Financial Milestones

Financial Milestones An all encompassing Accounting, Bookkeeping, Tax Debt Management and Business Advice Practice

AT LAST - A business that helps family businesses, individuals and investors to build financial strength through tax strategies, finance strategies and business building techniques. Principal, Derek Miles has over 35 years public accounting experience and 20 years as a professional finance broker.

This is a very serious issue for company directors which is being swept under the carpet. It is also a live problem eve...
25/03/2024

This is a very serious issue for company directors which is being swept under the carpet. It is also a live problem every year with many of our company clients. Please be aware that in 2024 the directors loan interest rate jumps to over 8% so this is becomeing a bit expensive.

The Tax Office has begun a year-long lecture series to educate practitioners on Division 7A after finding most breaches related to "fundamental concepts".

People didn't understand the consequence of the $20,000 withdrawal of $20,000 from their super during Covid. The cost b...
01/03/2024

People didn't understand the consequence of the $20,000 withdrawal of $20,000 from their super during Covid. The cost by retirement has been calculated at about $95,000. Quite significant. It is understandable for those who were desperate, however, there were many who did withdraw when in fact they didn't really need the funds.

The point of this is that people can get these early withdrawals put back into their super through salary sacrificing means as the contributions cap is about to be increased in the 2024-2025 year.

Up to $85 billion in extra taxpayer funds will needed by the end of the century to support those without enough super after millions of Australians tapped into their accounts early during the pandemic.

Another example of bullying by a monopoly in the grocery sector. With all the news and threat of an enquiry, Woolworths...
27/02/2024

Another example of bullying by a monopoly in the grocery sector. With all the news and threat of an enquiry, Woolworths still have the gall to treat an Australian producer in this way. It is the dairy farmers who stand to lose here.

A dairy industry advocate says Woolworths' decision to stop selling Norco milk in its Sydney stores shows big supermarkets "don't give a stuff" about the consumer or the farmer.

Great article about Public Company CEO's highlighted by the recent departure of 2 of them.
27/02/2024

Great article about Public Company CEO's highlighted by the recent departure of 2 of them.

Are CEOs being pressured by too many woke agendas? Will more public company executives exit to avoid the hangman’s noose?

Beware companies that spam. I continually get spam emails and texts even after unsubscribing. It is obnoxious corporat...
14/02/2024

Beware companies that spam. I continually get spam emails and texts even after unsubscribing. It is obnoxious corporate behavour.

4WD Supacentre, has copped a penalty of $302,500 for sending over 83,000 marketing text messages in breach of Australian spam laws.

Wow - Just Wow
13/02/2024

Wow - Just Wow

Up to 150 Australian Taxation Office staff have been investigated for suspected involvement in a social media scam that ripped off $2 billion.

This is one of the best articles I have ever seen on that disgusting practice of lenders clawing back commission from br...
13/02/2024

This is one of the best articles I have ever seen on that disgusting practice of lenders clawing back commission from brokers if a borrower refinances or pays out a mortgage up to 2 years after settlement of the mortgage. Especially so as banks make record profits and small businesses (mortgage brokers) suffer significant losses. It is a practice I have suffered through many years of mortgage brokering with no power to control these losses suffered.

Despite collaborative efforts between lenders and brokers, there’s an underlying issue that needs a spotlight: the skewed relationship in remuneration. Phil Rice dives into the nitty-gritty of this matter and explores the call for change.

The ATO have been sending warning signals for some time. One of the difficult issues is that many people don't answer t...
05/02/2024

The ATO have been sending warning signals for some time. One of the difficult issues is that many people don't answer their mobile phones when they receive calls that they cannot identify because of the plethora of scams. Now it is important that if you receive an unidentified call it may be the ATO. If there is a message, please ring back. But you don't necessarily have to ring the number suggested in the message. I would suggest you google the ATO website and obtain the appropriate number there. Or, you should contact your Accountant if you have one and get them to verify the authenticity of the phone number. However, the message is that it is important to contact the ATO if you have an unresolved Tax Debt.

Recoveriescorp has been engaged by the office in its first use of a collection agency since the pandemic.

Dreadful state of affairs. This is similar to China. It is also a cover up that the ATO don't have the resources to re...
01/02/2024

Dreadful state of affairs. This is similar to China. It is also a cover up that the ATO don't have the resources to regulate the industry and will rely on dob ins.

The new breach reporting rules will create a challenging environment for tax agents and could see practitioners falsely accused of misconduct, the association c

Interesting research about digital marketing. I see this all too often.
16/01/2024

Interesting research about digital marketing. I see this all too often.

Digital platforms have changed the game but too often client and provider talk a different language, research by ASBFEO reveals. One in three small businesses clashes with their digital marketing ou

And this has been my concern all along with AI. It is dam scary. As if cyber crime isn't bad enough already, our techn...
12/01/2024

And this has been my concern all along with AI. It is dam scary. As if cyber crime isn't bad enough already, our techno geeks are facilitating more ways to steal your money.

Customers should look out for emerging scams that impersonate trusted sources, create a sense of urgency and prey on vulnerable victims. A three-second sound bite from a social media post or voicema

You can't use that excuse anymore - "But the ATO don't go after the big guys". Yes they do and they go after the small ...
12/01/2024

You can't use that excuse anymore - "But the ATO don't go after the big guys". Yes they do and they go after the small guys too.

This case makes interesting reading. It has been highlighted on 4 Corners and well talked about - just in case you missed it.

Long jail terms for the core conspirators in a huge payroll scam highlighted a big win for the ATO’s Serious Financial Crime Taskforce. mtc

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