The 2026-27 Federal Budget confirms Division 296 begins on 1 July 2026, imposing an additional 30% tax on superannuation earnings attributable to balances above $3 million, and 40% on earnings attributable to balances above $10 million. SMSF trustees can opt in to a CGT relief mechanism to rebase asset cost bases to market value at…
Part of the Federal Budget 2026-27 guide. Is the $20,000 Instant Asset Write-Off Permanent from 2026? Yes. The 2026-27 Federal Budget, delivered on 12 May 2026, permanently extended the $20,000 instant asset write-off for small businesses with an aggregated annual turnover of less than $10 million. From 1 July 2026, there is no expiry date…
The 2026-27 Federal Budget introduced a loss carry-back mechanism allowing eligible companies to offset current-year losses against tax paid in the prior two income years, a start-up tax refund for companies in their first two years of operation (from 2028-29), and maintained all existing small business CGT concessions. There were no changes to the company…
Are you looking to change accountants? Is your accountant not responding or taking far too long to get back to you? We often have clients sign up for our services due to a negative experience with their previous accountant or accounting firm. For example, we picked up a new client in the Formwork industry. When…
As a business owner in Australia, you are likely familiar with Business Activity Statement (BAS) payments. Every quarter, you report your business’s Goods and Services Tax (GST), Pay-As-You-Go (PAYG) withholding, PAYG instalments, and possibly other taxes via your BAS. For many businesses, this can feel like a heavy financial burden, particularly if your cash flow…
Can I use my super for a house deposit? For many people, the biggest obstacle to buying a home is coming up with a deposit. In Australia, the average deposit is around 20%, which can be a lot of money to save up. However, there is another way to come up with a down payment:…
What to look out for when hiring your first employee Looking at hiring your first employee? Achieving entrepreneurial success isn’t just about picking anyone for your company. It’s also about making sound decisions and implementing the right strategy in attracting the best prospective employees. The first few stages in the life of your business are…
When winding up a company, you must follow the correct process to ensure that your proprietary limited company has officially ceased to exist. Without doing so, you are still obligated to perform regulatory reporting and incur fees on an annual basis. Furthermore, the company will be at risk for exposure to future liabilities that may…
Understanding Employer Obligations As an employer, it’s imperative to understand that your employer obligations extend further than the monetary compensation owed to your employees. Australia’s extensive legislation revolved around employer obligations, and employee rights remains a treacherous area for many inexperienced business owners to navigate. Below, we explore the obvious and not so apparent obligations…
Are you starting your own business? Starting a business is an exciting time for any entrepreneur. Often times, this can be bogged down by the legal landscape of business registrations and the accompanying paperwork that is often involved in ensuring your business is legally permitted to operate in Australia. Without the assistance of an accountant,…
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