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Separating your personal assets from your business assets is a critical step when establishing your business. Often, this can be an overlooked aspect, with the belief that nothing adverse will happen. However, in the world of business, risk is always present and being prepared for whatever may come is one of the keys to success.
Protecting your personal assets from liabilities created through your business involves more than just insurance or securing your valuables. Here, we explore the best asset protection strategies that a small business accountant can help you implement.
Asset protection is not a one-time task but a long-term commitment. Understanding the necessity of these strategies and implementing them consistently is crucial for safeguarding your personal and business assets.
Running a business involves inherent risks. Even when business is booming, uncontrollable factors can impact your future. Market changes, economic downturns, or unforeseen global events can reduce revenue and lead to financial struggles. Additionally, accidents or legal issues can pose significant threats.
If personal assets are not separated from business assets, they may be used to cover business liabilities. This means personal financial trouble can follow business difficulties. Implementing asset protection strategies helps shield your personal assets from business risks, so let’s dive in to what they are …
1. Identify Your Assets Clearly
The first step in asset protection is knowing what assets you have. A small business accountant can help identify both business and personal assets, including property, investments, and even your business name.
2. Establish a Family Trust
Setting up a family trust is a common strategy for protecting personal assets. Assets in a trust are owned by the trustee, limiting liability. If your company is the trustee, business and personal assets are separated, protecting personal assets from business debts. However, it's important to note that this does not completely eliminate risk.
When looking at setting this kind of structure up, it’s important you chat to the Attune team – we’re experts in structuring your business to work for your specific situation.
3. Restructure Your Business
Many small businesses start as sole traders, where personal and business assets are intertwined. Transitioning to a company structure creates a separate legal entity for your business. This structure means that liability is borne by the company, not you personally. Directors and shareholders have different levels of liability, which helps protect personal assets.
Once again, for clarity on where liability lies for each party in this scenario, we’re here to help.
4. Ensure Adequate Insurance Coverage
Insurance is essential for protecting assets. Types of insurance to consider include income protection, life insurance, trauma insurance, and total and permanent disablement insurance. These policies can provide financial stability in case of personal or business setbacks. Regular reviews with your Attune Advisory team members can ensure your coverage remains appropriate and cost-effective.
5. Create a Legally-Binding Will
A will is a fundamental form of asset protection. It ensures that your assets are distributed according to your wishes. A testamentary trust within your will can protect assets from personal or business liabilities after your death. This also safeguards against family conflicts and financial mismanagement.
Although we can’t help directly with the set up of your Will, we can work directly with your lawyer or refer you to one of our partners, with whom we work often.
To conclude, implementing these strategies can provide robust protection for your personal assets. They are relatively straightforward and require the right expertise and understanding of your business needs to execute in the most appropriate way for you.
Your first stop should be a call to the Attune Advisory team for advice and help with your structure at each step. If you’d like to discuss the best strategy for you and your business, call Attune on 1300 866 113 or send us an email to start the conversation.
Are you a healthcare professional consistently thinking about your financial management and tax obligations? You're not alone. Balancing the numbers while delivering top-tier patient care can be daunting but, it doesn’t need to be that way – with our help, we can turn that anxiety into mastery, leaving your woes behind.
At Attune Advisory, we've had the privilege of guiding other healthcare practices through their finance and taxation obligations each year, ensuring they not only survive but thrive. As part of that, we thought we’d share some critical accounting issues that may be keeping you up at night – and how you can conquer them.
Running a successful healthcare practice goes beyond excellent patient care; it extends into the seamless integration of your practice management software (like Cliniko) with your accounting systems (like Xero). Why is this so crucial? Misaligned systems can cause financial discrepancies, administrative chaos, and, worst of all, business decisions based on inaccurate data.
At Attune Advisory, we can help assess whether integrating these systems is the right move for your practice. If it’s not a perfect fit, we can offer alternative solutions to keep your financials in check. Ensuring these systems communicate effectively can save time, reduce errors, and provide a clearer picture of your financial health, allowing you to make informed decisions.
The heartbeat of your practice is undeniably your team. However, they bring with them a complexity of financial and legal considerations. With a mix of employees, contractors, practitioners on service agreements, and locums, the payroll, taxes, superannuation, and insurance aspects, it can become a tangled web.
Misclassification of employment types can lead to severe legal and financial repercussions. We can help with structuring these arrangements to ensure compliance and prevent unnecessary headaches. By keeping the lifeblood of your business flowing smoothly, we help you avoid pitfalls that can disrupt your operations and financial stability.
With a blend of GST-free and GST-applicable transactions on both the income and expense sides, meticulous attention is required to your GST on a transaction-by-transaction basis. Errors here can invite the unwelcome attention of the ATO, including penalties and audits—costly in both time and money.
Our team specialises in managing these transactions with precision. We collaborate closely with your in-house or external bookkeepers to ensure your records are in the right shape, giving you the peace of mind you deserve. Correctly navigating GST complexities not only keeps you compliant but also optimises your financial operations and of course, relieves anxiety around what could be hiding beneath the surface.
Beyond these three issues, we offer an additional advantage to healthcare practices: proactive tax planning, structuring, and growth strategies tailored to the unique landscape of Australian healthcare. Our goal is to alleviate the pain of financial management and taxes, helping you to focus on your core mission of patient care.
Our strategic advice is tailored to you and your unique scenario – we take the approach that there is never a one-size-fits-all method to planning.
If you’re ready to transform your practice’s financial health, let’s start a conversation. Together, we can explore the issues highlighted here and develop a strategy to get your practice’s finances on the path to prosperity.
With the right guidance and expertise from Attune Advisory, you can focus on what you do best – caring for your patients – while we take care of the numbers (or at least support your team in doing so). Let’s make a plan to ensure your practice’s financial well-being today, give the Attune team a call on 1300 866 113 or email us here to start the conversation.
In an ever-evolving business landscape, staying ahead requires adaptability and proactive planning. Significant shifts, whether internal or external, necessitate a reassessment of your financial goals. Relying solely on annual reviews can leave you financially vulnerable. But, by regularly resetting your financial goals, you ensure they remain relevant to your current circumstances, enabling you to stay competitive and responsive to changes.
Checking in and updating goals helps us keep on top of our strategy and ultimately keeps you on the path to the kind of success you seek. With that in mind, we thought we’d share a step-by-step guide on how to effectively reset your financial goals.
The first step in resetting your financial goals is to assess your current financial situation. This involves a thorough examination of your Key Performance Indicators (KPIs) and the targets you've set for them. Ask yourself:
By scrutinising your KPIs, you gain a clear understanding of your current standing. This foundational step ensures that any adjustments you make are based on accurate, up-to-date information.
Once you have a clear picture of your current financial situation, the next step is to forecast how recent changes will impact your finances and indeed if you’ll need to adjust KPIs to suit. Consider how these changes might affect your cash flow, profit and loss statements, and balance sheet. This forecasting is critical as it forms the basis for your revised goals. When making these forecasts:
Accurate forecasting helps in setting achievable and relevant financial targets, providing a roadmap for navigating future challenges and opportunities. It allows you to approach the future with a strategy that’ll give you the best chance of success.
Collaboration is a crucial element in refining your financial goals. Engage your team members and advisors in the goal-setting process. Depending on your goals, the Attune Advisory team can be part of your collaborative team, offering tailored advice that can drive you forward. A collaborative approach like this has several benefits:
Regularly resetting your financial goals is not just a recommended practice but a necessary one in today’s dynamic business environment. By being proactive, agile, and responsive, you can ensure your financial goals remain aligned with your current circumstances.
At Attune Advisory, we understand the challenges businesses can face as the landscape moves around us and are here to help you assess your financial situation and set achievable goals. Whether you are new to goal setting or facing significant changes in your business, we offer the guidance and support you need to stay on track.
For more information and tailored, professional advice, call the team on 1300 866 113 or contact us via email to start the conversation – you’ll be glad you did.
As part of your job or the running of your business, you may be eligible to claim deductions for travel expenses incurred when travelling and staying away from home overnight for work purposes. Understanding the eligibility criteria and knowing which expenses you can claim can help you maximise your tax return.
At Attune Advisory, we specialise in tax – both personal and business – and can guide you on how to ensure you’re doing everything you can to improve your tax position.
With that in mind, we thought we’d cover what you need to know about claiming travel expenses as part of your tax lodgements.
To claim travel expenses, you must meet specific conditions. You can claim a deduction for travel expenses—accommodation, meals, and incidental costs—if you travel and stay away from your home overnight in the course of performing your employment duties. Here are the key criteria:
For instance, if you need to travel interstate for several days to meet clients, you qualify for these deductions. However, if your travel is due to personal circumstances, such as living far from work or choosing to stay near your workplace rather than commuting home, these expenses are considered private and are not deductible.
You can claim a variety of travel-related expenses:
It’s important to note that if your travel includes both work and private purposes, you can only claim the portion related to work. For instance, if you extend a business trip to include a holiday, you must apportion the expenses accordingly.
To claim these deductions, maintaining accurate records is crucial. Keep all receipts or other written evidence of your travel expenses. You will need to submit these when claiming your deduction under “Work-related travel expenses” in your tax return.
In rare cases, you might be able to claim expenses for accommodation you rent or buy for temporary work-related travel. These expenses must be proportionate to the cost of suitable commercial accommodation for the period and must not arise from personal choices, such as maintaining a separate residence. We can guide you through the specific rules to ensure compliance when we speak.
Certain travel expenses are not deductible:
If you are living at a location where you work, such as in a unit or house, and your regular place of work changes, these expenses are not deductible as they are considered private.
When travel is for both work and personal purposes, you must apportion the expenses. For example:
If the personal part of your travel is incidental, such as a brief holiday after a work trip, you may not need to apportion your costs. However, clear documentation and careful record-keeping are essential to substantiate your claims.
Navigating travel expense claims need not be confusing but it’s important it’s done right. And, doing it correctly can allow you to maximise your deductions and ensure compliance. For personalised advice and expertise, contact us the Attune team on 1300 866 113 – we are here to help you make the most of your tax position while ensuring you’re adhering to all necessary regulations.
Retirement planning often seems like a distant concern until it’s suddenly upon us. The realisation that you might not have enough money or assets to maintain your lifestyle post-retirement can be alarming.
For some, a Self Managed Super Fund (SMSF) can be an effective solution to ensure financial security in retirement. Here’s how to determine if you’re ready to take on the responsibilities and benefits of an SMSF.
A Self Managed Super Fund operates similarly to other superannuation funds, with the primary difference being that the members are also the trustees. This means you have direct control over how your superannuation is invested, but also bear the responsibility of managing the fund in compliance with regulatory requirements. Each SMSF must be audited annually by an accredited auditor and adhere to Australian Taxation Office (ATO) rules.
1. You Want More Control Over Your Finances
The main appeal of an SMSF is the control it offers. If you value being directly involved in the investment decisions that affect your retirement savings, an SMSF might be the right choice. You can tailor your investment strategy to suit your preferences, whether it’s in property, shares, or other assets. This level of control allows you to potentially maximise your retirement income stream according to your specific goals.
2. Your Superannuation or Savings Can Handle the Fees
Managing an SMSF incurs costs, and it’s essential to ensure that your fund can handle these without depleting your savings. A general benchmark is having around $200,000 in superannuation to justify the costs of running an SMSF. While this might seem high, those with substantial professional or business experience may find they have accumulated sufficient funds. Ensuring that your savings are adequate to cover the fees is crucial for the sustainability of your SMSF.
3. You’re Prepared for the Administrative Work
With greater control comes greater responsibility. An SMSF requires diligent management to remain compliant with ATO regulations, including annual audits and detailed record-keeping. Partnering with a knowledgeable accounting firm is often necessary to navigate these administrative tasks effectively. Assess whether you have the time, resources, and willingness to manage these additional responsibilities. If not, professional support is essential to ensure your SMSF operates smoothly.
4. You’re Ready to Handle the Tax
Tax compliance is a significant aspect of managing an SMSF. To avoid the maximum tax rate of 15%, you need a solid understanding of tax laws and ATO regulations related to SMSFs (this is where the Attune team can help most). This includes making strategic decisions to minimise tax liabilities. Engaging Attune Advisory can provide the expertise needed to manage the tax aspects of your SMSF, ensuring that your fund remains tax-efficient and compliant.
5. You Have an Understanding of Investing
Successful SMSF management requires a good grasp of investment principles. While you can seek advice from financial experts, having a foundational understanding of how your investments work is beneficial. If you have previous investment experience, you’ll be better equipped to make informed decisions that enhance the performance of your SMSF. If investing is new to you, now is the time to start learning. Understanding your investments will help you maximise the returns on your superannuation.
Taking on an SMSF can be a rewarding way to secure your financial future, provided you’re prepared for the responsibilities it entails. Regular assessment of your readiness in terms of control, costs, administrative work, tax management, and investment knowledge is crucial.
At Attune Advisory, we specialise in guiding our clients through the complexities of SMSFs, offering the support and expertise needed to make informed decisions. Contact us today to learn more about how we can assist you in setting up and managing an SMSF, ensuring your retirement is as comfortable and secure as possible.
For more information and tailored, professional advice, call the team on 1300 866 113 or contact us via email to start the conversation.
The Australian Federal Budget announced on May 14, 2024, has changes that will impact various segments of society differently, but it certainly will impact each of us. We thought it worthwhile giving you a brief breakdown of some of the key winners and losers from the budget as we viewed it.
The below is designed to be a snapshot, so if you’re wondering how any of the below changes might impact you this coming tax year, reach out to the Attune team for a chat.
Low and Middle-Income Earners: The budget provides considerable relief to low and middle-income earners through Stage 3 tax cuts. These cuts reduce the tax rates for incomes up to $135,000, increasing take-home pay from July 2024.
Some changes to the previously proposed stage 3 tax cuts means that the outcome is a reduction in the 19 per cent tax rate to 16 per cent, a reduction in the 32.5 per cent tax rate to 30 per cent, and a raising of the threshold at which the 37 per cent tax rate applies.
Households: Significant measures have been introduced to ease the cost of living. Over 10 million households will benefit from a $300 rebate on electricity bills. Additionally, there's a freeze on Pharmaceutical Benefits Scheme (PBS) co-payments and increased support for renters, with the Commonwealth Rent Assistance maximum rates increasing by 10%.
Healthcare: The budget allocates $5.7 billion to strengthen Medicare, including higher bulk billing incentives and funding for new Medicare Urgent Care Clinics. This will particularly benefit pensioners, children under 16, and concession card holders.
Students and Recent Graduates: The government will cut $3 billion in student debt, impacting over three million Australians. The annual indexation of HECS-HELP debts will now be limited to the lower of the Consumer Price Index (CPI) or Wage Price Index (WPI), easing financial pressure on graduates.
Veterans: Veterans will see improved support with $64.1 million to address the backlog of claims and $250 million to upgrade veteran services' IT systems. An additional $4.8 billion is allocated for future compensation and support payments.
Small Businesses: Small businesses will benefit from a $290 million support package, including an instant asset write-off of $20,000 for eligible assets, helping to boost cash flow and investment in new equipment.
Environmental Initiatives: Tradies specialising in eco-friendly upgrades will see increased demand, thanks to the $1.3 billion Household Energy Upgrades Fund. This initiative offers low-interest loans for households to install energy-efficient measures like solar panels and double-glazed windows.
High-Income Earners: The budget does not favour high-income earners as much as first suggested in the Stage 3 tax-cuts announced earlier this year, but there are other areas high-income earners will be impacted. Those with superannuation balances over $3 million will lose the ability to make concessional contributions at a reduced tax rate. This move aims to ensure that tax benefits are more evenly distributed.
Vapers and Smokers: Smokers face a 5% annual increase in tobacco taxes over the next three years. Recreational vaping is also being heavily regulated, with new national campaigns highlighting the dangers of smoking and vaping.
Alcohol Consumers: Drinkers will see higher prices for alcohol due to increased taxes on beer and spirits, impacting those who frequently purchase these products.
To conclude, the 2024 Federal Budget is a bit of a mixed bag, offering significant support to lower and middle-income Australians, students, small businesses, and those in need of healthcare improvements, while imposing more stringent measures on higher-income earners, smokers, and alcohol consumers.
If you’d like to discuss how any of the above changes will impact you this year, reach out to the Attune team on 1300 866 113 or contact us via email.
With the flurry of public holidays we see in the first few months of the year here in Australia, we thought it would be of interest to delve more closely into the cost of public holidays from multiple perspectives.
It’s important to note here: we’re certainly not arguing against public holidays – especially when they give us a chance to pause and reflect on important times or people in our collective history, but, while they’re a welcome break for many, they come with financial implications that impact stakeholders in different ways.
From the viewpoint of business owners managing operational costs to employees benefiting from penalty rates, and even the broader impact on the Australian economy, the cost of public holidays is a multifaceted issue we think is worth exploring.
For business owners, public holidays can present a double-edged sword. While they provide an opportunity for employees to rest and recharge, they also come with increased operational costs. Businesses that remain open on public holidays often have to pay penalty rates to employees who work during these times, which can significantly inflate wage expenses.
Moreover, for industries like retail and hospitality, where public holidays often coincide with increased consumer spending, the pressure to remain open and capitalise on potential sales can be intense. However, staying open means incurring additional expenses such as overtime pay, increased staffing levels, and higher utility costs.
To be clear, all hours worked on a public holiday are typically “double time and a half” which is calculated at 250% of the normal hourly wage. For salaried staff, employees would generally be offered time in lieu for time worked on a public holiday which may have knock-on effects for future productivity.
As you can tell from a financial standpoint, the cost of public holidays can eat into profit margins, particularly for small businesses operating on tight budgets. Balancing the need to provide employees with fair compensation for working on public holidays while ensuring the business remains financially viable can be a challenging task.
On the flip side, public holidays offer employees the opportunity to earn extra income through penalty rates. For many workers, especially those in industries like hospitality and retail, penalty rates can significantly boost their earnings, making working on public holidays a lucrative option.
From a tax perspective, it's essential for employees to understand the treatment of penalty rates. In Australia, penalty rates are considered part of an employee's ordinary income and are subject to the same tax rates. However, depending on the individual's total income and tax bracket, penalty rates may push them into a higher tax bracket, resulting in a higher tax liability.
Additionally, for employees with families, public holidays can pose logistical challenges, particularly if they have to arrange childcare or take time off to care for children who are out of school. While some employers may offer flexibility or additional leave entitlements to accommodate these situations, for others, taking time off on public holidays may come at the expense of annual leave or unpaid leave.
Beyond the microeconomic impact on individual businesses and employees, the cost of public holidays also has broader implications for the Australian economy. While public holidays stimulate consumer spending in certain sectors, they can also disrupt productivity and economic activity in others.
Industries that rely on continuous operations, such as manufacturing and healthcare, may experience disruptions and increased costs associated with maintaining essential services during public holidays. Moreover, the cumulative effect of multiple public holidays throughout the year can lead to a loss of productivity and output for the economy as a whole. This can be especially true for businesses ‘running a tight ship’ when there are multiple public holidays that fall within a single trading quarter or even month.
If you’re a business owner or employee finding challenges with your public holiday operations or working hours, we get it. Although for the most part they’re an important part of the Australian identity, they can create difficult situations. So, of you’d like to discuss your strategy for approaching public holidays and ensure you’re making the most of what they can offer, get in touch with the Attune team today.
Call us on 1300 866 113 or send us an email to start the conversation. One piece of tailored advice could change your outcome for the better.
Are you maximising your superannuation contributions? With the advent of the unused concessional contributions cap carry forward measure, Australians now possess a golden opportunity to fortify their retirement nest eggs.
So without further ado, let’s dive into to what it all means for you…
The concessional contributions cap signifies the maximum before-tax contributions allowable to your super each year without attracting additional taxes. As of 1 July 2021, this cap sits at $27,500, a step up from the previous financial years' $25,000. This figure escalates in alignment with the Average Weekly Ordinary Time Earnings (AWOTE), and is current for the 2022-23 tax year.
From 1 July 2018, a significant shift was initiated to address the quandaries faced by individuals with fluctuating incomes and to maximise the utility of unused caps for those with lower super balances. This alteration permits individuals with a Total Superannuation Balance (TSB) below $500,000 as of 30th June of the preceding financial year to carry forward any untapped concessional contributions cap from previous years.
Meeting the eligibility criteria empowers you to transport unused concessional cap amounts from up to five preceding financial years, commencing from 2018–19. These surplus amounts can be deployed to augment your contribution caps in forthcoming years, offering a valuable avenue to grow your retirement savings.
Unused cap amounts are automatically deployed upon surpassing the cap in any given year. Nonetheless, it's imperative to bear in mind that these residual cap amounts expire after five years. For instance, any surplus cap amount from 2018–19 would lapse by the conclusion of 2023–24.
Consider James, who has been falling short of his concessional contributions cap over several years, resulting in accrued untapped caps. In the fiscal year 2021-22, James finds himself in a position to make additional contributions. Here's how it unfolds for him:
• In 2020–21, James's TSB surpassed $500,000, rendering him unable to carry forward untapped cap amounts.
• However, in 2021–22, James's TSB dipped below $500,000, rendering him eligible to leverage the untapped cap amounts from preceding years.
By harnessing the carry forward measure, James can inject up to $94,500 into his super in the fiscal year 2021–22, substantially maximising his super contributions and fortifying his retirement.
While capitalising on the benefits of the unused concessional cap carry forward measure is undeniably advantageous, it's imperative to proceed with caution to sidestep potential pitfalls, particularly concerning any excess contributions.
Should you exceed your concessional contributions cap, the excess concessional contributions (ECC) become part of your assessable income. These excess contributions are then subject to taxation at your marginal tax rate, albeit with a 15% tax offset to account for the contributions tax already paid by your super fund. The implications of surpassing your cap extend beyond mere taxation and could impact your PAYG instalments, Medicare levy, Centrelink benefits, and child support obligations.
As we approach a real tax-milestone, we’re dedicated to equipping you with the knowledge and guidance needed to optimise your super contributions. Our approach is always about you, not only helping you maximise your tax position, but also assisting with navigating potential risks with absolute accuracy.
If you're keen on leveraging the unused concessional cap carry forward measure to secure your financial future, or, are looking for strategic advice on how to grow your superannuation for best results and ensure your compliance, reach out to the Attune team today.
You can call us anytime on 1300 866 113 or send us an email to start the conversation – let's collaborate to safeguard your retirement aspirations.
With businesses of all sizes looking to find additional methods of bolstering their bottom line and maximise tax savings, it’s important to stay on top of changes to legislation and ATO policies. With that in mind, we're diving into the reinstatement of the $20,000 instant asset write-off threshold and what it means for SMEs across the country.
Introduced by the Australian government in 2015, the $20,000 instant asset write-off has been somewhat of a lifeline for SMEs, allowing them to invest in their businesses and drive economic growth. Although the temporary full expensing rules, offering an immediate deduction for the full cost of assets acquired, ended on June 30, 2023, the government has taken steps to ensure continued support for SMEs.
The instant asset write-off threshold was set to revert to $1,000 from July 1, 2023. However, the government has introduced a Bill to Parliament to maintain the $20,000 threshold for small business entities for the 2024 income year. This move aims to provide stability and encourage business investment.
The ability to claim the cost of an asset up to $20,000 is a huge help to many when it comes to encouraging growth and well worth understanding fully, so let’s jump into the details …
For SMEs to access the $20,000 instant asset write-off, they must meet specific criteria:
• The entity must be conducting a business under general principles in the 2024 income year.
• Aggregated annual turnover should be less than $10 million, based on either current or previous year figures.
• The entity must opt to apply the simplified depreciation rules for the 2024 income year.
• The asset's cost must be less than $20,000.
• The asset must be first used or installed ready for use for a taxable purpose between July 1, 2023, and June 30, 2024.
It's crucial to note that SMEs must opt-in to the simplified depreciation rules to access the instant asset write-off. Failure to do so will result in ineligibility, regardless of meeting other conditions. You can read the ATO’s breakdown of these rules here.
The $20,000 threshold applies per asset, enabling SMEs to potentially deduct the full cost of multiple assets throughout the 2024 year, as long as each asset's cost remains below $20,000. Additionally, the threshold determines whether the full pool balance is written off for the 2024 income year, offering further opportunities for tax benefits.
Provisions preventing SMEs from re-entering the simplified depreciation regime for five years, if they opt-out, will remain suspended until June 30, 2024. This flexibility provides SMEs with more control over their depreciation strategies.
For details and help assessing your depreciation strategies, get in touch with the Attune Advisory team so we can help ensure you’re setting yourself up correctly.
Assets eligible for the instant asset write-off must fall within the scope of depreciation provisions. Expenditure on capital improvements to buildings, governed by capital works rules, does not qualify. Assets costing $20,000 or more can still be placed into the small business general pool and depreciated at 15% in the first income year and 30% each subsequent year.
Once again, before jumping into an asset purchase for your business, it’s worth discussing the details with the Attune team to ensure we can guide you to the most appropriate course of action when it comes to the tax treatment of the asset for your business.
The reinstatement of the $20,000 instant asset write-off threshold presents SMEs with valuable opportunities to invest in their businesses while enjoying tax benefits. At Attune Advisory, we're here to support you in navigating these changes and maximising your financial outcomes. Reach out to our team via email or call us on 1300 866 113 to explore how you can leverage these incentives to drive growth and success for your business.
We’re here to give you tailored advice that works for your business and financial strategies for success.
Today is World Purple Day. This global event, celebrated annually on March 26th, is dedicated to raising awareness about epilepsy, a neurological disorder affecting millions worldwide. At Attune Advisory, we embrace the spirit of Purple Day, advocating for increased understanding and support for those living with epilepsy in our community.
Purple Day originated in 2008, when Cassidy Megan, a young Canadian girl living with epilepsy, decided to raise awareness about the condition. She chose the colour purple to symbolise hope and solidarity, urging people worldwide to wear purple and host events to educate others about epilepsy. Since then, Purple Day has grown into an international movement, uniting individuals, organisations, and communities in support of epilepsy awareness.
Epilepsy is a complex neurological condition characterised by recurrent seizures, resulting from abnormal brain activity. It can manifest in various forms, affecting individuals of all ages and backgrounds. According to Epilepsy Australia, over 250,000 Australians are living with epilepsy, with approximately 3.4 million people nationwide experiencing seizures at some point in their lives.
Despite its prevalence, epilepsy remains widely misunderstood, leading to stigma, discrimination, and social isolation for those affected. By raising awareness and fostering a supportive environment, we can challenge misconceptions and empower individuals with epilepsy to lead fulfilling lives.
As advocates for epilepsy awareness, we encourage everyone to participate in Purple Day activities and show their support for the cause. Here are a few ways you can make a difference:
1. Wear Purple: Show your solidarity by wearing purple clothing or accessories throughout the day. Whether it's a purple shirt, tie, or ribbon, your choice of attire can spark conversations and raise awareness.
2. Spread the Word: Share information about Purple Day and epilepsy on social media platforms using the hashtag #PurpleDay. By educating your friends, family, and followers, you can amplify the message and reach a broader audience.
3. Host Events: Organise Purple Day events in your community, such as fundraisers, awareness walks, or educational seminars. By bringing people together, you can foster a sense of unity and support for individuals with epilepsy.
4. Donate: Consider making a donation to reputable epilepsy organisations that provide vital support services, research funding, and advocacy efforts. Every contribution helps advance the cause and improve the lives of those affected by epilepsy.
At Attune Advisory, we recognise the importance of supporting our community members living with epilepsy and strive to raise awareness, promote inclusivity, and advocate for the rights of individuals with epilepsy.
Together, let's paint the world purple and stand in solidarity with individuals living with epilepsy. By spreading awareness and fostering compassion, we can create a more inclusive and supportive community for all.
Let's make a difference this Purple Day and beyond. Together, we can create a world where everyone feels understood, accepted, and valued.
