If you earn income mainly from your own skills or efforts, whether you’re a: consultant, tradie, or contractor, there’s a good chance the ATO considers it Personal Services Income. How you handle it matters more than you might think. What is Personal Services Income? Personal Services Income (PSI) is income earned mainly as a reward […]
A tax debt doesn’t just sit there, it grows. And from 1 July 2025, it got even more expensive to carry one. Here’s what you need to know about ATO interest charges and how to get on top of them. How the ATO charges interest on unpaid tax When you pay your tax late or […]
From 1 July 2026, the way employers pay superannuation is changing. Under the new Payday Super rules, you’ll need to make a super contribution for each eligible employee on every single payday, not quarterly as many businesses do today. What You Need to Do Before July Now through March, focus on planning and preparation. Review […]
STS Accounting is thrilled to announce an exciting new partnership with My Mortgage Freedom (MyMF) – An award-winning mortgage brokerage and fintech pioneer based in Melbourne. This partnership is a significant step forward for our team, allowing us to broaden our capacity to provide you with a truly comprehensive range of financial solutions. My Mortage […]
If you employ workers in the building and construction industry, your redundancy obligations are different and often more demanding than those that apply to general employers. Here’s what you need to know. Why Construction is Different If you’re working or employing people in the building industry, the Building and Construction Award has its own industry-specific […]
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. […]
