When was the last time you reviewed your business spending?
In the current economic climate, covering your operational costs and overheads can be a major challenge. Higher running costs are affecting all businesses, from large down to small. In Australia, a recent survey from Prospa shows that nearly half (46%) of SMEs have raised prices over the past three months to offset rising costs. And […]
Benchmarking your business against competitors
No business exists in a vacuum. Whatever sector or industry group you trade in, you’ll be surrounded by competitors, established industry leaders and upcoming challengers. Benchmarking is one way to understand how well your business performance compares against these close competitors, and what the wider-reaching challenges are within your industry. But how does benchmarking work? […]
TPAR Reminder: Is your business required to lodge a Taxable Payments Annual Report?
As we move through the new financial year, it’s a good time for businesses to review their reporting obligations with the Australian Taxation Office (ATO). One obligation that is often overlooked is the Taxable Payments Annual Report (TPAR). If your business engages contractors in certain industries, you may be required to lodge a TPAR each […]
Push for major banking and ATO change to combat billions in fraudulent mortgage loans
Artificial intelligence is changing the way we work, communicate, and do business. Unfortunately, it is also making it easier for fraudsters to create convincing fake documents. Australia’s major banks are now calling for secure, consent-based access to income information held by the Australian Taxation Office (ATO) as concerns grow over fraudulent loan applications supported by […]
Your FBT obligations are almost due – why lodging matters
As the Fringe Benefits Tax (FBT) lodgement deadline approaches, it’s a point in the compliance cycle that often doesn’t receive the same attention as income tax – yet it carries its own set of risks if overlooked or misunderstood. For many businesses, the question isn’t just whether FBT applies, but whether the position taken has […]
Division 296 – does it affect you?
From 1 July 2026, a new tax (Division 296) will be introduced to reduce concessional tax rates on superannuation earnings above $3 million. But how does Division 296 work, and are you affected? What is Division 296? Currently, income earned on superannuation balances is generally taxed at a headline rate of up to 15%. However, […]
Your Trust Distribution Minutes must be signed by 30th June 2026 – understand why you must prepare them
As the end of financial year approaches, trustees of discretionary trusts face a deadline that – while administrative in nature – can carry significant tax consequences if overlooked. Each year, before 30 June, trustees must formally decide how the trust’s income will be distributed. This decision is recorded in a document known as the trust […]
ATO targets holiday homes in guidance on rental property deductions
The Australian Taxation Office (ATO) has recently released updated guidance that significantly affects how rental property deductions are claimed – particularly for holiday homes that are rented out part of the year but also used personally. For property owners, this change is important. In many cases, even limited private use of a holiday property may […]
The ATO is cracking down on sham contracting: What small businesses need to know
If you employ staff or engage contractors, it’s worth taking a fresh look at how your workers are classified – because the ATO and Fair Work Ombudsman have publicly confirmed an increased focus on sham contracting. This follows recent enforcement activity reported in the media, including a case where a business was hit with a […]
Taking steps to stay compliant with ATO rules
“Every year we see small businesses run into avoidable issues because they haven’t kept accurate records, reported all their income or managed their cashflow effectively” Angela Allen, ATO Assistant Commissioner The Australian Taxation Office (ATO) is encouraging Aussie small businesses to stay compliant. By doing so, you avoid the problems, penalties and fines that […]