rain Recognize the song? It’s called “Old Habits Die Hard” and the lyrics were written by Mick Jagger for the 2004 movie, “Alfie”. It…

IMMEDIATE WRITE-OFF ASSET UNDER $30K The instant asset write-off now also includes businesses with a turnover of less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or…

In the interests of protecting SMSF members and their retirement savings from fraud and misconduct, the ATO has announced it will send out an email and/or a text message via an SMS when changes (including updates to the SMSF financial…