Latest Blogs
Practical Tips to Prepare for an ATO Audit or Review
No one likes sudden surprises when it comes to tax matters. If you are running a small business, especially with staff, the thought of an ATO audit can be a bit stressful. Proper audit preparation requires businesses to maintain organised and clear financial records,...
The Real Financial Benefits of Hiring Accountant
Small businesses have to compete with much larger and more established companies. This can make them more vulnerable to losing their hard-earned money, as they don’t have the same level of infrastructure or staff that established organisations do. This is why small...
Smartest Financial Planning Questions to Ask Your Accountant
Whether you are a startup or running a large organisation, it is essential to daily check your company’s financial status, assess your business expenses, and make logical estimations and decisions that will positively impact your business growth. Professional...
Using Business Money for Personal Use: What You Must Report
You are required to report money and assets taken from your trust or company as income on your tax return. You will understand how money taken out of your business, or using business assets for personal use, must be reported and recorded for tax purposes. It applies...
Has Your Small Business Outgrown DIY Accounting?
Startup businesses often start recording financial transactions using simple spreadsheets and DIY bookkeeping. In the starting stage, monitoring and recording transactions feels manageable, and managing the basics yourself can save money. However, when your business...
From BAS Error to Compliance: A Business Owner’s Guide
Did you know that there are many business owners who make BAS mistakes? BAS mistakes not only cost them money but can also put their business at risk. A Business Activity Statement (BAS) is a report that business owners need to file with the Australian Taxation Office...
Car Parking and FBT: What Australian Employers Need to Know
What is a Car Parking Fringe Benefit? As an employer, you offer a car parking fringe benefit on any day that all following occur: Your employees park their car in a place that you own, control or lease (your business premises) is near or at their primary place of...
Understanding Operating Expense Deductions for Businesses
What are Operating Expenses? Operating expenses are expenses you have to pay for or have paid for in the everyday running of your business. Here are some examples of operating expenses: renting premises, office stationery, and the purchase of trading stock. These...
When Do You Need to Register for PAYG Withholding?
Understanding your obligations under Australia’s Pay As You Go (PAYG) withholding system is essential for staying compliant and avoiding unnecessary penalties. In this blog, we’ll discuss when you are required to register for PAYG withholding, who it applies to, and...
What Tool and Equipment Deductions Can You Claim for Work?
Did you know you can claim deductions for tools and equipment you use for work? Yes, you’ve heard it right. But you must know what tools and equipment expenses you can claim as a deduction. In this blog, we’ll list tools and equipment eligible for deductions....
Key Legislative Updates: Recent Tax and Regulatory Measures
Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025 The Act received Royal assent on 4 December 2025 and is now law. It extends the $20,000 instant asset write-off for eligible small businesses with turnover under $10 million by 12...
From the Regulators: What’s New Across Tax, Super, GST and Compliance
Remission Requests for Interest and Penalties From 22 January 2026, registered tax and BAS agents must use the approved remission application form to request the remission of general interest charge (GIC), shortfall interest charge (SIC) or failure to lodge (FTL)...
Government Updates Impacting Tax, R&D Tax Incentives and Superannuation
Division 296 Exposure draft legislation has been released by the government for consultation on the Better Targeted Super Concessions measure announced in October 2025. Schedules 1 and 3 of the draft Bill, along with the draft Imposition Bill, propose the introduction...
Key ATO Rulings, Compliance Updates and Tax Guidance You Need to Know
Personal Services Businesses and Part IVA The Practical Compliance Guideline PCG 2025/5 has been released by the ATO, which explains when arrangements are considered low risk or high risk for the application of Part IVA. The guideline focuses on scenarios where...
Deductions for Salaries, Wages and Super Contributions
In this blog, we’ll discuss how business owners can claim a tax deduction for employee salaries, wages, and super contributions. When Can You Claim a Deduction? As a business owner, you can apply to claim a tax deduction for: the wages and salaries you pay to...
Which Business Travel Expenses Qualify for Tax Deductions?
You can claim tax deductions for business travel expenses. Now, you may be wondering: What expenses can I claim? In this blog, we’ll discuss expenses that you can claim and what expenses cannot be considered business travel expenses. What Expenses Can You Claim? As a...
Are Digital Product Expenses Tax-Deductible for Businesses?
If you are running a business in Australia, you can claim a tax deduction for the cost of digital products that are used in running your business. Let’s explore more about tax deductions for digital product expenses. Understanding Deductions for Digital Product...
Charged GST Incorrectly: What Should You Do?
You might be wondering what the consequences can be if you charge GST incorrectly on a sale and include excess GST in your BAS. Incorrectly Charged GST Excess GST is when you treat something as taxable incorrectly and include GST for it in your business activity...
How Does PSI Impact PAYG Obligations?
If you or your business receives personal services income (PSI), you may have to meet certain PAYG withholding obligations. Under the Pay As You Go (PAYG) withholding rules, you need to collect tax from payments made to employees and some businesses so they can meet...
Are You Meeting Your Superannuation Obligations?
As an employer, you need to meet your super obligations to ensure that you are contributing towards the financial future of your employees. You are liable to pay the super guarantee on time at the correct rate and to the right fund. What is Super Guarantee...
Which GST Errors Can’t Be Fixed on a Later BAS?
Before we discuss which GST errors cannot be fixed, you must know what a GST error is, how to correct it, and the types of GST errors. What are GST Errors? A GST error refers to a mistake related to the GST credit, the amount of GST, or a GST adjustment. You might...
How Can Accounting Help Prepare for Future Financial Growth?
As your business grows, you may encounter various challenges that can slow down the progress of your business if you don’t manage them effectively. These challenges range from limited resources to high market competition and financial pressures. Such challenges can...
What Happens If Super is Paid Late or Missed?
Paying Superannuation Guarantee (SG) on time is not just crucial for your employees, it’s essential for your business. If you make SG payments late, you need to go through a specific process to make a correction, which can affect both you, as the employer, and your...
What Counts as a Deductible Business Travel Expense?
When you're travelling for business in Australia, it’s important to understand which expenses you can claim as tax deductions. The Australian Taxation Office (ATO) has specific guidelines for what you can claim, but it’s easy to get confused by the details. In this...
What are Common Tax Mistakes Sole Traders Should Avoid?
Starting a new business as a sole trader is rewarding and exciting, but it’s crucial to make sure you structure your business correctly to get many tax benefits. If you are starting small, you are required to register as a sole trader, which is, importantly, an...
How Do You Account for GST in Your Business?
GST-registered businesses need to issue tax invoices to their clients, gather GST and send it to the ATO with their business activity statement (BAS). There are certain ways you can make this easier to manage: Use business accounting software to generate tax invoices...
What Tax Compliance Mistakes Put Your Business at Risk?
The Australian Taxation Office (ATO) focuses on businesses that are not adhering to rules set by legal authorities. This means that all companies in Australia need to be careful now. It has become important to stay on top of finances. There is more strictness on how...
Do You Really Need Receipts to Claim Deductions in Australia?
You may be wondering: Can I claim deductions without receipts in Australia? This question may strike your mind when you fail to keep receipts. Well, this is a common concern, but it doesn’t mean that you have to skip those deductions. The good news is that the...
What Should You Review During a Year-End Financial Checkup?
When the end of the financial year approaches, you need to evaluate your business's financial health. A mid-year financial check-up ensures that your business books are up to date, your budget is on track, and you are prepared for tax season. If you don’t review your...
What to Do If You Make a Mistake on a Fuel Tax Credit Claim?
Did you know that you can save a lot with fuel tax credits? But a simple mistake on your Business Activity Statement can get you into trouble. Don’t worry if you have made a mistake. Knowing how to correct an error can help you stay compliant, avoid penalties, and...