An Employee Share Option Plan (ESOP) is a scheme that companies can use to offer their eligible workers the option to purchase company shares at a specific price in the future. Under the Corporations Act 2001 (‘Corporations Act’), you must provide a disclosure document when offering shares or options to third parties. In the context of ESOPs, you must provide employees with the necessary disclosure to ensure they have the…  Read more

Most people tend to follow a pattern in life. They go to school, obtain qualifications, get a job, pay taxes, and eventually settle down with a family. During this time, many make investments and even start a business to increase their wealth and assets. You can either own those wealth and assets in your name or set an alternative structure, like a family trust to hold them. Doing so, could…  Read more

Many businesses encounter cash flow difficulties every year, particularly during growth phases when expenses often rise faster than revenue. There’s a need for effective cash flow management and securing additional funding during challenging times. Start with a cash flow forecast A detailed cash flow forecast can help you pinpoint when you might run out of cash and identify the funding you’ll need to bridge the gap. Testing different scenarios, such…  Read more

Improving sales and revenue can resolve many business challenges. When more money comes in than goes out, your business stays solvent, giving you time to implement further improvements. Here are some actionable strategies to increase your revenue and drive growth. Sell to existing customers One of the most cost-effective ways to increase revenue is to sell more to your existing customer base. Research shows that 20% of customers typically generate…  Read more

Changes to car thresholds from 1 July The car limit for the 2026 income year is $69,674.This is the highest value that a taxpayer can use to calculate depreciation on a car where they use the car for work or business purposes and they first use or lease the car in the 2026 income year. If a taxpayer is buying a car and the price is more than the car…  Read more

The Australian Financial Complaints Authority (AFCA) has reaffirmed a critical clarification for SMSF trustees and financial advisers: to be classified as a wholesale investor, a self-managed super fund must hold more than $10 million in assets. This threshold is non-negotiable and excludes personal wealth held outside of the SMSF. In a recent joint statement, AFCA’s senior ombudsmen emphasized that under section 761G(6) of the Corporations Act, any financial advice relating…  Read more

‘Wild’ tax deduction attempts The ATO recently revealed some of the ‘wild’ work related expense tax claims people have tried to “put past” the ATO, including the following:  A mechanic tried to claim an air fryer, microwave, two vacuum cleaners, a TV, gaming console and gaming accessories as work-related.  The claim was denied as these expenses are personal in nature. A truck driver tried to claim swimwear because it was…  Read more

When you are running a business, hiring people can seem like a confusing process. To make things more complicated, there are multiple employment types in Australia. When choosing who to hire for your business, it is important to be aware of these different employment types. In particular, you should know whether or not you are hiring a contractor or employee. This ensures that you can take the correct steps to…  Read more

Responding to market forces outside your control is one of the trickier aspects of running a business, even more obvious today as world markets fluctuate. While you can’t always predict a sudden change in costs, there are steps you can take to manage the impact. Solution one: Increase price and margin If you’re able to raise your prices without impacting demand or the customer relationship, your problem of rising costs…  Read more

Casual workers have been a staple of the Australian workforce for many years. Businesses employ casual workers on a short-term or temporary basis to typically work irregular hours. However, many business owners are unsure about their legal obligations when providing leave entitlements to their casual employees. This article will explore whether casual workers have leave entitlements and an employer’s corresponding obligations. What is a Casual Employee? A casual employee is…  Read more

Bottlenecks are the inefficiencies or constraints that slow down your operations, impacting everything from production and sales to customer satisfaction. These roadblocks hinder growth, making it difficult to scale your business effectively. When you adopt a methodical approach to identify and resolve these challenges, you’ll free up valuable resources and time, enabling you to focus on building a more efficient, scalable business. Understand your process flows Start by examining how…  Read more

Supply chains get disrupted all the time, and when they do, it can seem as if the wheels of commerce have seized up. You can’t get enough ingredients, components, supplies, or products to keep your business ticking. But with the right contingency strategies in place, you can reduce the impact on your business. The shock of disrupted supply You’re on your way to work and decide to grab a cup…  Read more

Employee Share Option Plans (ESOPs) are becoming increasingly popular among Australian businesses, as they offer a way to incentivize and retain employees by giving them an ownership stake in the company. However, as with any employee benefit plan, certain reporting requirements must be met to comply with Australian law. In this article, we will explore what ESOP reporting requirements are from a tax perspective, why they are necessary, and how…  Read more

If you run an Australian business that provides goods or services, you are required to comply with the Australian Consumer Law (‘ACL’). The aim of the ACL is to protect consumers. If you fail to comply, you may have to provide a remedy or in some circumstances, pay a fine. Therefore, as a business, it is important that you understand your obligations concerning the ACL. This article will explain three…  Read more

Running a small business is exciting – but let’s be honest, managing the admin side of things can feel overwhelming. Between keeping financial records, looking after daily operations, and ensuring compliance with tax laws, it’s easy to feel buried under endless to-do lists. But here’s the good news: with the right strategies, small business administration doesn’t have to be a headache. Here are some practical steps to streamline your business…  Read more

If you are a business owner, you likely know how important your brand is to your business. Your existing customers know and trust your name and logo, and your unique packaging and design bring in new customers to try your products. Therefore, you want to do everything you can to ensure that other businesses do not copy your branding and steal your hard-won reputation and customer base. Intellectual property protections…  Read more

How to manage business day-to-day transactions The ATO has the following tips for small business owners “that can make your tax life easier”:  They should keep an eye on upcoming expenses, and regularly update their books and reconcile their accounts. They should set aside the GST they collect (e.g., by transferring it into another bank account within the business to keep it separate from their cash flow).  They can also…  Read more

As a business owner, you understand that growth doesn’t just happen – it takes smart decisions, dedication, and a clear plan. One of the most critical decisions you’ll make is how to allocate your resources effectively. Do you expand into new markets, invest in technology, or double down on customer acquisition? For many businesses, resource allocation is both an art and a science. This blog dives into why strategic resource…  Read more

When choosing the best way to structure your business, several options are available to you – a sole trader, partnership, company, or trust.  Importantly, there are legal and taxation requirements to consider. In particular, running your business through a trust can be advantageous fortaxation purposes and asset protection. This article explores the key aspects of two types of trust you could use to run your business: 1. unit trust; and…  Read more

Effective inventory management can mean the difference between a thriving, profitable business and one that struggles to make ends meet. By fine-tuning your inventory processes, you can reduce unnecessary costs, meet customer demands efficiently, and put your resources to better use. Whether you’re running a small business or managing large-scale operations, the right strategies can help you achieve operational excellence and long-term success. Here’s a look at some inventory management…  Read more

Running a small business is no small feat. Every purchase, every invoice, and every supplier relationship counts. But as your business grows, so does the complexity of managing procurement. This is where a purchase order (PO) system can help. Not sure if you need one? Let’s look at the benefits of using a purchase order system and help you decide if it’s the right fit for your business. What is…  Read more