ATO reminder about family trust elections
Family Trust Elections: Key Considerations for Trustees Understand the Benefits, Risks, and Family Group Implications to Avoid Costly Taxes Taxpayers may be considering whether they should make a family trust election (‘FTE’) for a trust, or an interposed entity election (‘IEE’) for a trust or other entity. Making an FTE provides access to certain tax […]
Losses in crypto investments for SMSFs
Navigating Cryptocurrency Investments in SMSFs Understanding Risks and Safeguards Over the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments. These losses have been caused by: crypto scams, where trustees were conned into investing their superannuation benefits in a fake crypto exchange; theft, where fraudsters would […]
Proper Cybersecurity Vigilance
ATO says “Be cyber-wise, don’t compromise” Four Essential Steps to Safeguard Your Digital World Throughout the 2022 income year, one cybercrime was reported every seven minutes. The ATO encourages taxpayers to implement the following four quick steps to protect themselves. Step 1: Install updates for your devices and software Regular updates ensure taxpayers have the […]
Feds crack down on tax fraud
ATO and AFP crackdown on GST-fraud promoters A raft of enforcement activity has been undertaken across the country by the ATO-led Serious Financial Crime Taskforce, including the execution of search warrants and issuing of warning letters. At 31 December 2022, the ATO took compliance action on more than 53,000 clients and stopped approximately $2.5 billion […]
Working together during coronavirus
Working with Omnis Group during coronavirus Focussing on personal health and safety As the situation with the COVID-19 pandemic continues to rapidly escalate in Australia and around the world, we wanted to update all of our clients and key stakeholders on the measures Omnis Group has been putting in place. The priority of any measure […]
What factors make certain investments more expensive?
Why some investments cost more than others People are sometimes unsure why different investment types cost more to manage than others. There can be several reasons for this. Let’s look at some of the main ones. When deciding what to invest in, there are three main factors you should consider: The expected return you need to […]
Cost of cybercrime
The rising cost of cybercrime Last year, more than six million consumers – one in three Australian adults – fell victim to identity theft, credit card fraud or had their passwords compromised.(1) This cost the Australian economy more than $2.3 billion, and, at an individual level, cost each victim an average of approximately $195 and […]
Business Valuation Service
Do you know how business value affects your future? Many business owners believe it will be easy to sell their business for the price they want. However, with many more businesses for sale and fewer buyers, smart business owners do not wait and see; they take control of their own future! Ask yourself: What is […]
Board of Advice Program
Project managing your future business needs As a business owner, your wealth and well-being are inextricably linked to your business. It is your source of income, your most important asset and, frequently, its sale will fund your retirement. At Omnis Group, we want to support your goals so you can retire financially secure by providing you […]
Omnis retirement planning case study
Structuring retirement planning reaps results for former ‘do it yourselfer’ Retiree Ross led a varied and interesting career – from jumping out of army helicopters, to being a ski instructor and owning his own business – he’s never done things by halves. So when it came to selling his mum’s home and finalising her estate, […]
