Check GST credit claims before lodging BASs
Taxpayers who are registered for GST can claim GST credits (or ‘input tax credits’) for the GST included in the price of goods and services they buy for their business. However, if they buy something for both business and private use, they need to apportion their GST credit to only claim the business use. For […]
Government payments programs
The ATO is reminding taxpayers that receive government payments for delivering services under a Commonwealth program, such as healthcare, disability support or child care, that they have an obligation to: keep accurate records; and report any such income they receive in their tax return. The ATO recently advised that it would be contacting taxpayers and […]
Contractors omitting income
Through data matching, the ATO is seeing some contractors incorrectly reporting or omitting contractor income. Contractors need to report all their income in their tax return, including payments made by businesses for their contracting work. Note that, as part of the taxable payments reporting system (‘TPRS’), certain businesses must lodge a ‘Taxable payments annual report’ […]
Businesses using cash to dodge obligations
The ATO is ‘cracking down’ on businesses that use cash to avoid meeting their tax, employer and business obligations. Businesses that do this may: fail to report all sales transactions and fail to issue receipts; avoid paying GST, income tax, PAYG withholding, super guarantee, insurance and work cover protection; report their income below the $75,000 […]
$20,000 instant asset writeoff extended
Taxpayers should note that if their business has an aggregated annual turnover of less than $10 million, they may be able to use the instant asset write-off (‘IAWO’) to immediately deduct the business portion of the cost of eligible assets which cost less than $20,000. Eligible assets must basically have been first used (or installed […]
Why ESG is your new competitive edge
As transparency in business reporting has increased, so has our awareness of environmental, social and governance (ESG) reporting. But ESG reporting isn’t something that just applies for big corporations and large multinationals. According to recent research from Sage and the International Chamber of Commerce (ICC), 70% of SMEs now say sustainability is central or important […]
How to find government grants and support
Bringing capital into your business gives you the funding to bring your strategic and growth plans to life. But finding that funding isn’t always plain-sailing. One important way to boost your capital is to search for government grants and loans. The Federal Government’s grant finder tool currently lists 537 different grants and programs for businesses. And each […]
Interest rates go up: how could this affect your finances?
On 3 February 2026, the Reserve Bank of Australia announced an increase in the cash target rate. This announcement takes the cash rate from 3.6% up to 3.85%. With inflation on the rise, greater capacity pressure and the labour market position looking tight, the RBA felt that action was needed to nip these economic trends […]
What are trade tariffs and how can they affect your business?
Over the past few months, we’ve heard a lot in the news about the possibility of trade tariffs, especially in relation to the tariffs imposed by the current US administration. But what exactly is a trade tariff? What do they do? And how could high trade tariffs affect your ability to export to certain countries […]
How to find government grants and support
Bringing capital into your business gives you the funding to bring your strategic and growth plans to life. But finding that funding isn’t always plain-sailing. One important way to boost your capital is to search for government grants and loans. The Federal Government’s grant finder tool currently lists 537 different grants and programs for businesses. And each […]