Understanding PAYG Instalments: What Business Owners Need to Know
As a business owner, staying on top of your tax obligations is essential, not just at tax time, but throughout the financial year. One of the key systems the ATO uses to help businesses manage their income tax is the Pay As You Go (PAYG) instalment system. If your business earns income outside […]
Tax Deductions to Know for 2024–2025: A Guide for Individuals Preparing Their Return
As the 2025-26 financial year kicks off and the 2024-25 ends, it heralds the start of another tax season of receipt-chasing, deductions and paperwork. Whether you’re lodging your return early or waiting until the October deadline, understanding what you can legally claim as a tax deduction can make a real difference to your refund […]
Boosting Your Retirement with Downsizer Contributions: What You Need to Know
If you’re aged 55 or over and considering selling your family home, you may have a unique opportunity to boost your superannuation through what’s known as a downsizer contribution. This measure aims to provide greater flexibility in retirement planning while encouraging better use of housing stock across the country. Here’s what you need […]
Crypto & SMSFs – A Warning For Trustees
As interest in cryptocurrency continues to grow, an increasing number of self-managed super funds (SMSFs) are incorporating digital assets into their investment strategies. While the potential for high returns can be appealing, the world of crypto is still relatively new and comes with significant risks. For SMSF trustees, it’s essential to tread carefully and […]
New Car Thresholds from 1 July: What Small Business Owners Should Know
If you’re considering purchasing a vehicle for your business, it’s important to be aware of the updated car thresholds taking effect from 1 July 2025. Each financial year, the Australian Taxation Office (ATO) reviews and adjusts these thresholds to reflect inflation and economic conditions, and they directly impact how much you can claim for […]
Updating Your Business Plan – A Reset, Refresh & Restart In The New Financial Year
A new financial year is more than just ticking compliance boxes—it’s a strategic opportunity to reflect, reset, and reposition your business for the year ahead. One of the most valuable tools you can leverage during this time is an up-to-date business plan. While many businesses set a plan when starting out, it’s easy to […]
Super Tips for Sole Traders and Partnerships Before EOFY
If you’re self-employed—whether you run your own business as a sole trader or operate within a partnership – you’re probably used to wearing many hats. From managing clients and keeping up with invoices to handling tax obligations, the to-do list never seems to end. But as we approach the end of the financial year […]
Business In Distress? Proactive Steps You Can Take Before EOFY
Businesses facing financial challenges must take proactive steps as the end of the financial year approaches to ensure compliance and set a foundation for recovery. The Australian Taxation Office (ATO) has intensified efforts to recover debts, leading to a surge in insolvencies and restructuring plans . Therefore, it’s crucial for struggling businesses to […]
Tax Concerns When Managing an NDIS Budget
Self-managing your National Disability Insurance Scheme (NDIS) budget can give you more control and flexibility. However, it also comes with important tax responsibilities – especially if you’re hiring support workers directly or receiving NDIS funding as a participant, nominee, or plan manager. Understanding your tax obligations can help you stay compliant and avoid […]
Carrying Forward Contributions Before The EOFY
As we approach the end of the financial year, it’s a great time to review your superannuation strategy – especially if you haven’t used up your concessional (pre-tax) contribution caps in recent years. Thanks to the ATO’s carry-forward contributions rule, you may be able to boost your super and gain a tax advantage by […]