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The Proposed CGT Discount Reduction: What It Means and Why It Matters

Capital Gains Tax (CGT) rarely enters the conversation quietly. Whenever discussion turns to reducing the 50% CGT discount, a proposal that has resurfaced time and again over the years, headlines follow. Property investors worry, share investors speculate, and confident opinions appear everywhere. Before reacting, it’s important to step back and understand exactly why Capital Gains Tax exists, why the discount was introduced, and what reducing it would actually change in practice.

Avoid Tax Shocks. Keep More Cash. Plan Early.

If your tax bill caught you off guard last year, you are not alone. Every year, I speak with business owners and professionals who are genuinely surprised when their assessment arrives. No one enjoys a tax shock. It can seem sudden, frustrating, and often unfair. However, in most cases, nothing has gone wrong. The outcome was simply not planned for early enough.

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Company Name or Personal Name: Where Should You Register Your Car?

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.

Making Self-Education Expenses Work for You (And Your Tax Return)

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.

Changes to Superannuation Guarantee (SG) Contributions: What You Need to Know

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 Cracking Down: Smart Strategies for Businesses and Property Owners

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.

Meeting Expenses / Coffee / Food / Alcohol – Tax Deductible?

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…

Why Keeping a Logbook for Your Car is a MUST…

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.

Bookkeeper vs. Accountant: Why you need BOTH

When it comes to managing your business finances, you might think a bookkeeper and an accountant are interchangeable. However, each has a unique role in keeping your business on track – and, trust us, you need both!

While accountants often get the spotlight, it’s the bookkeepers who work tirelessly behind the scenes, providing the essential groundwork for your business’s financial success. In this blog post, we cover the difference between these two roles and why in our opinion, solid bookkeeping is the backbone of any successful small business.

How Tracking Categories can Transform your Business

One of Xero’s many standout features is the ability to use tracking categories. Tracking categories can provide SIGNIFICANT benefits to your business, ultimately enhancing your financial management, decision-making processes and profitability.

Note: Tracking categories are not just unique to Xero, plenty of other online bookkeeping software have this capability including: MYOB, Quickbooks Online, Zoho Books, Sage Business Cloud Accounting, and Wave.

What we do here at Freshwater

I’m Sarah Clayton, the director of Freshwater Tax, and I’m so excited to share a little bit about what we do here. Freshwater Tax is more than just an accounting firm—we’re a team that’s genuinely passionate about helping you feel confident and empowered in your financial journey, regardless of if you’re an individual, a business owner, or just starting out on your entrepreneurial adventure. Here’s a peek into the key services we offer and why we absolutely love doing what we do…