As the end of the year approaches, many businesses face a busy holiday season — whether that means managing a surge in activity or preparing for a temporary shutdown. Early planning around payroll, tax, superannuation and employee leave can help you stay compliant, avoid cash flow surprises and keep your team happy. Review your payroll […]
Managing your tax doesn’t have to be complicated. Whether you’re preparing your return yourself or assisting someone else, the Australian Taxation Office (ATO) provides a range of free tools and support services designed to make the process more approachable, accurate, and stress-free.Explore ATO Online Services Safely with the Simulator. If you’re new to lodging your […]
As part of its government-mandated review into ways to strengthen productivity and economic resilience, the Productivity Commission has released an interim report proposing significant changes to Australia’s company tax system. The Commission highlights that Australia’s current company tax regime is complex, internationally uncompetitive, and disproportionately disadvantages smaller and newer businesses. In particular: Key draft recommendations […]
The Federal Government’s commitment to reduce student loan debts by 20% has now been legislated, providing significant relief to over three million Australians with outstanding education debts. Who is eligible? The reduction applies to all student loan types, including: To be eligible, you must have had a student loan balance outstanding on 1 June 2025. […]
The Australian Government is moving ahead with its plan to implement an additional 15% tax on earnings associated with total superannuation balances exceeding $3 million. First announced in February 2023, this measure aims to rebalance the super system, which has long provided generous tax concessions that disproportionately benefit high-balance account holders. The proposed legislation — […]
In welcome news for small and medium-sized enterprises (SMEs), the government has extended the timeframe for amending income tax returns, providing business owners with greater flexibility and certainty when managing their tax affairs. From the 2024–25 income year onwards, businesses with an aggregated annual turnover under $50 million will now have four years (up from […]
Establishing a Self-Managed Super Fund (SMSF) offers flexibility and control over your retirement savings—but it also comes with serious legal and administrative responsibilities. As a trustee, you are personally responsible for ensuring that your fund complies with all relevant superannuation laws and regulatory requirements. A failure to comply with these obligations is referred to as […]
If you’re approaching retirement with a significant balance of unused annual or long service leave, you may be weighing up whether to enjoy a well-earned break before finishing work—or simply take the leave as a lump sum when you retire. Both options can have implications for your superannuation, tax position, and even Age Pension eligibility. […]
The Australian Taxation Office (ATO) has announced its key focus areas for small businesses in 2025. Understanding these priorities will help ensure your business stays compliant and avoids unnecessary scrutiny or penalties. 1. Keeping Business and Personal Finances Separate The ATO is reinforcing the importance of separating business and personal finances. Using company funds for […]