Protecting you and your business: using trusts
Have you ever wondered about the best ways to protect you and your business? In this series, we’ll look at the key ways to use trusts, insurance and risk-management techniques to protect both your personal assets and the future of the company. In this article, we’ll look at how you can use a trust to […]
Reducing the uncertainty: strategic business reviews
In a world where evolving political events can change the market in an instant, and economic instability is still the norm, finding certainty in your business strategy is a rarity. Business plans and your overriding strategy are no longer written in stone. This means being flexible about your next steps and regularly reviewing your business […]
How to use forecasts and scenario-planning
For centuries, accounting was all about reviewing historic information – but that only told you about the past, not what was going to happen in the future. If you’re only looking back at past periods and historic numbers, this limits the insights you can achieve for your business. With a backward-looking ideology, it becomes difficult […]
Why you shouldn’t rush to lodge your tax return to early
As the new financial year begins, it’s understandable to want to tick your tax return off the list as soon as possible. But when it comes to lodging your return, patience can save you time, money, and stress. At VI Partners, we encourage clients to wait until the ATO’s prefilled data is available before we […]
HECS-HELP Debt Reduction coming in 2025: What you need to know
The Australian Government has announced a major relief measure for students and graduates with outstanding HELP (formerly HECS) debts. From 1 June 2025, a one-off 20% reduction will be applied to all eligible student loans — a move expected to benefit more than 3 million Australians. This article outlines everything you need to know, including […]
Substantiating Tax Deductions
As we head into the 2025 tax season, we want to make all individual clients aware of an important update: while we’ve always asked clients to retain appropriate records to support their deductions, this year we’ll be applying a stricter standard when it comes to substantiating claims. This change is in response to the ATO’s […]
Why you’ll be asked to sign an engagement letter before your Tax Return
With tax time upon us, we wanted to let our individual clients know about a new step we’re introducing this financial year: you’ll now be asked to sign an engagement letter before we begin preparing your Individual Tax Return (ITR). In the past, this hasn’t been a formal requirement — but from this year onward, […]
ASIC Changes moving forward
From 1 July 2025, VI Partners will be updating how we handle invoicing for changes made to your company records with ASIC (the Australian Securities and Investments Commission). Currently, some of these changes—such as director updates, share changes, or address amendments—may be bundled with your company’s Annual Review if they occur around the same time. […]
GIC & SIC no longer deductible from 1 July 2025: What it means for you
A major tax change is coming from 1 July 2025 that will impact individuals and businesses with tax debts. From this date, General Interest Charges (GIC) and Shortfall Interest Charges (SIC) applied by the ATO will no longer be tax deductible. What are GIC and SIC? The General Interest Charge (GIC) is applied daily on […]
Payday super: what could it mean for your small business?
Back in 2023, the Australian Government announced that from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages. ‘Payday super’ will move payment of super from the quarterly cycle that businesses are used to, and switch it to a process where employees’ super […]