Insights & Resources

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 ...

Avoid a tax time shock Individual taxpayers can take the following steps right now to ensure the correct amount of tax is being put aside throughout the year: let their employer know if they have a study or training support loan, such as a HECS or HELP debt;check they are only claiming the tax-free threshold from one employer;consider whether the M...

Taxpayers can start lodging their tax returns With millions of pieces of information now pre-filled (including information from most banks, employers, government agencies and private health insurers), the ATO is giving taxpayers with simple affairs the 'green light' to lodge their tax returns. Taxpayers who plan to claim deductions this year should...

Common signs that something is a scam and how to stay protected Scams work because they look like the real thing and scammers contact you when you're not expecting it, or busy trying to do many things at once.Criminals take advantage of new technology, new products or services and major events. They use them to create believable stories that convin...

ATO's tips for correctly claiming deductions for rental properties Taxpayers who have work done on their rental property should consider the following factors in determining claims for expenses.Repairs and general maintenance are expenses for work done to remedy or prevent defects, damage or deterioration from using the property to earn income. The...

ATO's 'main residence exemption tips' The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property they have lived in. The ATO hopes that the following tips will help in this regard: Taxpayers should consider if they have started earning income from their home (in which case they may need to get a ...

ATO's three focus areas this tax time The ATO will be taking a close look this 'tax time' at the following common errors made by taxpayers:Work related expenses: Taxpayers using the 'revised fixed rate method' of calculating a working from home deduction must have comprehensive records to substantiate their claims, including records that show the a...

Government warns of 'malicious' myGov scammers The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud.The ATO has received a large number of reports of scammers using fake myGov sites to steal myGov sign-in details, which can be used to commit tax and refund fraud in other people's n...

Super contribution caps to rise The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000.This 'CC' cap is broadly applicable to employer super guarantee contributions, personal deductible contributions and s...

Government announces changes to proposed 'Stage 3' tax cuts Despite previous assurances, and after much speculation, the Government has announced tweaks to the 'Stage 3' tax cuts that will apply from 1 July 2024. More particularly, the Government proposes to: reduce the 19% tax rate to 16%;reduce the 32.5% tax rate to 30% for incomes between $45,00...

Tax issues for businesses that have received a support payment Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income. Grants are generally treated as assessable income, and taxpayers may...