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 […]
Using business money and assets for personal use or benefit?
The Australian Taxation Office (ATO) regularly publishes focus areas for small businesses. One of the top areas where the ATO regularly sees errors is where a private company shareholder uses business money and assets for personal use or benefit, which can lead to Division 7A issues. What is Division 7A? Division 7A is an anti-avoidance […]
Fringe Benefits Tax: Here is what you need to know as a Small Business
As the FBT year ends on 31 March, now is a timely reminder for business owners to pause and check whether any fringe benefits have been provided to employees during the year — even unintentionally. The Australian Taxation Office (ATO) has flagged that FBT, particularly motor vehicle use, remains a key focus area this year, […]
Successor Directors: A simple step to protect business continuity
For many long‑standing business owners, the business has been built over years, often decades, of hands‑on involvement. Decisions are made quickly, relationships are personal, and much of the knowledge that keeps things running smoothly sits with a small number of key people. Because of this, planning for succession – particularly appointing a successor director – […]
Protecting you and your business: taking out insurance
We all hope that our pathway along the business journey will be smooth and uncomplicated. But the reality is that accidents can happen, along with unplanned injuries, damaging weather events and legal suits from disgruntled clients. So, what can you do to protect your business from these potential negative consequences? The answer is to take […]