The Australian Taxation Office (ATO) is making changes that will impact small businesses that have a history of non-compliance with their GST reporting. From 1 April 2025, the ATO will transition certain small business taxpayers from quarterly to monthly GST reporting. This shift will apply to businesses with a track record of late payments, missed … Read more
As of 1 January 2025, Australian businesses will face significant changes to wage theft legislation. Employers who deliberately underpay workers or fail to meet their obligations under Fair Work laws could face severe penalties, including fines up to $7.8 million and jail time of up to 10 years. These reforms mark a major shift in … Read more
The festive season brings both opportunities and challenges for small business owners. While the cost of living has slightly eased, many households are still feeling the pinch. For businesses, the key to navigating this period is careful planning and strategic decision-making. Here’s how you can manage the volatility and make the most of the Christmas … Read more
Picture this: You log into your myGov account, only to discover that your activity statements for the past year have been altered, and GST credits of $100,000 have been issued. But you didn’t receive any such refund. What happened? Unfortunately, this scenario is becoming more common. Scammers are targeting myGov accounts, changing bank details, and … Read more
The End of Financial Year (EOFY) can be a stressful time for businesses. However, with the right tools and guidance, you can navigate this period smoothly and efficiently. At Business Edge Advisors, we’ve created a comprehensive guide and video to help you through the EOFY process, particularly focusing on STP finalisation and using Xero. In … Read more
As tax season approaches, it’s essential for businesses and individuals to be aware of the Australian Taxation Office’s (ATO) key focus areas. Understanding these hot spots can help you stay compliant and avoid potential audits. This comprehensive guide will provide you with detailed insights into the ATO’s primary areas of scrutiny for 2024 and how … Read more
The Australian Taxation Office (ATO) is actively targeting trusts and how trusts distribute income to beneficiaries. A number of clients have requested a review of their structures to ensure that they are in the best possible position in the future. We want to help you achieve the best result. Distributing trust income Managing trust distributions … Read more
When trading in an old car to purchase a new one, it’s crucial to understand the tax implications. Here’s a comprehensive guide for small business owners considering non-fuel efficient, fuel-efficient, and electric vehicles, including options like utes with specific towing capacities. Tax Implications Overview Below is a table summarizing the key differences in tax implications … Read more
The Federal Budget 2024-25 has introduced several key initiatives aimed at alleviating financial pressures and promoting economic resilience. Here’s a detailed overview tailored for small business owners, highlighting the most relevant budget measures and what they mean for you. Inflation and Economic Outlook The Treasurer has projected that inflation will decline by 0.75% due to … Read more
Running a small business is like having another child – it demands a lot of your time and attention. Sometimes, the lines between your personal life and your business can get blurry. But when it comes to company finances, the Australian Taxation Office (ATO) expects clear distinctions. Why the ATO is Cracking Down on Personal … Read more
