Key points The ATO now uses external data sources to identify unreported fringe benefits, especially company vehicle usage. Since July 2022, eligible low-emission vehicles are exempt from FBT, but plug-in hybrids lose this status from April 2025. Accurate documentation is essential to claim FBT exemptions and avoid penalties during increased ATO audits. The Fringe Benefits […]
Key points Businesses focusing only on sales and profit risk collapse without strong cashflow to cover wages, rent, tax, and other immediate expenses. Cashflow can be improved by invoicing promptly, shortening payment terms, and ensuring invoices meet client requirements to avoid delays. Use automation tools like Xero to send reminders and follow-ups, helping reduce overdue […]
Key points From 1 July 2024, concessional caps rise to $30,000 and non-concessional caps to $120,000, boosting super contribution potential. Bring-forward provisions allow up to $360,000 in non-concessional contributions over three years, depending on your Total Superannuation Balance. Thresholds for bring-forward eligibility are lowering, making it harder for some to qualify based on their super […]
Key points Act early to protect income, assets, and retirement plans during divorce. Business and company assets may be affected by divorce decisions. Ensure smooth financial transitions to the right people at the right time Getting a divorce has a big impact on household incomes and wealth in the short term and the long term, […]
Key points Choose a strategy based on goals, risk appetite, and business stage. Use superannuation and family trusts for tax-effective wealth building. Protect wealth with estate planning and key insurances like income and business protection. If you are a business owner looking to create wealth you need to have the appropriate strategy before deciding on […]
Key points ATO resumes using Recoveriescorp to pursue unpaid tax debts from 29 January 2024. No extra penalties apply; payment plans are managed by Recoveriescorp. Recoveriescorp has limited ATO access and follows strict privacy protocols The ATO are recommencing the use of an external debt collection agency for overdue tax debts. From 29 January 2024, […]
Key points SMSFs offer tax advantages but are more regulated than family trusts. Family trusts allow flexible asset use and better intergenerational wealth transfer. Using both structures together can optimise tax and asset management strategies. Family trusts and SMSFs each carry their own benefits and disadvantages in providing a way to transfer and manage your […]
Key points Personal insurances protect cashflow, lifestyle, and family in case of injury or death. Key types include life, TPD, trauma, and income protection insurance. They support estate planning, philanthropy, and financial security for business owners and executives. Many people see the benefits of car insurance or health insurance but don’t always have personal insurances. […]
Key points Know your cash flow position to avoid financial surprises and maintain control. Use forecasting tools and regularly review your cash inflows and outflows. Build a cash reserve and manage receivables proactively to stay resilient. The most successful small businesses know their cash flow position and cycles while those that don’t often run into […]
Key points Live data enables real-time financial insights for faster, smarter decisions. It helps identify inefficiencies early and supports proactive business planning. Regular management reporting using live data ensures strategic clarity and peace of mind. As a small to medium business owner, your aspirations for growth and success are undoubtedly at the forefront of your […]
Thank you for you interest