One of the most common questions we hear at this time of year is: “Why is my outcome so different from last year?” Sometimes it’s a pleasant surprise. Sometimes it’s very much not. If you’ve received roughly the same outcome for the past few years, it’s easy to assume that’s what you’re supposed to get…
One thing I’ve noticed consistently over the years is that the clients who have the best experience with Freshwater usually have a genuine interest in their tax affairs. They don’t need to understand every piece of tax legislation, but they do like to know what’s happening, why we’re asking certain questions, how their tax position works, and where they’re heading financially.
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).
If you’ve recently started a company or transitioned from being a sole trader or partnership, understanding Division 7A of the Income Tax Assessment Act 1936 is essential. These tax rules prevent private companies from distributing money to shareholders and associates without the correct tax being paid.
Any Client is a Good Client, Right? No! Bad clients can do more harm than good—draining your time, energy, and, more often than not, your profitability. Sometimes, having no clients at all is actually a better position to be in. Here’s why:
With the rise of remote work and home-based businesses, many Australians wonder if they can claim rent as a tax deduction. The answer? It depends—on your employment status, business structure, and how you use your home for work. So, let’s break it down in a way that actually makes sense…
When it comes to selling property in Australia, Capital Gains Tax (CGT) can have a big impact on your finances—especially if you’re not prepared for it! But don’t stress. With the right strategies, you can minimise—or even avoid—CGT altogether. In this blog, I’ll break down the key rules and exemptions to help you make informed decisions when it comes to your property.
Getting ahead financially doesn’t have to be complicated. In fact, it can be as simple as setting up “buckets” for your various expense categories. This method works wonders for both personal and business finances, giving you clarity, control, and motivation to stay on track. Here’s how it works:
Running a small business is a wild ride. Some days, it feels like you’re on top of the world, and others, well, not so much. Over the years, I’ve learned to spot what I believe are the biggest risk signals that could spell trouble for your business. Recognising these early can make all the difference.
Let’s face it—unless you’re an accountant or bookkeeper, numbers aren’t always the most exciting part of running a business. Honestly, though, understanding your financial health is like having a GPS for success, keeping you on track and helping you avoid costly detours.
Important Note: During our peak season from July to October, we prioritise maintaining our signature high-quality service. As a result, we may not always be able to take on new clients, however we’re happy to add you to our waitlist.