MG Accounting & Bookkeeping

16/01/2026

The ATO has commenced issuing rental data-matching letters to taxpayers whose tax returns may not align with information reported by third parties.

09/01/2026

💭 Rumours are swirling: Is a “death tax” coming back in Australia?
Short answer: The idea is gaining momentum — but nothing has been formally introduced as law.

🔍 What’s being proposed?
A new report by The Australia Institute suggests Australia could reintroduce an inheritance tax (“death duty”). Their modelling estimates around $10 billion per year in revenue from an inheritance tax alone.
They also propose related wealth measures, such as:
• A 2% wealth tax on net assets above roughly $5 million
• Re-examining the capital gains tax discount
These are discussion proposals, not legislation, but they have intensified public debate due to the massive transfer of generational wealth expected over coming decades.

❓ Is a “death tax” definite?
Not at this stage.
Key points:
• Australia currently has no federal inheritance or estate tax
• All proposals remain think-tank recommendations, not government policy
• Details such as thresholds, exemptions, rates and treatment of farms/businesses would significantly affect political viability
• Some suggestions indicate targeting large estates (e.g., over $5 million) to reduce intergenerational inequality

⚠️ Why this matters
If you are building wealth, planning your estate or preparing for asset transfer, these discussions could affect future strategies.
Possible impacts include:
• Family businesses, farms, real estate and trusts may face new tax pressures
• Illiquid assets could create complexity for heirs
• Early planning helps ensure your structures and succession plans are resilient if such taxes are introduced

🧭 What should you do?
• Stay informed on policy announcements and tax reform movements
• Review your estate plan, wills, trusts and asset structures
• Engage advisers to consider how you would manage an inheritance tax scenario
• Start thinking about strategies now:
– Is your asset mix flexible?
– Are your structures updated?
– Are succession plans in place?

📌 Bottom line:
A “death tax” is not law, but it is increasingly on the national agenda.
For medical professionals, high-net-worth individuals and families with significant assets, this is an early warning: review your legacy plans and ensure your wealth transfer strategy is future-proof.

02/01/2026

Looking for someone to guide your entrepreneurial journey? Your accountant could be the mentor you didn’t know you needed.

Looking for someone to guide your entrepreneurial journey? Your accountant could be the mentor you didn’t know you needed.

19/11/2025

💭 We all want to leave a legacy, protect our family, and plan for the future. But even the best-laid estate plans can face unexpected legal challenges.

That’s where SAPEPAA advisers like Mark come in — helping you keep your family’s wealth safe, secure, and exactly where it belongs.

⚖️ Real Case: Cowap v Cowap [2020] NSWCA 19

Imagine this: After decades of marriage, Barbara inherits everything from her late husband. Sounds fair, right?
But her stepson Nick — who lives with a severe disability — is left out due to standard survivorship rules. 😧

The court later intervened, creating a “notional estate” and awarding Nick $600,000 for ongoing care, forcing Barbara to sell her home.

This real case is a powerful reminder that comprehensive estate planning is about more than just documents — it’s about protecting people and intentions. Without the right plan, your family’s future could be left in the hands of the courts.

💡 Why SAPEPAA Planning Matters

👉 Protects family wealth from being lost in costly legal disputes
👉 Ensures your estate is distributed the way you intend
👉 Provides peace of mind that all loved ones are looked after

With SAPEPAA’s expert advisers, you can build a robust strategy that keeps your family’s wealth protected — now and for generations to come.

Stay tuned for more real-life stories, expert insights, and practical estate planning tips.

17/10/2025

🌟 Feeling Grateful and Inspired 🌟

Last night, I was lucky enough to attend a wonderful fundraiser for Hope House, a local charity doing incredible work helping individuals and families fleeing domestic violence — a cause that’s sadly still very necessary, but so important to support. 💛

We’re truly fortunate to be able to contribute to such meaningful work in our community.

And here’s the best part — their Hope House Espresso café serves amazing coffee ☕! If you’re in the neighborhood, drop by and show them some love — you won’t regret it.

You can also support them directly here 👉 https://app.littlephil.org/charity/hopehouse

They’re a DGR-registered charity, which means your donations are tax deductible — a true win-win for everyone. 🙌

12/09/2025

I've just returned from an incredible few days at Xerocon 2025, and I'm excited to share how this experience will benefit you and your financial journey.

What Made This Trip Special
Last week, I joined thousands of accountants and bookkeepers from around the world at this premier industry congress. The event was exceptionally well-organized and packed with cutting-edge insights that I can't wait to implement for your benefit.

The learning opportunities were outstanding - I gained valuable knowledge that will help me provide you with even better advice and service.

Beyond the Learning
It wasn't all work though! The event featured some fantastic entertainment, including performances by The Dragons and even an appearance by the creator of Bluey (which explained the adorable mascot I saw everywhere!). And yes, I'll admit - the networking events in the evenings were too good to pass up, making for some memorable conversations with fellow professionals.

What This Means for You
Now that I'm back at my desk, I'm energized and equipped with fresh insights to tackle your tax returns and tax advisory needs. I'm particularly excited to share new strategies around:
• Maximizing your superannuation contributions
• Optimizing investment property deductions
• Implementing the latest tax-saving opportunities

Ready to Get Started
Tax season is upon us, and I'm ready to put all this new knowledge to work for you. Whether you're looking to minimize your tax liability through smart super strategies or want to ensure you're claiming every legitimate deduction on your investment properties, I'm here to guide you through it all.

Let's schedule a time to discuss how these latest developments can benefit your specific situation.

Looking forward to helping you make the most of your financial opportunities!

Best regards,
Mark Willems

04/09/2025

If you’re only looking back at historic numbers, you limit the insights you’ll gain. Forecasting highlights your future threats and opportunities – and creates a proactive strategy for the future of your business.

31/08/2025

Do you know the difference between your P&L and your balance sheet? We can explain exactly what each report means – and how it reflects your current performance as a business

Do you know the difference between your P&L and your balance sheet? We can explain exactly what each report means – and how it reflects your current performance as a business

28/08/2025

I’m sure you’ve heard about the need to work ‘on’ your business as well as working ‘in’ your business. But have you ever stopped to think what exactly you should be doing?

I’m sure you’ve heard about the need to work ‘on’ your business as well as working ‘in’ your business. But have you ever stopped to think what exactly you should be doing?

24/08/2025

Turning a profit is at the heart of running any successful company - But without cash flow, you can't run your day-to-day operations or grow the business. Talk to us about how you can increase cash flow in your business.

Turning a profit is at the heart of running any successful company - But without cash flow, you can't run your day-to-day operations or grow the business. Talk to us about how you can increase cash flow in your business.

21/08/2025

If you are reflecting on where you are at and thinking about your business goals for the financial year ahead, we can help you establish measurable goals for your business.

If you are reflecting on where you are at and thinking about your business goals for the financial year ahead, we can help you establish measurable goals for your business.

17/08/2025

If you've worked hard to build wealth, ensuring it's protected and preserved for your loved ones is one of the smartest decisions you can make.

My solicitor, Grant Abbott, has created a powerful and insightful video on how to safeguard family wealth across generations — covering key legal and strategic structures that make a real difference.

Protecting Your Family Wealth for Future Generations