News
Forsyths Principals Retreat: Planning for Success
Each year, our Forsyths Principals come together for a dedicated four-day retreat—a valuable opportunity to strategise for the year ahead, analyse industry trends, and set new goals to support our business, our clients, and our people. This year, our team traveled to the stunning coastal region of Port Stephens for an inspiring and productive retreat.
Introducing Forsyths Investment Portfolios
We are excited to introduce a new investment service for our clients - the Forsyths Multi-Asset and Income Portfolios.
Threshold for tax-free retirement super increases
The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025.
Is there a problem paying your super when you die?
The Government has announced its intention to introduce mandatory standards for large superannuation funds to, amongst other things, deliver timely and compassionate handling of death benefits. Do we have a problem with paying out super when a member dies?
Will credit card surcharges be banned?
If credit card surcharges are banned in other countries, why not Australia? We look at the surcharge debate and the payment system complexity that has brought us to this point.
Why the ATO is targeting babyboomer wealth
The Australian Taxation Office (ATO) thinks that wealthy babyboomer Australians, particularly those with successful family-controlled businesses, are planning and structuring to dispose of assets in a way in which the tax outcomes might not be in accord with the ATO’s expectations.
Investing in the Future: Forsyths Sponsors Financial Literacy for Calrossy Students
At Forsyths, we believe that financial literacy is a cornerstone for future success, which is why we are proud to sponsor the Lifeskills Academy for Calrossy Year 10 students in 2025.
RBA Announces First Rate Cut Since 2020
For the first time since 2020, the Reserve Bank of Australia (RBA) has announced a rate cut, reducing the cash rate target to 4.10%. This decision signals confidence in the Australian economy’s stability but will have different implications depending on your financial situation.
Welcoming Steve Thomson to Forsyths
We are delighted to introduce Steve Thomson, who joined Forsyths in February as our new Director of Financial Services. With over 30 years of experience in the financial services industry, Steve brings a wealth of expertise, leadership, and strategic insight that will further strengthen our team and the services we provide to our clients.
Stay Alert: Counterfeit Cash Circulating in Local Businesses
While the saying "cash is king" still holds true for many businesses, recent incidents of counterfeit banknotes have been discovered in EBD (Electronic Bulk Deposit) bags by Armaguard highlight the risks of handling physical money.
Halfway Through the Taxation Year: The Power of Planning
As the calendar flips to the second half of the taxation year, many business owners find themselves caught in the whirlwind of day-to-day
operations. For some, this period feels like just another checkpoint; for others, it’s a wake-up call to take control of their financial
strategies.
This is the story of David, the owner of a growing manufacturing business. Like many entrepreneurs, David started the year with ambitious goals but soon got swept up in the demands of managing his team, fulfilling orders, and keeping customers happy. By the time he realised it, the year was already half over, and he hadn’t yet revisited his business plan.
Supporting the Next Generation: Forsyths and the Gunnedah Community Scholarship Fund
At Forsyths, we believe that investing in the next generation is key to building strong, vibrant communities. That’s why we are proud to support the Gunnedah Community Scholarship Fund, an initiative that has been making a tangible difference in the lives of young people for more than 20 years.
What’s ahead in 2025?
The last few years have been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty. We explore some of the key changes and challenges.
Ricky Goel Shines Bright at the Rising Star Awards 2024
We are thrilled to share that Ricky Goel has won the Audit category at the 2024 Rising Star Awards in Sydney on Friday 22nd November.
Bah humbug: The Christmas tax dilemma
Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season.
What makes or breaks Christmas?
The cost of living has eased over the past year but consumers are still under pressure. For business, planning is the key to
managing Christmas volatility.
The countdown to Christmas is on and we’re in the midst of a headlong rush to maximise any remaining opportunities before the Christmas
lull. Busy period or not, Christmas causes a period of dislocation and volatility for most businesses. The result is that it is not
‘business as usual’ and for many, volatility can create problems.
Are student loans too big?
Australian voters tend to reject US style education favouring more egalitarian systems where income does not determine access. For Australian domestic students, the cost of completing a bachelor degree is generally between $20,000 and $45,000, excluding some of the higher value courses
Finalist Award Recognition
We are thrilled to announce that Ricky Goel and Rodney Wark have been recognised as finalists in their recent industry awards submission for 2024!
Growth and Dedication at Forsyths
At Forsyths, growth and dedication are at the heart of everything we do. We pay tribute to the incredible career of Megan Edwards, who has retired after 31 years of dedicated service and are proud to announce Diane McLeod's promotion to Director of Leadership and Development.
Tax Consequences of Inheriting Property
Beyond the difficult task of dividing up your assets and determining who should get what, it’s essential to look at the tax consequences of how your assets will flow through to your beneficiaries.
More women using ‘downsizer’ contributions to boost super
If you are aged 55 years or older, the downsizer contribution rules enable you to contribute up to $300,000 from the proceeds of the sale of your home to your superannuation fund (eligibility criteria applies).
Payday super: the details
Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the
impending obligations on employers.
From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary
and wages instead of the current quarterly payment sequence.
Beyond Profits: How Community Engagement Fuels Business Growth
In today’s fast-paced world, businesses are relentlessly focused on growth, reducing costs, and chasing targets. But amid this drive for success, one powerful objective is often overlooked in a business strategy and that’s community engagement.
$81.5m payroll tax win for Uber
Multinational ride-sharing system Uber has successfully contested six Revenue NSW payroll tax assessments totalling over $81.5 million. The assessments were issued on the basis that Uber drivers were employees and therefore payroll tax was payable.
Property and ‘lifestyle’ assets in the spotlight
Own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in tax returns matches up.
It wasn’t me: the tax fraud scam
You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you. And you certainly didn’t get a $100k refund in your bank account. What happens now?
The rise in business bankruptcy
ASIC’s annual insolvency data shows corporate business failure is up 39% compared to last financial year. The industries with the highest representation were construction, accommodation and food services at the top of the list.
Divorce, you, and your business
Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved.
When is a gift not a gift?
The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends.
Celebrating Team Member Promotions
This month we celebrate over 15 employees who have recently received a promotion with Forsyths.
What’s changing on 1 July 2024?
Here’s a summary of the key changes coming into effect on 1 July 2024:
ATO fires warning shot on trust distributions
The ATO has warned that it is looking closely at how trusts distribute income and to who. The way in which trusts distribute income has come under intense scrutiny in recent years. Trust distribution arrangements need to be carefully considered by trustees before taking steps to appoint or distribute income to beneficiaries.
$20k instant asset write-off passes Parliament
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.
Hiring New Staff
When hiring new staff, there are certain steps you should follow to cover off on your tax, workplace, and superannuation obligations.
Don’t lose your super to scammers
Don’t be another victim – be on the lookout for scammers who call you about your superannuation!
What’s not considered “income” by the ATO?
It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations and may therefore need to be included elsewhere in your tax return.
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