Small Business

  • What’s ahead in 2025?

    The last few years have been a rollercoaster ride of instability. 2025 holds hope, but not a guarantee, of greater stability and certainty. We explore some of the key changes and challenges. An election Welcome to political advertising slipping into your social media, voicemail, and television viewing – most likely with messages from the opposition asking if you are better…

    General News
  • ATO focus on business tax and super debt

    The Australian Taxation Office are changing their approach to collecting unpaid tax and superannuation debts, focusing on businesses who refuse to engage with them and ignore their requests for payment. This approach, the Taxation Office believe, will make it fairer for compliant businesses that do the right thing and fulfil their tax obligations. Whether you operate a small or large…

    Business Advisory | Taxation | Superannuation
  • Payday super: the details

    ‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers. From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary and wages instead of the current quarterly payment sequence. The rationale is…

    Superannuation
  • The rise in business bankruptcy

    ASIC’s annual insolvency data shows corporate business failure is up 39% compared to last financial year. The industries with the highest representation were construction, accommodation and food services at the top of the list. Restructuring appointments grew by over 200% in 2023-24. Small business restructuring allows eligible companies – those whose liabilities do not exceed $1 million plus other criteria…

    General News | Business Advisory
  • $20k instant asset write-off passes Parliament

    Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year. Purchases of depreciable assets with a cost of less than $20,000 that a small business makes between 1 July 2023 and 30 June 2024 can potentially be written-off in the year…

    Taxation
  • What’s ahead for 2024-25?

    Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the superannuation guarantee (SG) rate increased by 0.5% to 11.5%. For employers,…

    Business Advisory | Taxation | Superannuation
  • The essential 30 June guide

    The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions. For you Opportunities Take advantage of the 1 July 2024 tax cuts by bringing forward your deductible expenses into 2023-24. Prepay your deductible expenses where possible, make any deductible superannuation contributions, and plan any…

    Business Advisory | Taxation | Superannuation
  • Do your kids really want to take over your business?

    Generational succession – handing your business across to your kids or family – sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid…

    Business Advisory
  • The Price is Right Budget 2024-25

    The Treasurer is promising that inflation will decline by 0.75% as a direct result of the 2024-25 Federal Budget initiatives including energy relief for all households, a boost to Commonwealth Rent Assistance, and the freezing of the maximum co-payment on the Pharmaceutical Benefits Scheme. This is a pre-election budget for the people with everyone getting a little something to ease cost…

    Taxation | Superannuation | General News | Business Advisory