Underpaying your staff is now a criminal offence: what this means for your business
Ensuring employees are paid correctly is a fundamental responsibility for all employers. To strengthen wage compliance, the Australian Government has introduced the Voluntary Small Business Wage Compliance Code. From 1 January 2025, intentionally underpaying employees will be a criminal offence, with penalties including fines and potential imprisonment. What Constitutes Underpayment? Underpayment occurs when an employer […]
Clearer IR and a fairer deal for small businesses
The Fair Work Act plays a vital role in ensuring fairness at work and preventing discrimination against employees. However, there are concerns that the complexity of the industrial relations (IR) framework is limiting the growth potential of small businesses in Australia. The Council of Small Business Organisations Australia (COSBOA) has raised this issue and has […]
Right to disconnect to be extended: will your business be affected?
In August 2024, the government introduced the ‘Right to Disconnect’ legislation, which provides employees with the legal right to refuse contact from their employer outside of agreed working hours. Previously, this legislation applied only to businesses with 15 or more employees. However, from 26 August 2025, the same rights will extend to employees in businesses […]
Christmas bonuses and other festive payroll matters
Employers often provide additional payments to employees at year-end, such as Christmas bonuses or overtime payments. It is essential for employers to understand the reporting obligations to the Australian Taxation Office (ATO) and the implications for superannuation guarantee contributions. Christmas Bonuses Christmas or performance bonuses are lump sum payments made to reward employees for their […]
Accepting cash may become mandatory for Australian businesses
Australia is rapidly moving towards becoming a cashless society, though certain groups—particularly the elderly and those with lower incomes—continue to rely on cash for their transactions. To address this, the Federal Government is considering new legislation that would make it mandatory for businesses to accept cash for essential goods, including groceries and fuel. This initiative […]
Christmas Parties and Fringe Benefits Tax
As the festive season approaches, many businesses look forward to celebrating with employees, clients, and loved ones. However, it is important to understand the potential tax consequences of such events. To help you navigate this, we have outlined the tax treatment for Christmas parties and gifts below. Christmas Parties Held on Business Premises Held Away […]
The ATO’s top tips for running a small business.
Small businesses are the driving force behind Australia’s economy. In 2022, businesses employing fewer than 20 people contributed nearly $590 billion in value, accounting for approximately one-third of the country’s gross domestic product (GDP) during this period. However, maintaining effective financial management, accounting, and tax planning can present significant challenges for many business owners. To […]
Your public company now needs a ‘consolidated entity disclosure statement’
Public companies are now obligated to submit a “Consolidated Entity Disclosure Statement” (CEDS) annually, providing detailed information on all entities within the listed or unlisted company. Following the Treasury’s announcement on 5 July 2024, and as part of the Australian Government’s commitment to tax integrity and transparency, all public companies (those open to public investment) […]
Getting your small business tax in order
As the 2023/24 financial year concludes, it’s important to prepare for submitting your tax return and ensuring that sufficient cash reserves are set aside to meet your company’s tax obligations. This guide is intended to help small businesses understand their end-of-financial-year (EOFY) tax responsibilities, detailing the types of taxes for which you may be liable […]
Keeping your tax and expenses in check when you are self-employed
Engaging in contracting or freelancing necessitates the assumption of various roles—client relationship management, time tracking, skill promotion, and task execution. Equally important, however, is the establishment of a solid financial foundation and the cultivation of prudent financial practices. Understanding Deductible Expenses Prior to initiating your business activities, it is essential to gain a comprehensive understanding […]
