ATO to include tax 'debts on hold' in taxpayer account balances From August 2025, the ATO is progressively including 'debts on hold' in relevant taxpayer ATO account balances. Editor: A 'debt on hold' is an outstanding tax debt where the ATO has previously paused debt collection actions. Tax debts will generally be placed on hold where the ATO deci...
Bookkeeping might not be the most exciting part of running a business - but getting it wrong can cost far more than just time. Many small business owners don't realise that simple bookkeeping mistakes can snowball into expensive clean-up jobs that eat away at profits. At CSCG, we've seen it happen: small errors left unchecked can grow into months o...
For every small business owner, understanding your break-even point is essential. It's the number that shows how much you need to sell before you start making a profit. Once you cross that line, every additional sale contributes directly to your bottom line. A Simple Example of Break-Even for Services Let's look at a consulting business to make thi...
If you're a solopreneur or running a start-up, managing your bookkeeping can feel overwhelming. The good news is, it doesn't have to be. With the right bookkeeping software, you can streamline your processes, save valuable time, and make smarter financial decisions. Accurate and up-to-date records mean fewer surprises at tax time, smoother complian...
Paid parental leave changes have now commenced As from 1 July 2025, the amount of Paid Parental Leave available to families increased to 24 weeks, and the amount of Paid Parental Leave that parents can take off at the same time has also increased from two weeks to four weeks. Superannuation will now also be paid on Government Paid Parental Leave fr...
Changes to car thresholds from 1 July The car limit for the 2026 income year is $69,674.This is the highest value that a taxpayer can use to calculate depreciation on a car where they use the car for work or business purposes and they first use or lease the car in the 2026 income year. If a taxpayer is buying a car and the price is more than the ca...
'Wild' tax deduction attempts The ATO recently revealed some of the 'wild' work related expense tax claims people have tried to "put past" the ATO, including the following: A mechanic tried to claim an air fryer, microwave, two vacuum cleaners, a TV, gaming console and gaming accessories as work-related. The claim was denied as these expenses are p...
Most business owners create a budget once, feel good about it, and then don't look at it again until the following year. But if you're not reviewing your budget regularly, it's probably not working as well as you think.Business isn't static, prices change, revenue shifts, expenses creep in, and unexpected things pop up. So your budget needs to adju...
We're here to talk about something many business owners avoid... pricing.If your profit margins feel too tight, your revenue isn't matching your workload, or you haven't reviewed your rates in over a year… it might be time for a pricing adjustment.Here are a few tips to help you rethink and refine your pricing model, without thestress:1. Review you...
How to manage business day-to-day transactions The ATO has the following tips for small business owners "that can make your tax life easier": They should keep an eye on upcoming expenses, and regularly update their books and reconcile their accounts.They should set aside the GST they collect (e.g., by transferring it into another bank account withi...
ATO's new focus for small business The ATO is currently focusing on the following 'specific risk areas', where it is concerned "small businesses are getting it wrong": Contractors omitting income — with a focus on data matching to ensure all income is reported.Quarterly to monthly BAS reporting for GST purposes — The ATO will move around 3,500 smal...
How to master employer obligations in 2025 Taxpayers who employ staff should remember the following important dates and obligations: Fringe benefits tax ('FBT') 31 March 2025 marks the end of the 2024/25 FBT year. Employers should remember the following regarding their FBT tax time obligations. They should identify if they have provided a fringe be...
If your accountant is retiring, you might be wondering what to do next. Don't panic! There are a few key steps you can take to ensure a smooth transition for your business finances. 1. Get Your Records in OrderBefore your accountant steps away, request all financial records, reports, and tax documents. Make sure you have access to any accounting so...
Economic ups and downs happen, but staying on top of your finances and efficiency can help your business stay strong. Here's how:1. Keep an Eye on Cash FlowKnow what's coming in and going out so you're never caught off guard. Cut unnecessary costs, ask vendors for better payment terms, and encourage early payments to keep your cash flowing. A stron...
Cash flow is crucial for every business, but unpaid invoices can cause financial stress. Late payments make it harder to cover expenses, invest in growth, and keep operations running smoothly.The good news is that a few simple strategies can help you get paid on time.1. Send Invoices Immediately and Set Clear TermsThe sooner you send an invoice, th...
When managing your transactions in Xero (or any accounting software), it's important to understand whether to void or delete a transaction. The right choice can help you maintain accurate records and avoid potential issues down the line.Here's a breakdown:Void a Transaction:Use this when you've made a mistake but want to keep a record of the transa...
CGT withholding measures now law The Government recently passed legislation making changes to the foreign resident capital gains withholding laws (among other changes).The new legislation increases the foreign resident capital gains withholding rate to 15% (from 12.5%), and completely removes the threshold (currently $750,000) before which withhold...
Running a business is a lot of work, but there are ways to make things easier! One of the best ways to save time and reduce stress is by automating parts of your business finances. Here are a few things you can automate:Invoices – Set up recurring invoices for regular clients.1.Bill Payments – Set up automatic payments for regular bills and subscri...
Managing your business finances can be overwhelming, but breaking it down into smaller, manageable tasks can make all the difference.Here's a quick guide to the essential bookkeeping tasks you should tackle monthly to keep everything running smoothly and your finances in check:Make sure all your business transactions including sales, expenses, and ...
Hiring employees for the festive season As the festive season approaches, employers that hire new employees to help with their business should remember the following when it comes to their employer tax and super obligations: Employers should make sure they are withholding the right amount of tax from payments they make to their employees and other ...
