At the beginning of 2021, Sam (name changed to protect his identity) had an epiphany. After a decade of building and nurturing a successful mortgage brokerage and helping clients achieve their dreams, it was time to realise his own ambitions by following his passion in firefighting.
Sam’s primary concerns were ensuring his clients would be transitioned to a safe set of hands and achieving a sale price commensurate with the hard work and energy he had poured into his business.Read More
The sharks of mortgage broking: How to eat and avoid being eaten.
It’s likely that you’ve heard the saying “there are two certainties in life: death and taxes”. While this holds true for the vast majority, there’s a third certainty for those in the mortgage broking industry, that being change.
What we can expect from the ATO in 2021
2020 was a lenient and generous year for the ATO with respect to small business. Not surprisingly as a result the ATO’s revenue target took a hit and debt levels increased 18% from $45 billion to $53 billion.
With the worst of the pandemic behind us in Australia and the economy picking back up, it’s reasonable to assume that the ATO will be less lenient on small businesses going forward.