Insights

Last night, Treasurer Jim Chalmers delivered the Federal Budget 2023-24. Here are the standout features for individuals and SMEs Individuals: In line with the Government’s approach to cost of living relief, the Treasurer has announced an increase in the Medicare levy low- income threshold which will apply to singles, families, seniors and pensioners. The thresholds…

Trusts are a legal arrangement in which assets are managed by one party (the trustee) on behalf of another party (the beneficiary). Trusts can be used for a variety of purposes, including asset protection, estate planning, and tax planning. One of the most common uses of trusts is to minimise the amount of tax that…

Self-managed superannuation funds (SMSFs) have become increasingly popular in Australia over the past few years, with more and more people looking for greater control and flexibility over their retirement savings. SMSFs are essentially private superannuation funds that are managed by individuals or a group of up to four members who act as trustees of the…

All existing and newly appointed company directors need to apply for a Director Identification Number (DIN) through the Australian Business Registry Services (ABRS). Existing directors will have until 30 November 2022 to obtain their unique DIN, before penalties apply. Who needs a DIN? Next Steps 1. Set up your MyGov ID login, ensuring you achieve…

In today’s fast-paced business environment, having an accountant who merely fills out forms and reports is no longer sufficient. The world has changed and as a result, your accountant should evolve as well. At JLC Associates, we recognize the need for more than just traditional accounting services. We are dedicated to helping Australian businesses navigate…