Tax and Business Guides
Australian tax, small business, company, GST and compliance articles for individuals, families and business owners.
Taxation News
Tax Time 2026: What’s changed for company and trust tax returns (2025–26)
What changed for 2025–26 company and trust returns: company rates steady at 25%/30%, the $20,000 instant asset write-off continuing to 30 June, ATO interest no longer deductible, trust distribution resolutions due by...
Taxation News
Tax Time 2026: What’s changed for your individual tax return (2025–26)
What actually changed for your 2025–26 (Tax Time 2026) individual tax return: rates unchanged, ATO interest (GIC/SIC) no longer deductible, the 70c/hour working-from-home rate, HELP/HECS threshold rising to $67,000 with a marginal...
Taxation News
2026–27 Federal Budget: Business and Trust Tax Changes
The 2026–27 Budget brings major changes for small business, companies and discretionary trusts — a permanent $20,000 instant asset write-off, the return of company loss carry back, start-up loss refundability, R&D reform...
Taxation News
2026–27 Federal Budget: Negative Gearing and CGT Reform
The 2026–27 Budget reshapes property and investment tax — limiting negative gearing on established residential property, preserving incentives for new builds, replacing the 50% CGT discount with cost base indexation, and introducing...
Taxation News
2026–27 Federal Budget: Personal Tax Changes Explained
The 2026–27 Federal Budget delivers several personal tax changes — staged tax rate cuts, a new $1,000 standard work-related deduction, the Working Australians Tax Offset, higher Medicare Levy thresholds and PHI rebate...
Business News
ABN, ACN, TFN, GST and PAYG: The Five Business Terms New Owners Often Mix Up
When starting a business in Australia, ABN, ACN, TFN, GST and PAYG can be confusing. They are not the same thing, and each one relates to a different registration, reporting or compliance...
Business News
Payday Super Is Coming: How Employers Should Prepare for 2026
From 1 July 2026, employers will need to pay super guarantee in line with each payday. Small businesses should review payroll systems, employee details, cash flow and super payment processes before the...
Business News
Hiring Your First Employee? A Practical Checklist from TFN to STP and Super
Hiring your first employee is not just about agreeing on wages and working hours. Employers need to manage TFN details, PAYG withholding, payroll setup, STP reporting, superannuation and employment records from the...
Taxation News
What Records Should a Small Business Keep for Tax?
A deduction is not just about whether money was spent. It also depends on whether the business can prove the expense. Most business tax records should generally be kept for at least...
Taxation News
GST Registration and BAS: When Must a Small Business Register?
For most Australian small businesses, the GST registration threshold is $75,000 in annual GST turnover. If a business fails to register on time, it may have to pay GST from the date...
Taxation News
ATO Interest Charges Are No Longer Deductible: What Small Businesses Need to Know from 1 July 2025
From 1 July 2025, General Interest Charge (GIC) and Shortfall Interest Charge (SIC) incurred with the ATO are no longer tax deductible. For businesses with overdue tax, late BAS payments or amended...
Taxation News
GST-free, Input Taxed or Exempt? Stop Mixing Them Up
GST-free and input taxed sales may both involve no GST charged to the customer, but they are not the same. The difference affects BAS reporting, tax invoices and whether GST credits can...
Taxation News
$20,000 Instant Asset Write-Off: Can Your Small Business Claim Equipment Immediately?
The instant asset write-off can be valuable for eligible small businesses, but it is not a blanket rule that allows every purchase to be claimed immediately. Eligibility, timing, business use and record...
Business News
Employee or Contractor? Get Worker Classification Right Before You Hire
Having an ABN does not automatically make someone a contractor. A contractor agreement also does not remove employer obligations if the working relationship is really employment. Getting the classification wrong can affect...
Taxation News
Division 7A: Can Company Money Be Taken Out Freely?
Many company owners assume that because they own the company, they can freely use the money in the company bank account. In Australia, a company is a separate legal entity. If a...
Business News
Sole Trader, Company or Trust: How to Choose the Right Business Structure in Australia
Your business structure affects tax, liability, setup costs, control and future growth. Choosing the right structure at the start can save time, money and complications later.
Business News
Small Business Cash Flow Management: Why Profit Does Not Always Mean Cash
A business can be profitable on paper and still run short of cash. Small business owners need to understand the difference between profit and cash flow, and plan ahead for GST, wages,...
Taxation News
How to Stay Compliant and Save Tax Legally
If you run a small business or work for yourself in Australia, understanding your tax obligations is essential. Staying on top of tax compliance not only helps you avoid penalties and unnecessary...
Business News
Pausing or Closing a Business: Do Not Just Walk Away
Stopping trade does not automatically end your tax and registration obligations. Whether you are pausing or permanently closing a business, BAS, GST, PAYG, employees, assets, records and registrations all need attention.
Business NewsFixed Unit Trust Explained | How Unit Trusts Work in Australia
What is a Fixed Unit Trust in Australia? Learn how Fixed Unit Trusts work, how units are allocated, how income is distributed, and when they are commonly used.
Business NewsFamily Trust Explained – How Family Trusts Work in Australia
What is a Family Trust in Australia? Learn how it works, who controls it, tax treatment, asset holding, and ongoing obligations.
Taxation News
Maximising Your Work-Related Car Expense Deductions: How Tax Way Accountants Helped Philip Save on His Personal Tax Return
Meet Philip, a hard-working Australian who uses his car for work purposes. Like many taxpayers, he was unsure of how to maximise his tax deductions for his work-related car expenses. However, with...
Taxation News
Don’t Make These Mistakes When Filing Your Personal Tax Return in Australia: Tips to Avoid Penalties and Fines
Filing personal tax returns can be a daunting task for many Australians. With the Australian Taxation Office (ATO) changing tax laws and regulations every year, it can be challenging to keep up...
Taxation News
5 Common Record Keeping Mistakes to Avoid as an Australian Small Business Owner
Record keeping is a critical component of running a successful small business in Australia. Proper record keeping can help you keep track of your finances, make informed business decisions, and meet y
Business NewsPublic holidays in Victoria for 2021
All public holiday dates are accurate at the time of publishing, but may be subject to change.HolidayDate in 2021New Year's DayFriday 1 JanuaryAustralia DayTuesday 26 JanuaryLabour DayMonday 8 Mar
Taxation News
Rental Property – Renovation or Repair
The cost of repairs and maintenance may be deductible in full in the year you incur them if:the expense directly relates to wear and tear or other damage that occurred as a...
Taxation News
Requirements of tax invoices
Tax invoices for taxable sales of less than $1,000 must include enough information to clearly determine the following seven details: - that the document is intended to be a tax invoice -&nbs