Practical articles from the chartered accountants and advisers at Prime Partners, written to help business owners, founders and families in North Sydney and across Australia make confident financial decisions.
This is where the Prime Partners team shares what we have learned from working alongside Australian business owners every day. You will find articles on business tax, structuring, cashflow, self managed super, growth and succession, written in plain language without the jargon that usually surrounds this work.
Every article is grounded in real client situations and current Australian tax rules, so you can understand what applies to you and what to ask us about. Use the tags below to find the topics that matter most to your business right now, or browse the full collection to see what our advisers are thinking about.
Filter by topic, or scroll through everything we have published.
This article is for owners of businesses turning over roughly $2 million to $10 million who have a bookkeeper doing good work and a nagging sense that something is still missing. It will help you work out whether the gap sits in the bookkeeping or whether the business now needs someone taking a
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This article is for owners and directors of businesses between $2 million and $10 million who keep seeing a profit at the bottom of the page and keep feeling tight at the bank. You will get a practical way to test your own cashflow viability, and an honest look at why trouble can start in
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This article is for people inside Australian companies who are trying to work out whether a particular piece of work qualifies for the R&D Tax Incentive. Whether the company can claim at all is a separate question, so the focus here is the work itself. It explains what counts as R&D in plain
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This article is for owners and directors who pay themselves through a mix of salary, dividends and super, and who want to use the concessions properly without triggering an assessment they did not see coming. You will get the super contribution caps that apply for the 2026-27 year, along with the
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This article is for owners of growing businesses who are about to put a partner, a parent, a sibling or an adult child on the books, or who already have and have never had the arrangement looked at properly. You will get a clear view of what employing family members in business actually obliges you
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This article is for sole traders and small business owners who have noticed their accounting software getting better at guessing, and who are wondering whether the person doing their books is about to become unnecessary. You will get an honest account of what ai bookkeeping does well today, what it
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This article is for directors of Australian companies who have looked at the R&D Tax Incentive at some point, decided it probably was not for them and moved on. It explains the five reasons businesses most often rule themselves out, which of those reasons are valid and the actual tests that decide
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This article is for farming families and agribusiness operators around Orange and central western New South Wales who have had a strong year after a poor one, or expect to, and want the tax outcome to reflect the run of seasons rather than a single twelve month window. You will get a practical view
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As of 1 July 2025, R&D activities related to gambling and tobacco are no longer eligible for the R&D Tax Incentive. The change is now law, having received Royal Assent as part of amendments to the Income Tax Assessment Act 1997, passed through the Treasury Laws Amendment (Delivering an Efficient
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Most of the problems I see in SMSF audits didn’t happen in June. They happened in August, or October, or February, when a trustee made a decision without writing it down, let a pension payment drift, or assumed their investment strategy from the prior year was still good enough. By the time the
Read article →The new financial year is the right time to think about the R&D Tax Incentive, not because anything is due right now, but because of when it isn’t due. The registration deadline for your 2025-26 R&D activities sits ten months away, on 30 April 2027, and that distance is exactly the problem. Ten
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Tax deductible 2026 individual Australia rules are worth reviewing before you prepare your return, because the deductible expense landscape shifts slightly every year. There may be new thresholds, new ATO focus areas, or occasionally a genuinely new rule, which means people can either miss
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Property investor tax deductions Australia 2026: owning an investment property comes with a long list of expenses, along with plenty of opinions about what you can and can’t claim. A rental property is one of the most heavily scrutinised areas of the Australian tax system, and for good reason. The
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What to give your accountant for an SMSF tax return in 2026 Preparing an SMSF annual return is a genuinely different exercise from preparing a personal or business tax return, mainly because there are two professionals involved rather than one. Before your SMSF annual return can be lodged, an
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‘What to give accountant tax return Australia 2026’ is one of the most common questions people google once tax time rolls around. Tax time runs smoother, and usually faster, when your accountant has everything they need upfront, rather than chasing you for missing documents over several weeks while
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What to give your accountant for your business tax return is worth getting clear on before tax time, whether you run a sole trader operation or a multi-entity business. The quality of your records directly determines how smoothly, and how accurately, your tax return gets prepared. The businesses
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Working from home tax deduction 2026 rules are important to understand if you work from home, even some of the time, and want to claim the running costs that come with it. The rules have tightened meaningfully over recent years, and what was acceptable a few years ago, such as a rough estimate
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With the end of the financial year a fortnight away, our recent webinar set out twenty practical actions individuals can take before 30 June. James Carey walked through them in five blocks, covering superannuation, rental property, work deductions, investments and capital gains, and a handful of
Read article →Every SMSF needs an annual audit by an approved auditor. Deadlines, what trustees must provide, common contraventions and the penalties for late funds.
Read article →What an SMSF really costs in 2026 – trust deed, ASIC fees, the $259 ATO levy, audit and admin – plus the balance where the costs start making sense.
Read article →SMSF or industry fund? Compare costs, control, trustee duties and the research on balance thresholds – and find out who should not run their own fund.
Read article →The R&D Tax Incentive can provide significant tax savings, or help extend runway for a growing business. With 30 June 2026 fast approaching, now is the time to make sure your FY26 claim is being set up properly. The records you keep, and the documentation you have on file before the end of the
Read article →Xero prices rise on 1 July 2026 and the multi-organisation discount is going. See the new plan pricing, what it adds to your bill, and how to respond.
Read article →Australia’s anti-money laundering laws have just changed in a way that will affect how we work with you, and in some cases, what information we’ll need to ask for. If you’ve noticed us asking more questions about the source of funds, the structure of your business, or the identity of people
Read article →After years of debate, Australia’s card surcharge landscape is changing in a meaningful way. On 31 March 2026, the Reserve Bank of Australia announced it would lift its current ban on “no surcharge” rules for prepaid, debit and credit cards from certain card networks. From 1 October 2026, Visa,
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We recently held a webinar with James Carey, Partner at Prime Partners, walking through everything announced in the 2026-27 Federal Budget in detail. This article summarises the key changes. If you’d like to watch the full session, click the link below. The Federal Budget handed down by Treasurer
Read article →From 1 July 2026, Australian companies under $1B turnover can carry tax losses back two years and receive a cash refund from the ATO – capped at the franking account balance. Worked family-business example, eligibility rules and dividend policy implications.
Read article →From 1 July 2028, eligible Australian start-ups can convert Year 1 and Year 2 tax losses into a cash refund – capped at the PAYG plus FBT they pay on Australian wages. Three worked examples for SaaS, agency and deep-tech founders, plus how it stacks with the R&D Tax Incentive.
Read article →Running a self-managed super fund in Australia means taking on a level of responsibility that goes well beyond investment decisions. Understanding SMSF trustee obligations is a critical part of managing the fund properly and avoiding costly mistakes later on. The control and flexibility an SMSF
Read article →Every year, May and June bring the same flood of tax tips. Most are generic, some are outdated and a few are genuinely wrong. For business owners with complex structures, the advice aimed at employees or sole traders simply does not apply. Acting on the wrong advice can cost more than doing nothing
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For most established businesses, the relationship with an accountant begins as a practical necessity and stays that way. Returns get lodged, BAS obligations are met and at some point in August or September a set of financial statements arrives for the prior year. The business is compliant, the
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There is a particular kind of discomfort that settles in when the numbers feel slightly off. Not wrong enough to stop everything, but wrong enough that a question about cash position takes longer than it should to answer, or a request for management accounts requires a caveat about some entries
Read article →Reviewed by Hamish Sinclair, R&D ManagerR&D Tax Incentive and government grants specialist, working with software and pharma companies.R&D Tax Incentive: FY2024-25 Registration Deadline Is 30 April 2026 If your company conducted R&D activities between 1 July 2024 and 30 June 2025, you have until 30
Read article →Reviewed by Hamish Sinclair, R&D ManagerR&D Tax Incentive and government grants specialist, working with software and pharma companies.The compliance landscape for R&D Tax Incentive claims in Australia has shifted dramatically. What was once a relatively low-scrutiny program – where claims were
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The government has cut fuel excise by 32 cents per litre and the ATO is offering a dedicated payment plan for businesses affected by high fuel costs. Applications close 30 June 2026.
Read article →Related R&D Tax Insights R&D Tax Incentive for Software Companies 5 Common R&D Tax Claim Mistakes R&D Tax Incentive 2026 Changes R&D Tax Incentive Calculator – estimate your offset Fixed fee AusIndustry R&D claim support – Prime Innovation
Read article →Related R&D Tax Insights R&D Tax Incentive for Software Companies AusIndustry R&D Tax Audit Guide R&D Tax Incentive 2026 Changes
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For business owners operating through companies, trusts and multiple entities – the year-end decisions that cannot wait. Division 7A, trust distributions, small business CGT concessions, superannuation and more.
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A practical guide to protecting your financial position before the year closes – super contributions, capital gains, trust distributions, deductions and the decisions that still have impact before 30 June.
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A practical end of financial year guide for small businesses operating through sole trader, company or trust structures – super guarantee, trust distributions, Division 7A, instant asset write-off and more.
Read article →The 2025-26 trust year has ended. Part A is due 30 April, and the External Examiner’s Report is due 31 May 2026. A practical guide for NSW law practices on trust account compliance, what the examination covers, and how to get it done.
Read article →Related R&D Tax Insights R&D Tax Incentive for Software Companies AusIndustry R&D Tax Audit Guide 5 Common R&D Tax Claim Mistakes
Read article →R&D Tax Incentive for Software Companies in Australia Does your software development qualify for a 43.5% refundable tax offset? This guide explains what activities are eligible, how much you can claim and the common mistakes that trigger AusIndustry reviews.
Read article →On 11 March 2026, the proposed Division 296 superannuation tax legislation passed both houses of Parliament without further amendments. The measure is now scheduled to commence from 1 July 2026, which means SMSF trustees and members should begin approaching the rules as a confirmed part of the
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Fringe Benefits Tax on motor vehicles is one of the most common – and most misunderstood – areas of FBT compliance for Australian businesses. Whether you provide company cars, operate a fleet, or offer novated leases to employees, understanding how FBT applies to vehicles is essential to managing
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Congratulations to Natascha Cherry and Daniel Kardinovski on being named finalists in the Accountants Daily Rising Stars Awards 2026. Natascha has been recognised in the Accountant – Boutique Firm category and Daniel in the Superannuation Specialist category. What are the Accountants Daily Rising
Read article →At Prime Partners, leadership is built deliberately through experience, trust and a consistent ability to bring clarity to complex work. Over the past year, weâve been proud to recognise several team members through promotion to Associate Director roles across both Prime Partners and our sister
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FBT 2026: What You Need to Know Before 31 March As 31 March 2026 approaches, business owners and directors should take the time to review their Fringe Benefits Tax (FBT) position. Once the FBT year closes, there is very little that can be done to change the outcome. A review before year end can
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Over the past few years, many taxpayers experienced a relatively cooperative approach from the Australian Taxation Office. That period is now ending as the ATO shifts back to a far more assertive posture in what many are describing as the ‘2026 ATO crackdown‘, with a clear focus on family-owned
Read article →Electric vehicle salary packaging remains one of the most powerful tax-saving strategies available to Australian employees in 2026. With the FBT exemption still in place for battery electric and hydrogen fuel cell vehicles, the opportunity to pay for your car from pre-tax income – with zero fringe
Read article →Payday Super: What SME Employers Need to Know. For many employers, superannuation has traditionally been something dealt with quarterly. You calculate it, set funds aside, make the payment and move on. Over time, this rhythm has become embedded in the way small and medium businesses manage payroll
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Orbit Accounting has joined Prime Partners. This marks an important step in strengthening the service and support clients receive. In this interview, Greg Dennis, Co-founder of Orbit, and James Carey, Director at Prime Partners, talk through why the merge made sense, what clients can expect and how
Read article →FBT 2025: What you need to know The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT exemption for electric cars Providing equipment to work from home Does FBT apply to your contractors? Reducing the FBT record keeping burden The top FBT
Read article →Our 2024 EOFY update and actions for Business will give you an overview of tax changes and some actions you can take to reduce your tax exposure and minimise risk of an audit. Reducing your tax exposure, maximising the opportunities available to you, and reducing your risk of an audit by the
Read article →Our 2024 EOFY update and actions for Self Managed Superannuation Funds will give you an overview of tax changes and some actions you can take to reduce your tax exposure and minimise risk of an audit. Self Managed Superannuation Funds continue to be a focus for the Government and the regulators,
Read article →The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas FBT exemption for electric cars Work from home arrangements Contractor or employee Mismatched information for entertainment claimed as a deduction and what is
Read article →Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems that
Read article →Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns. Where there is a written contract, the rights and obligations of the contract need to support that an
Read article →A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. The case involves heritage farmland originally purchased for $1.6m that sold 7 years later for $4.25m and the GST debt that the ATO is now
Read article →The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. What will change? It’s not a sure thing yet! How did we get here? What now? After much speculation, the Prime Minister has announced that the
Read article →Division 293 Tax: What You Need to Know Here’s a summary of what you need to know about Division 293 Tax: What is Division 293 Tax? How will you know if you owe the tax? How is Division 293 Tax calculated? Special cases & considerations Releasing money from Super for Division 293 Tax Final
Read article →We all would like to reduce our tax exposure and minimise risk of an audit by the regulators. Reducing your tax exposure, maximising the opportunities available to you, and reducing your risk of an audit by the regulators is in your best interests. With the end of the financial year fast
Read article →Our 2023 EOFY update and actions for individuals will give you an overview of tax changes and some actions you can take to reduce your tax exposure and minimise risk of an audit. Reducing your tax exposure, maximising the opportunities available to you, and reducing your risk of an audit by the
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FBT 2023: What you need to know The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas FBT exemption for electric cars Work from home arrangements Car parking changes Mismatched information for entertainment
Read article →An analysis of if professional service firms should offer full time work from home.
Read article →The November 30 deadline for all directors of an Australian company to obtain their Director Identification Number is looming. The Federal Government introduced a regulation that will need to be adhered to by anyone that is a director of an Australian company. This applies to ALL companies, whether
Read article →We all would like to reduce our tax exposure and minimise risk of an audit by the regulators. With the end of the financial year fast approaching, this update will help you do exactly that: Summary of key changes and actions Top Tax Tips– Our tips to reduce your company’s tax liability and risks.
Read article →Our 2022 EOFY update and actions for individuals will give you an overview of tax changes and some actions you can take to reduce your tax exposure and minimise risk of an audit. Many of the measures and concessions that enabled the Australian economy to insulate against the worst impacts of
Read article →The ATOs new stance on trusts and trust distributions The ATO has released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATOâs more aggressive approach.
Read article →The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas Assistance and benefits provided due to COVID-19 Working from home Emergency assistance Protective equipment Rapid antigen testing Motor vehicle problem areas
Read article →The NSW Government has announced a $1bn support package for struggling NSW small businesses. Acknowledging the difficulty that business operators have faced, the NSW Treasurer Matt Kean has announced a package of measures to support small businesses impacted by COVID-19 over January and February
Read article →Support is available for you if you are impacted by the Victorian lockdowns. A new series of grants have been announced to support Victorian business. Here’s what we know so far: $5,000 Business Continuity Fund Licensed Hospitality Venue Fund 2021 Small Business COVID Hardship Fund Alpine Business
Read article →If your business has been adversely impacted by the recent lockdown in NSW, support is available. The NSW and Federal Governments have announced a series of new measures to support business during extended lockdowns of four weeks or more: Up to $10,000 in weekly Jobsaver cashflow support payments
Read article →If you can’t work because you or someone in your household is impacted by COVID-19, there is support available, but it comes with fairly strict eligibility criteria. There are two payments accessible to individuals: The COVID -19 Disaster Payments; and the Pandemic Leave Disaster Payment. Both
Read article →Our 2021 EOFY update and actions for individuals will give you an overview of tax changes and some actions you can take to reduce your tax exposure and minimise risk of an audit. Many of the measures and concessions that enabled the Australian economy to insulate against the worst impacts of
Read article →We all would like to reduce our tax exposure and minimise risk of an audit by the regulators. This end of financial year update outlines the actions to take to do exactly that: Summary of key changes and actions What’s New: Company tax rate reduction – From 1 July 2021, the company tax rate for
Read article →FBT 2021: What you need to know Is your business at risk of a nasty Fringe Benefits Tax surprise? We’ve outlined the ATO’s ‘red flags’ for employers and employees. FBT updates and problem areas COVID-19 assistance and benefits Motor vehicle problem areas ATO ‘red flags’: Where deductions claimed
Read article →Special guest post by Tom Scrutton Keeping records is extremely important for both business owner and taxpayers. The good news these days is that you can maintain soft copies of most of your historical records, saving on clutter and of course minimising tree destruction. Originals of some legal
Read article →The second tranche of the JobKeeper scheme changes the eligibility test for employers and the method and amount paid to employees. If your business currently receives JobKeeper, your arrangements will generally remain unchanged until 27 September 2020. From 28 September 2020, employers seeking to
Read article →We all would like to reduce our tax exposure and minimise risk of an audit by the regulators. This end of financial year update outlines the actions to take to do exactly that: Summary of key changes and actions What’s New: Company tax rate reduction – From 1 July 2020, the company tax rate for
Read article →Our 2020 EOFY update and actions for individuals will give you an overview of tax changes and some actions you can take to reduce your tax exposure and minimise risk of an audit. What’s New: 2020-21 Federal Budget delayed until October Working from home? What you can claim Cents per kms change for
Read article →Date New assets acquired from 12 March 2020 and first used or installed ready for use for a taxable purpose by 30 June 2021 Applies to Businesses with aggregated turnover less than $500m Eligibility Businesses with a turnover of less than $500 million can access accelerated depreciation deductions
Read article →On Friday afternoon, (24/04) the Government announced further changes to the JobKeeper program, and clarified some rules. We have highlighted them below: GST turnover: Cash vs accruals – Everyone can choose! After the rules initially suggested that everyone was required to use accruals method to
Read article →Record your BAS as a purchase bill Note: in this example, client pays quarterly GST and monthly PAYG and therefore will be eligible to receive a credit equal to 300% of his March PAYGW, ie. 3 x $3,000 = $9,000 The ATO will offset these $9,000 against the March quarter BAS in the Integrated Client
Read article →JobKeeper applications are now open as at 20 April 2020. You can register via the Business portal. More information here: https://www.ato.gov.au/General/JobKeeper-Payment/Employers/Enrol-for-the-JobKeeper-payment/ We have briefly included the steps to enrol below: Confirm you meet the decline in
Read article →On Tuesday 16 April Treasury finally released the long awaiting rules for the $130bn JobKeeper program. The same day the ATO released some practical detail on how the administration of the program will work. We have included some details that had previously been unclear below. If you have any
Read article →How far through the COVID-19 crash are we? What impact will it have on the economy here in Australia? What impact will it have on global economies? Currently no one has the answer to any of these questions. What we do know is that it is looking to be as bad, if not worse, than
Read article →Date From 30 March 2020 for six months For employees employed at and from 1 March 2020 First payments in first week of May 2020 Applies to Based on comparable periods: Employers <$1 bn that have experienced a downturn of more than 30% Employers >$1bn that have experienced a downturn of more than 50%
Read article →The second Government stimulus boosts income support payments, introduces targeted changes to the superannuation rules. In Summary Individuals Early release of superannuation – individuals in financial distress able to access up to $10,000 of their superannuation in 2019-20, and a further $10,000
Read article →The Government yesterday released a second, far reaching $66.1 bn stimulus package that provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws. The Prime Minister has warned that there are no “quick solutions” and that business should
Read article →New South Wales In a move many have been expecting, NSW has followed the other states and announced a number of measures to assist small business. This is likely the first wave of measures, with more likely to come as the situation progresses. As with other announcements, detail is limited but what
Read article →The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas Car parking under scrutiny Motor vehicle problem areas Mismatched FBT and income tax amounts Mismatched information for entertainment claimed as a deduction
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The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy. For business Business investment
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It has been a big week in parliament. This update is important for any directors as their personal liability for company activities has increased. From 1 April 2020, company directors will be personally liable for any unpaid GST, luxury car tax (LCT) and wine equalisation tax (WET), in addition to
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After first being announced 24 May 2018, the Superannuation Guarantee Amnesty has now been passed by parliament and is awaiting royal assent. The SG Amnesty provides for a one-off amnesty to encourage employers to self-correct historical SG non-compliance dating from 1 July 1992 to 24 May 2018. It
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Single Touch Payroll consequences Single Touch Payroll (STP) is now mandatory for most employers, though there remains concessional reporting for small and family businesses. STP replaces annual PAYG Payment Summaries (group certificates) being sent to the ATO with instead, every single payslip
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The time has come to start preparing for your 2019 tax return. There are a couple of key areas of interest and changes that you should be aware of. The ATO has told us that they have two key areas of focus this financial year: Work related deductions, and Rental property deductions. There has also
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We all would like to reduce our tax exposure and minimise risk of an audit by the regulators. This end of financial year update outlines the actions to take to do exactly that: Summary of key changes and actions What’s New: Instant Asset Write Off – Extension and increase to the instant asset
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The deadline for employers with fewer than 20 employees to implement Single Touch Payroll is fast approaching. Unless you are exempted, you must implement this change by 1 July 2019. If you are an employer with 20 or more employees, then you should already have implemented Single Touch Payroll.
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What is FBT? Fringe Benefits Tax (FBT) is a tax payable by employers on certain benefits they provide to their employees. The FBT year runs from 1 April to 31 March. If you have provided certain benefits to your employees, you may be liable to pay FBT. What types of benefits? FBT is payable on
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Be Alert for Scams We have seen a dramatic rise in the number of scam attempts on our clients in the form of: • ATO Debt scams • Fake Medicare Scams • ASIC scams As a simple rule, if you are getting threatening phone calls, text messages or emails demanding payment from a government agency,
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It’s important to keep your business, staff and client information secure. Below are some tips to help protect you against the growing threat of Cyber Crime in Australia. Ensure your passwords are strong and secure Regularly change passwords and do not share them. Use multi-factor authentication
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The end of financial year is almost here! Now is the time to review what strategies you can use to minimise your tax. 1. Maximise Deductible Super Contributions Individuals can now make tax-deductible personal contributions to superannuation to reduce their taxable income. The advantage of this
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As we get closer to the end of financial year, you may be thinking about what deadlines you still need to meet for your business, as well as how you may be able to claim some tax benefits. 1. Maximise Deductible Contributions The concessional superannuation cap for 2018 is $25,000 per year. Do not
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The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the key hot spots for employers and employees. Motor vehicles – using the company car outside of work New safe harbour for utes and commercial vehicles Car parking – are you really declaring the true cost of parking? The living
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Last year the ATO went before the Administrative Appeals Tribunal to battle against a truck driver whose large work-related travel claims grabbed their attention. The case revealed that the taxpayer had failed to declare travel allowance received from his employer as income, didn’t keep records for
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The ATO has plans to relax the rules for the private use of work utes in the lead up to their blitz on Fringe Benefits Tax non-compliance. Existing rules allow utes to only be used for ‘minor, infrequent and irregular’ journeys without incurring Fringe Benefits Tax. At the moment these journeys can
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If you’re planning on downsizing, or are at the opposite end of the spectrum and saving for your first home, you may be able to take advantage of the super concessions introduced as part of the housing initiatives in the 2017 Federal Budget. For downsizers, super concessions will allow them to
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Recent changes to State laws may trigger a surprise tax bill for family trusts (discretionary trusts). The problem for family trusts stems from recent legislative changes in New South Wales (NSW), Victoria (VIC) and Queensland (QLD) that impose a surcharge on foreigners purchasing residential land.
Read article →The 2017 State Budget brought with it a change worthy of celebration for small businesses. The NSW small business exemption will mean that from 1 January 2018, small businesses will no longer have to pay stamp duty on certain types of insurance. The exemption applies to small businesses whose
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Changes to the Jobs Action Plan and the Small Business Grant are providing incentives for NSW businesses to up their employee count. Companies that are liable for payroll tax can earn up to $6000 for every new employee, and those that aren’t liable for payroll tax can earn up to $2000 per employee.
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Last month the Senate passed the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017, with which came changes to depreciation for existing residential properties purchased after 9 May 2017. The purpose of the amendment is to stop owners and investors claiming overstated deductions by
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Australia has followed the international trend of penalising foreign owners of Australian residential property who keep their property vacant for extended periods of time. Last month Parliament approved legislation that imposes an annual vacancy fee on foreign owners of residential real estate if
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Many clients presume that when they renovate their gains will be exempt from tax, so long as the property being renovated is their main residence. This is not always the case. We’ve summarised the ATO’s guide to property development, building and renovating, and pulled out key points about the tax
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For many salary and wage earners, the super guarantee that is deducted from each pay is something most of us don’t notice. Some people choose to contribute extra funds to super to further build retirement savings. Concessional super contributions are taxed at 15%* as opposed to marginal tax rates
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As you will no doubt be aware, last month the team moved into our new premises in North Sydney. We’ve finally settled in and are beyond pleased with the location and refreshing chance of space. We look forward to showing you around! Our new address is: Level 4 1 James Place North Sydney Our new
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There is no such thing as a silly question, especially when it comes to record-keeping. Records are vital for both individuals and small businesses in ensuring their tax returns are prepared accurately, their figures can be backed, and the ATO won’t come chasing after them. Our clients ask us time
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At Prime Partners we’re big fans of using the latest technology to make business as easy as possible. We started using Xero back in 2012 and have always practiced what we preach. A product we’ve been using in our business to great effect is Receipt Bank. This is a receipt and expense processing
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Our home for the last 11 years at 230 Victoria Road Gladesville is scheduled to be demolished to make way for new apartments at the end of this year. After a long search, we have found a new home at Level 4, 1 James Place North Sydney. We will be moving in September 2017. All
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Thinking of claiming that $300 decanter for your future career as a sommelier? Think again. With tax time fast approaching, the ATO have put ITR deductions in their line of fire, clamping down on individuals making excessive and incorrect claims for work-related expenses. ATO Commissioner Chris
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We have recently seen a spike in the number and quality of fake emails being sent to our clients. These emails are sent with malicious intent, purporting to be from a government agency, where you are led to click on a link that will install malware, ransomware or viruses. We have had clients lose
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We know that no one likes to pay tax and certainly no more tax than they should. But very few people want to be on the wrong side of an Australian Tax Office (ATO) audit where fees and penalties are paid for neglecting your obligations. The Fringe Benefits Tax (FBT) year ended on 31 March
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The time arrives in most small businesses when youâre required to go borrow some money. Itâs in your best interest to make your business as attractive as possible before presenting yourself to the lender. The good news is that if you know what the lender is looking for youâll be able to take
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A lesson some business leaders learn the hard way is that in today’s global operating environment risks appear to be increasing exponentially. It takes only one trial by fire for a leader to recognize the importance of basing each decision in part on its risk versus its reward. It’s important that
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A Canadian bank recently surveyed over 500 small business owners about what they love and hate most about owning their own business. Unsurprisingly, flexibility and feeling in control ranked first in the âloveâ category. Meanwhile, almost 60% said bookkeeping was hands-down their most hated
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Research has repeatedly shown that businesses that have been prepared for the ownerâs exit are significantly more likely to endure than unprepared businesses. These guidelines around an exit strategy can help your business legacy live on – and get you a satisfactory result. 1. Preparation
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Cloud computing is quickly moving from an obscure concept to an everyday reality for small businesses all over the world. A 2015 survey of small business owners found that 52% had already adopted some form of cloud-based data storage; however, a general lack of awareness regarding the logistics and
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Many small business owners think theyâre saving money by handling their financials themselves. While itâs a real asset to learn bookkeeping basics, cash flow management and your tax obligations, hiring an accountant to oversee your finances has many benefits. Leaving your books to a pro will
Read article →It’s no secret that data loss can be a costly nightmare for a small business, with recent estimates citing the total cost of data breaches exceeding $2.1 trillion by 2019. Unfortunately, cyber attackers increasingly target small businesses because they are less likely to have security protection in
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If you’ve frequently been asking yourself if it’s the right time to buy a home, there are several things to first consider. Three things to think about are the current market conditions, the interest rates, and the amount of available housing. Current Market The current market conditions may help
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Once a month we send our latest thinking on tax, business, and the moments that shape a year. Practical, considered, and written for people who would rather understand the why than chase the headline.
