For small and micro business owners, keeping on top of your Fringe Benefits Tax (FBT) obligations isn’t just about ticking a box—it’s a crucial strategy to limit your future audit risks and secure your business’s financial health. Even if you believe your FBT liability is nil, lodging an FBT return can protect you from the … Read more
The Federal Budget 2025-26 has arrived with a range of promises—tax cuts, energy bill relief, and measures aimed at boosting the economy. But not everything made it across the line. A key small-business measure, the $20,000 instant asset write-off, remains stalled in Parliament, leaving many entrepreneurs unsure about their next move. In this post, we’ll … Read more
The Fringe Benefits Tax (FBT) year ends on 31 March 2025, and there are key updates for employers and employees. Here’s what you need to know. FBT Exemption for Electric Cars If your business provides an electric vehicle (EV) to an employee, you may qualify for an FBT exemption if: The car is a zero … Read more
The Full Federal Court has ruled in Commissioner of Taxation v Bendel [2025] FCAFC 15, confirming that unpaid present entitlements (UPEs) owed to corporate beneficiaries are not loans for Division 7A purposes. This decision has significant implications for trust structures and tax planning, potentially overturning the ATO’s long-standing position. What Was the Issue? Since December … 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
Streamline Your TPAR Lodgement with Xero Watch this video on YouTube As a small business owner or operator in industries such as building and construction, cleaning, courier, road freight IT, and security, lodging your Taxable Payments Annual Report (TPAR) is an essential annual task. Due by August 28th each year, the TPAR can seem daunting, … 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
