This week, I had the honour of speaking on the main stage at the Accounting & Business Expo 2025 in Sydney, where I shared the journey of Freshwater Taxation along with common mistakes that small business owners can easily make. I also discussed how these mistakes can be fixed, and – most importantly- how to avoid them altogether.
Fringe Benefits Tax (FBT) is a tax that employers must pay on non-cash benefits provided to employees (or their family members) in addition to salary or wages. It applies to all business structures, including companies, partnerships, and sole traders with employees. It even applies to non-profit organisations (although some exemptions apply for charities).
One of the most common queries we receive here at Freshwater is: “What Can I Claim in order to maximise my tax return?”
While what you’re allowed to claim as a tax deduction may vary (depending on if your situation / if you’re an employee or a business owner etc) the following principles remain true regardless…
Understanding the distinction between Employees & Contractors is a crucial part of managing a business in Australia. Misclassification can lead to significant legal and financial consequences, so it’s really important to understand the key differences and implications of each classification.
Every year on 1 June, HECS/HELP debts are indexed. This means that the outstanding balance of the loan is adjusted in line with the Consumer
All too often here at Freshwater, we see small business owners exhausted, burned out, struggling with their cash flow, and working CRAZY hours – wondering why they bother. In most cases, these businesses have had some pretty decent initial success with fast initial turnover growth.
DON’T Transfer money in and out of your company willy nilly/ without a plan!
Borrowing money from your own company might seem convenient / easy / simple / a minor issue that you can rectify later but in so many cases, this practise just results in a tax, legal and administrative NIGHTMARE.
Company directors: here’s our guide to the intricacies of borrowing money from your company…
Travel expenses are a significant outlay for many professionals and business owners in Australia. Understanding how to properly claim these expenses on your tax return may lead you to substantial tax savings.
Understanding Eligible Travel Expenses
Are you a high-income earner in Australia? If so, you may need to familiarise yourself with Division 293 tax—a tax that could affect your superannuation contributions. This blog post is designed to break down the complexities of Division 293 tax and explain it in a way that’s easy to understand for beginners.
As a small business owner in Australia, now is the time to consider various strategies to optimise your overall tax position. Here are 20 ways to potentially save on tax before 30 June…
Understanding the difference between concessional and non-concessional contributions is essential for effectively managing your retirement savings. Here’s a simple guide that we have put together to help you grasp these concepts and make informed decisions about your super contributions.
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