NEXT ZERO

Twenty years ago, when I started working in the accounting field, tax management was a fundamental part of financial discipline for business owners and individuals alike. People knew that a portion of their earnings wasn’t truly theirs—it belonged to the tax office. They would set aside money for tax obligations first and then operate within…

The Australian Taxation Office (ATO) has announced that, starting from April 1, 2025, certain small businesses with a history of non-compliance will be required to shift from quarterly to monthly Goods and Services Tax (GST) reporting. This measure aims to promote timely compliance and assist businesses in maintaining accurate financial records. Who Will Be Affected?…

As of January 1, 2025, Australia has implemented stringent laws criminalizing the intentional underpayment of employees, commonly referred to as wage theft. These measures aim to strengthen worker protections and ensure fair compensation across all industries. CRIMINAL OFFENSE: Deliberate underpayment of wages or entitlements is now a criminal act. This excludes genuine errors; only intentional…

From 1 February 2023 the family and domestic violence leave has become available for employees of non-small businesses (employers with 15+ employees) and from 1 August 2023 the same would be available to all including employees of small businesses (employers with less than 15 employees). All employees would be entitled to 10 days of paid…

The 2023 land tax thresholds are $969,000 (general) and $5,925,000 (premium). The surcharge land tax payable on residential land owned by foreign persons increases from 2% to 4% of the taxable value of the residential land owned at midnight on 31 December 2022. The discount for early payment of land tax reduces from 1.5% to…

There are two kinds of people: 1. Those who hate Mondays with a passion as they don’t want to get over the weekend and start the grind of another week. This is the most of us. 2. Those who put those Monday blues aside and see every Monday as a fresh start to better themselves,…

There are two kinds of people: 1. Those who say “Thank God It’s Friday” as they just want not be at work and not think about work over the weekend. This is the most of us. 2. Those who feel proud of what they have been able to achieve over the 5 days and spend…

Stating the obvious but payment redirection scams are on the rise in Australia with small businesses being hit the hardest. Be careful when: – You receive an email from supplier about change in their bank details. – Buying from someone online you have not bought before, even when buying through reputable online platforms.

There is never a better time like a new financial year to reboot your business systems. Business owners I know have had a range of phrases to describe the 2022 financial year. From the worst to the best, from the most punishing to the most rewarding. Some have dropped service levels while others have multiplied…

Super or superannuation guarantee contributions as its formally known as is going to increase to 10.5% from 1 July 2022. The rate was at 9.5% for 7 years to June 2021 and then 0.5% increase annually has been set till it reaches 12% on 1 July 2025.The increaments might seem minor (“just” 0.5% per year)…