What makes a business expense tax deductible?
As a business owner, it’s natural to incur various expenses in the day-to-day running of your operations — from fuelling your vehicle to entertaining clients and purchasing office supplies such as printer toner. But the important question is: Are these expenses tax-deductible? The Australian Taxation Office (ATO) recently published examples of inappropriate claims made by […]
Payday super: what could it mean for your small business?
In 2023, the Australian Government announced that from 1 July 2026, employers will be mandated to pay superannuation contributions concurrently with their employees’ salary and wages payments. This reform, known as “payday super”, will replace the existing quarterly superannuation payment cycle with a process requiring contributions to be made within seven days of each pay […]
Your upcoming tax calendar for May and June 2025
As we approach the end of the 2024–25 financial year, it is important to begin preparations for year-end compliance. This typically involves finalising your general ledger accounts and ensuring all statutory obligations are met in a timely manner. It can, however, be a busy period where key deadlines are inadvertently overlooked – such as lodgement […]
Why accurate leave management is so important
When it comes to managing and recording employee leave, it can be tempting to adopt a relaxed approach. However, there are compelling reasons why leave entitlements must be diligently monitored, accurately recorded, and properly paid. Effective leave management enables businesses to operate efficiently, meet employees’ entitlements, and comply with legal obligations. High-profile cases involving major […]
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 […]