Picture this: It’s mid-July, and Sarah from the local café calls you in a panic. “My accountant says I should have finalised something called STP weeks ago, and now my staff can’t lodge their tax returns!” Sound familiar? You’re not alone. Every year, hundreds of Albury Wodonga business owners find themselves scrambling through Single Touch … Read more
Running a family business or building wealth through investments comes with its own tax challenges and opportunities. The ATO is watching these areas more closely than ever, but there are still plenty of legitimate ways to structure your affairs to minimise tax – you just need to know the rules and play by them. What’s … 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. ATO’s Top 5 Trust Checklist for … Read more
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
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
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
