ATO Fines Directors for Lacking Director IDs, Stressing Compliance

Directors face increasing pressure to comply with regulatory requirements in corporate governance. One such obligation is obtaining a Director Identification Number (Director ID), crucial for transparency and accountability. The Australian Taxation Office (ATO) has recently taken steps to enforce this requirement by imposing fines on directors who fail to obtain their Director IDs. This move […]

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Five rules of money management

No matter your income level or financial goals, everyone can benefit from developing strong money management skills. Here are five rules of money management that can help build a solid foundation for financial wellbeing. Key takeaways: Having a savings plan and an appropriate level of insurance cover can help insulate you from financial stress. Tracking […]

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How first home buyers accessed $415m under the First Home Super Saver Scheme

Did you know, you could take advantage of potential tax benefits inside super to save for your first home? It’s been called the Australian Dream by many – owning a home. However, saving for a deposit on one can sometimes be challenging. For this reason, the government started the First Home Super Saver (FHSS) Scheme […]

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Maximising wealth together: Super contributions for your spouse

Maximising super contributions for your spouse is a smart financial move that can benefit both your partner and your family’s long-term financial security. By actively contributing to your spouse’s super account, you not only help them build a more substantial retirement nest egg, but also enjoy potential tax benefits in the process. However, it’s essential […]

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ATO Pursues Small Businesses for $34 Billion Debt Amid Rising Insolvencies

The Australian Taxation Office (ATO) is currently engaged in the pursuit of over $34 billion in outstanding debts owed by small businesses and self-employed individuals, a significant portion of which were deferred during the COVID-19 pandemic. This aggressive debt collection drive has prompted concerns among experts, who fear a surge in insolvencies reminiscent of post-global […]

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Trust Distribution Minutes: Why They Matter & How Butler Can Help

Navigating the complexities of trust management, especially when documenting income distribution decisions, can be daunting. Trust distribution minutes need to be completed by trustees of trusts. These minutes play a crucial role in ensuring transparency and compliance with tax regulations, as they outline how the trust’s income will be distributed among beneficiaries. Proper completion of […]

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A guide to SMSF insurance and estate planning

Making a decision about life insurance is an essential part of your self managed super fund’s investment strategy and can provide a valuable benefit for members. Do your members need life insurance? Trustees are required to ask this question as part of the SMSF’s investment strategy. Here are some things to consider, and tips to […]

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Make your money work harder – pitfalls to avoid

If there’s one rule of thumb for investors to bear in mind, it’s that “if it looks too good to be true, it probably is”. Be aware The expression “a fool and his money are easily parted” is not as relevant today as it once was. These days, scams and fake investment schemes can be […]

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The money conversations you need to have

Although it can feel uncomfortable, talking about money is a good thing. Get some help from the experts to start positive conversations and keep things on track. Making money talk work for you When was the last time you talked about money? You might struggle to remember. Your personal finances or debt position are hardly […]

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