Employers should begin planning now for the permanent shutdown of the Small Business Superannuation Clearing House (SBSCH) on 1 July 2026. Taking action early ensures you can transition smoothly to an alternative super payment method and avoid issues around quarterly SG deadlines. Switching ahead of time will help businesses: Maintain a reliable su...
Many small business owners separate their personal and business finances in theory - but in reality, your personal money habits have a direct impact on how your business performs. Strong personal financial management often leads to clearer decision-making, better cash flow control and greater confidence when planning for business growth. If you wan...
"It's just easier if I do it myself." business owners Every business owner has said it at some point: "It's just easier if I do it myself." But in reality, effective delegation isn't about losing control - it's about building efficiency, freeing up your schedule, and focusing on the work that drives growth. Here's how to delegate smarter and actual...
The holiday season brings celebration, connection, and often - extra expenses. For small business owners, it's the perfect time to enjoy the festivities while staying financially focused. With a little preparation, you can finish the year strong and start the new one with confidence. Set a clear holiday budget Create a detailed budget for end-of-ye...
Dual cab utes and FBT The ATO wishes to dispel the 'common myth' that dual cab utes are automatically exempt from fringe benefits tax ('FBT'). If an employer provides dual cab utes to staff to complete their duties and the vehicle is available for personal use, then the benefit may be subject to FBT. By understanding how their employees use their d...
Employees incorrectly treated as independent contractors The ATO is warning businesses that if they incorrectly treat an employee as an independent contractor, then they risk receiving penalties and charges, including: PAYG withholding penalty for failing to deduct tax from worker payments and send it to the ATO;Super guarantee charge ('SGC'), whic...
ATO to include tax 'debts on hold' in taxpayer account balances From August 2025, the ATO is progressively including 'debts on hold' in relevant taxpayer ATO account balances. Editor: A 'debt on hold' is an outstanding tax debt where the ATO has previously paused debt collection actions. Tax debts will generally be placed on hold where the ATO deci...
Bookkeeping might not be the most exciting part of running a business - but getting it wrong can cost far more than just time. Many small business owners don't realise that simple bookkeeping mistakes can snowball into expensive clean-up jobs that eat away at profits. At CSCG, we've seen it happen: small errors left unchecked can grow into months o...
For every small business owner, understanding your break-even point is essential. It's the number that shows how much you need to sell before you start making a profit. Once you cross that line, every additional sale contributes directly to your bottom line. A Simple Example of Break-Even for Services Let's look at a consulting business to make thi...
If you're a solopreneur or running a start-up, managing your bookkeeping can feel overwhelming. The good news is, it doesn't have to be. With the right bookkeeping software, you can streamline your processes, save valuable time, and make smarter financial decisions. Accurate and up-to-date records mean fewer surprises at tax time, smoother complian...
Paid parental leave changes have now commenced As from 1 July 2025, the amount of Paid Parental Leave available to families increased to 24 weeks, and the amount of Paid Parental Leave that parents can take off at the same time has also increased from two weeks to four weeks. Superannuation will now also be paid on Government Paid Parental Leave fr...
Changes to car thresholds from 1 July The car limit for the 2026 income year is $69,674.This is the highest value that a taxpayer can use to calculate depreciation on a car where they use the car for work or business purposes and they first use or lease the car in the 2026 income year. If a taxpayer is buying a car and the price is more than the ca...
'Wild' tax deduction attempts The ATO recently revealed some of the 'wild' work related expense tax claims people have tried to "put past" the ATO, including the following: A mechanic tried to claim an air fryer, microwave, two vacuum cleaners, a TV, gaming console and gaming accessories as work-related. The claim was denied as these expenses are p...
Most business owners create a budget once, feel good about it, and then don't look at it again until the following year. But if you're not reviewing your budget regularly, it's probably not working as well as you think.Business isn't static, prices change, revenue shifts, expenses creep in, and unexpected things pop up. So your budget needs to adju...
We're here to talk about something many business owners avoid... pricing.If your profit margins feel too tight, your revenue isn't matching your workload, or you haven't reviewed your rates in over a year… it might be time for a pricing adjustment.Here are a few tips to help you rethink and refine your pricing model, without thestress:1. Review you...
How to manage business day-to-day transactions The ATO has the following tips for small business owners "that can make your tax life easier": They should keep an eye on upcoming expenses, and regularly update their books and reconcile their accounts.They should set aside the GST they collect (e.g., by transferring it into another bank account withi...
ATO's new focus for small business The ATO is currently focusing on the following 'specific risk areas', where it is concerned "small businesses are getting it wrong": Contractors omitting income — with a focus on data matching to ensure all income is reported.Quarterly to monthly BAS reporting for GST purposes — The ATO will move around 3,500 smal...
How to master employer obligations in 2025 Taxpayers who employ staff should remember the following important dates and obligations: Fringe benefits tax ('FBT') 31 March 2025 marks the end of the 2024/25 FBT year. Employers should remember the following regarding their FBT tax time obligations. They should identify if they have provided a fringe be...
If your accountant is retiring, you might be wondering what to do next. Don't panic! There are a few key steps you can take to ensure a smooth transition for your business finances. 1. Get Your Records in OrderBefore your accountant steps away, request all financial records, reports, and tax documents. Make sure you have access to any accounting so...
Economic ups and downs happen, but staying on top of your finances and efficiency can help your business stay strong. Here's how:1. Keep an Eye on Cash FlowKnow what's coming in and going out so you're never caught off guard. Cut unnecessary costs, ask vendors for better payment terms, and encourage early payments to keep your cash flowing. A stron...
