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.
A profitable business isn’t just about revenue! It’s about managing expenses wisely, increasing efficiency, and ensuring that every dollar spent is required. Here are some actionable strategies to help you fine-tune your finances and prepare for a stronger, more sustainable 2025…
Let’s talk about a topic that might not seem exciting at first glance but can save you from an unpleasant surprise at tax time—Excess Private Health Insurance Entitlement. Stick with me, and I’ll explain how it works, why it happens, and how to avoid any unexpected “gotchas” from the tax office…
It’s that time of year again, where we remind you about the all-important details surrounding Fringe Benefits Tax (FBT) and how it applies to your festive celebrations. Whether you’re planning a Christmas party for your employees, handing out thoughtful gifts, or entertaining clients, understanding the FBT rules can help you avoid unexpected tax surprises.
When it comes to buying a car for business use, one question can leave you scratching your head: should I register it in my company name or my personal name? This decision isn’t just about paperwork—it can impact your tax deductions, GST claims, insurance premiums, and even your overall financial strategy.
If you’re investing in professional development, there’s a chance you can also reduce your tax bill. Self-education expenses are a fantastic deduction—if they meet the ATO’s criteria.
In this blog post, we unpack the rules, the exceptions, and all the details you need to claim correctly and confidently.
In the 2023-24 Federal Budget, the Government announced some significant changes to Superannuation Guarantee (SG) payments. While we’re still waiting on final legislative and administrative details, here’s a sneak peek at what we know so far…
The ATO is really stepping up its game, taking a much tougher stance on unpaid tax debts and keeping a close eye on property transactions. This crackdown is having a big impact on small and medium-sized businesses (SMEs) and property owners, who now face stricter regulations and need to be extra diligent about their tax obligations.
Is that client coffee deductible? What about the lunch meeting at a restaurant or the bottle of wine you gifted as a thank-you? The ATO have specific rules regarding what’s considered a deductible expense and what falls under the category of entertainment, which can get a bit tricky…
What we have been noticing here at Freshwater are that lots of clients are tracking their car costs, BUT not necessarily keeping the appropriate records / receipts not a log-book.
When it comes to claiming motor vehicle expenses, maintaining accurate records is KEY. One of the most effective ways to do this is by using a logbook.
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