The ATO is cracking down on holiday property owners who claim tax deductions while primarily using their property for personal enjoyment. The Key Issue All rental income must be declared — but if the ATO decides your property is really a holiday home rather than a genuine rental investment, you could lose access to most […]
Have you purchased, upgraded or are you purchasing an asset for your business? If your business has an aggregated annual turnover of less than $10 million, you may be able to use the instant asset write-off (IAWO) to immediately deduct the business portion of the cost of eligible assets which cost less than $20,000. Eligible assets must have […]
Earlier this month, the Reserve Bank of Australia (RBA) increased the cash rate to 3.85%, making it the first rate increase for the 2026 calendar year. Interest rates shape two everyday things: what it costs to borrow money, like mortgages, car loans and credit cards; and what we can earn on cash we have in […]
‘Cash is King’ an expression that we often hear from the mouths of your elderly uncle, but no words have ever been wiser in when it comes to managing finances in a business. Here are some top tips to stay on top of your cashflow. Invoicing As soon as you’ve sold a product or service, […]
From 1 July 2026, employers must pay superannuation guarantee (SG) at the same time as salary and wages. It’s important for business owners and payroll officers to be ready and ensure all SG contributions arrive in their employees’ super funds within 7 business days of payday. There are a few exceptions where employers have a […]
If you’ve ever had a job in Australia, even short-term, your employer probably paid money into a super fund for you. Super is money set aside for your retirement while you’re working. If you’re eligible, your employer will put some of your pay into a super fund, who invests the money for you. If your […]
Happy new year! Today is as good a day as ever to start the year on the right foot. Running a business and managing tax can be complicated but establishing good habits not only gives us the best chance of success but can also give you peace of mind to free up our focus to […]
As another festive season approaches, we’d like to thank all our clients and colleagues for a rewarding 2025. We’ll be taking a break over the Christmas and New year period. Both our Winchelsea and Torquay offices will be closing at 1pm Tuesday 23rd December & re-opening again for the new year on Monday 12th January […]
You may be required to make pay as you go (PAYG) instalments when you earn business and investment income (gross income, excluding GST and any capital gains). Pay as you go (PAYG) instalments are regular prepayments of the expected tax on your business and investment income. If you are an individual (including a sole trader) you […]
Treasurer Jim Chalmers recently announced a number of proposed reforms to Super on the 13th October 2025. One in particular that should bolster the superannuation of many young people and women is the Low-Income Superannuation Tax Offset (LISTO). The LISTO provides additional support to low income workers to help build their retirement savings. From 1 […]
The ATO’s Property management data-matching program helps the ATO to identify and address a number of tax risks, including: failure to lodge – taxpayers with a rental property may fail to lodge a tax return and their rental property schedule on or before the relevant due date omitted or incorrect reporting of income – taxpayers […]
Recently Treasurer Jim Chalmers provided a long-awaited announcement regarding the proposed Division 296 tax and super balances exceeding $3 million. Here’s a quick summary of it: The Super Tax as a deferred start date and will become effective 1st of July 2026. Only future realised earnings will be taxed, in other words you will only […]
The Medicare levy helps fund some of the costs of Australia’s public health system – Medicare. The levy is collected from individuals in the same way as income tax. Generally, your employer takes the levy from your salary or wages at the rate of 2% of your taxable income for the pay period. Then the total […]
When you have tax to pay, it’s important that you pay it in full and on time. If you don’t pay when your Taxes are due, the ATO will apply general interest charge (GIC) on your unpaid amounts. It’s worth noting that the GIC is no longer tax deductible, so best to seek finance from other […]
Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. Unlike many other countries where Tax is added on additionally to a price listed for a product or service, retail prices in Australia are required to have GST included in their pricing. […]
From 1 July 2025, the superannuation guarantee (SG) rate officially rose to 12% of ordinary time earnings (OTE). This is the final step in the gradual increase legislated under previous reforms. Up until the end of the financial year the Super Guarantee was at 11.5% (up to 30 June 2025) from July 1st the super […]
When you’re busy running a business there’s many balls to keep in the air and understanding the tax rules can take a backseat to other priorities you have. Small businesses work hard to get things right; however sometimes mistakes happen. Some common mistake areas for sole traders are: reporting income – income earned outside of […]
In the world of business, boards and committees, the importance of keeping accurate records cannot be overstated. One crucial aspect of this is the documentation of decisions made during meetings—specifically minutes and resolutions. These records aren’t mere formalities; they ensure transparency, accountability, and legal compliance within a company. Minutes serve as the official record of […]
How super contributions are treated depends on whether they’re before-tax (concessional) or after-tax (non-concessional). The tax paid on your super contributions generally depends on whether: the contributions are out of your before-tax or post-tax income you exceed the concessional or non-concessional contribution caps you’re a high-income earner. Contribution caps are the limits on how much […]
If you’re carrying an Australian Taxation Office (ATO) debt there is a good chance that it will cost you even more from 1 July 2025 onwards. This is because from 1 July 2025 two types of interest charges imposed by the ATO are no longer deductible. What are the interest charges? There are two main […]
