A quick take on the budgets proposed trust taxing regime
Here is a federal budget viewpoint that perhaps remains unconsidered 🤔 A real life example of a small business operating through a discretionary family trust, earning a net profit of $60,000 per annum: Crapper and Crapper – a plumbing business. Mr Crapper does the plumbing work, Mrs Crapper does all the bookkeeping, administration, including purchasing materials and hiring contractors, running errands etc. The are both self-funded of retirement age but still work, not beca
Payday Super FAQs for Small Business Clients
From 1 July 2026, the way employers pay super is changing. These FAQs explain what Payday Super means for your business, what’s different, and what you need to do to get ready. The Basics 1. When does Payday Super start? 1 July 2026. From that date, employers must pay super at the same time as salary and wages. You can start paying more frequently before then to help your business adjust, but it’s not compulsory until July. 2. What exactly is changing? Most businesses current
ATO Interest now non deductible
From 1 July 2025 any interest you accrue on unpaid ATO accounts is non deductible. The current interest rate accruing on ATO debts is...
FBT & personal use assets are on ATO audit radar
The Fringe Benefits rules are a complicated layer to the taxation system. FBT operates in addition to GST and Income tax. The ATO has...
Business Valuation Tip!
Here is an example of transaction comparisons I recently used. Real estate valuations compare sales of similar properties, business...
FBT – Good intentions always have unintended consequences.
To know where you are going you first must know where you have been. As a very green Accountant FBT was explained to me as follows “It’s...
Division 7a Loans – How to manage them!
A quick google search will tell you that Taxation has existed since 3,000 BC. Thank you, Ancient Egypt! Taxation has always been an...
ATO New Agent Obligations
The ATO has recently added some additional hoops for tax agents to jump through when taking on new clients. As well as some complicated...
ATO Debt, interest rates and payment plans
What goes up, must come down! Every action causes an equal and opposite reaction. Every debit has an equal and corresponding credit. The...
Superannuation Guarantee
The ATO is stepping up the compliance regime for employee's super. Where super is not paid on time the data matching techniques...
