How Does Cybercrime & Cybersecurity Affect My Business?

The Australian Cyber Security Centre (ACSC) received over 76,000 cybercrime reports during the 2021–22 financial year; working out to a cyber attack every 7 minutes. The financial impact on small and medium businesses was substantial with the average attack on a small business resulting in a loss of $39,000, whilst for medium-sized businesses the figure averaged $88,000 (ACSC Annual Cyber Threat Report 2021–22). Cybercriminals continue to devise ever more sophisticated ways to target small and medium-sized businesses targeting community concern and goodwill especially around natural disasters and at times like Christmas and tax time. 

With cybercrime taking up a lot of media air time at present, this article will focus on what cybercrime means for small businesses, some of the fraudulent methods used, and what cybersecurity measures exist that can keep your business safe.

What is cybercrime?

The Australian Commonwealth Department of Public Prosecutions (CDPP) defines the  term ‘cybercrime’ as both:

  • crimes directed at computers or other information communications technologies (ICTs) (such as computer intrusions and denial of service attacks), and
  • crimes where computers or ICTs are an integral part of an offense (such as online fraud)

What is a cyber attack?

The ACSC defines a ‘cyber attack’ as:

  • a deliberate act through cyberspace to manipulate, disrupt, deny, degrade or destroy computers or networks, or the information resident on them, with the effect of seriously compromising national security, stability, or economic prosperity.

Evidence from the ACSC Annual Cyber Threat Report 2021–22 indicates that the threat of cybercrime on Australian individuals, businesses, and governments will only grow in number, sophistication, and impact.

What different types of cybercrime are there?

The Australian Competition and Consumer Commission (ACCC) has defined some of the more common and creative forms of cybercrime affecting small to medium businesses as captured in the table below:

Threat Type Definition & Method of Attack
False Billing False billing scams request you or your business to pay fake invoices for things like directory listings, advertising, domain name renewals or office supplies that you did not order.
Overpayment Scams Overpayment scams work by getting you to ‘refund’ a scammer who has sent you too much money for an item you are selling.
Malware & Ransomware Malware tricks you into installing software that allows scammers to access your files and track what you are doing, while ransomware demands payment to ‘unlock’ your computer or files.
Phishing Phishing scams target businesses or organisations in an attempt to get confidential information for fraudulent purposes.
Online Shopping Scams Online shopping scams involve scammers pretending to be legitimate online sellers, either with a fake website or a fake ad on a genuine retailer site.
Investment Scams Investment scams involve promises of big payouts, quick money or guaranteed returns. 

Key Takeaway 1- Individual Australians lose more money to investment scams than any other because they are often hard to spot.

Cybersecurity Tip – Always seek independent legal advice or financial advice from a financial advisor who is registered with ASIC before investing.


Key Takeaway 2 – Small businesses are targeted more often with ransomware because they are usually unprepared to deal with ransomware attacks.

Cybersecurity Tip –  ACSC advises to never pay a ransom. Paying a ransom does not guarantee your files will be restored, nor does it prevent the publication of any stolen data or its sale for use in other crimes. You may also be targeted by another attack.


What is cybersecurity?

Cybersecurity is the practice of defending your online technology and information (computers, servers, mobile devices, electronic systems, networks, and data) from malicious attacks and can be divided into a few common categories:

Security Type Definition
Network security covers the practice of securing a computer network from intruders, whether targeted attackers or opportunistic malware.
Application security focuses on keeping software and devices free from threats attempting to steal your information.
Information security protects the integrity and privacy of data, both in storage and when you are attempting to send it online to a third party.
Operational security includes the processes, decisions and user-level access permissions users have for handling and protecting data assets. 
Disaster recovery and business continuity  define how an organisation responds to a cyber-security incident or any other event that causes the loss of operations or data. Business continuity is the plan the organisation falls back on while trying to operate without certain resources.
End-user education Anyone can accidentally introduce a virus to an otherwise secure system by failing to follow good security practices. End-user education 

addresses the most unpredictable cyber-security factor: people. 

Next Steps

In this article we explained how cyber attacks on Australian businesses are increasing each year, detailing some of the cyber threats that are out there and the kind of cybersecurity measures that can be implemented to mitigate them. In Part Two of this series of articles, we will cover the fundamental steps you can take to safeguard you and your business.

SG Advisory IT offers a suite of IT management services and technical supports designed to maximise and maintain your business’s cybersecurity. We work collaboratively with you to understand the needs of your business, match you with the security measures you need to protect your technology, data, resources, and finances, and provide you and your employees with ongoing support and training as required.

Contact SG Advisory IT today and let’s ensure you and your business are protected.

Flood Relief & Recovery Support For People & Businesses Impacted By The 2022 Floods

The Victorian, New South Wales and Commonwealth governments are supporting individuals and sole traders, small businesses, community groups and primary producers affected by this year’s devastating floods with disaster recovery payments designed to assist in the relief and recovery effort. If you have been affected by the recent floods, you may be eligible for a range of supports. Please find below a range of available supports and quick links for further information and follow up.


Relief Payment & Recovery Grant Eligibility

Before you begin reviewing the types of assistance available, it is crucial that you first ensure your Local Government Area (LGA) is on your State’s Disaster Declaration List

A Disaster Declaration is a frequently updated list of LGAs impacted by a natural disaster. Both Victoria and New South Wales governments issue and update these lists and are assigned an Australia Government Reference Number (AGRN).

Once on the list, affected communities and individuals can access a range of special assistance measures. To see if your Local Government Area is included, please visit:

AGRN 1037 – Disaster Declaration List – Victoria 

AGRN 1034 – Disaster Declaration List – New South Wales 

If you are unsure what LGA you are in, you can visit the links below to find out:

Find My LGA – Victoria 

Find My LGA – New South Wales 


Commonwealth Government Assistance

The Commonwealth Government is currently offering both one off payments and short-term income disaster relief payments (up to 13 weeks) for Australian residents and New Zealand citizens living in LGAs affected by the current and ongoing flooding. 

To apply for these payments you will need to do so through your my Gov account. If you cannot apply through myGov or are unable to establish your myGov account you can call 180 22 66 

Please review the links below and pay close attention to the closing dates to ensure you don’t miss out. 

State Assistance Type Closing Dates
Victoria Disaster Recovery Allowance (AUS)

Disaster Recovery Allowance (NZ)

Disaster Recovery Payment (AUS)

Disaster Recovery Payment (NZ)

3 May 2023

5 May 2023

New South Wales Disaster Recovery Allowance (AUS)

Disaster Recovery Allowance (NZ)

Disaster Recovery Payment (AUS)

Disaster Recovery Payment (NZ)

11 May 2023


Essential Tax Tip: You can phone the Australian Taxation Office Emergency support line on 1800 806 218 to see what support is available in your circumstances.


Victorian Government Flood Assistance

Payments, grants and financial assistance for people who have been affected by the 2022 floods in Victoria.

Assistance can be found here or by following one of the links below:

Flood Recovery Hotline

Call the Flood Recovery Hotline on 1800 560 760 for help with:

  • a range of clean-up services
  • finding somewhere to stay
  • financial, mental health and other support.

The recovery hotline is open from 7:30 am to 7:30 pm every day. Press 9 for an interpreter.


New South Wales Government Flood Assistance

Payments, grants and financial assistance for people who have been affected by the 2022 floods in New South Wales.

Assistance can be found here or by following one of the links below:

Flood Recovery Hotline

Call Service NSW customer care  on 13 77 88 from Monday to Friday between 7am and 7pm (Sydney time).

For free help in your language, call Translating and Interpreting Services on 13 14 50 and ask them to contact Service NSW on 13 77 88.


Reporting disaster payments and grants in your tax return

It is totally understandable that tax may not be your first consideration in the midst of crisis but it does pay to keep the following information in mind once you commence your recovery journey.

People and businesses affected by flooding may receive relief and recovery funding from a range of sources. Some of these include:

  • a local, state or federal government agency
  • a charity or community group
  • your employer
  • family or friends
Essential Tax Tips:

  • One-off assistance payments are generally taxable, however some may be tax free. You may still need to include these payments in your tax return.
  • Some payments are non-assessable non-exempt (NANE) income, which means you do not need to include it in your tax return and you do not pay tax on it.
  • If you use an assistance payment to purchase items for your business, remember you may be able to claim a tax deduction.


Seek help with your tax

Regardless of whether you are an individual, sole trader, primary producer or community club, there are a range of relief supports you can access to help you commence your recovery journey. 

At SG Advisory, our team of tax accountants are ready to assist you, making sure you have access to the right State and Commonweath payments whilst meeting your tax obligations. 

So if you’re in Swan Hill, Echuca, Shepparton, Northern Victorian or Southern NSW region book your free 30 minute consult with one of our tax planning accountants today or call us on 03 5482 1994

Tax Accountants Advice on Paying Tax & Planning Ahead

Paying taxes is a vital civic responsibility. The money collected is largely spent maintaining the quality and access to a vast range of services and facilities we all take for granted. As Australians, whether you are submitting your tax return as an individual, a sole trader or a business, you will be required to pay taxes on income you earned, be that via employment, pensions, government payments, investments or foreign income. In this article we’ll explore the what, when and why of receiving tax bills as well as provide some tips on how you can ensure you pay the correct amount of tax.

Individuals, sole traders and businesses are all required to pay tax in Australia. For those of us who are employees, our employer will usually have pay-as-you-go (PAYG) systems in place to deduct tax, helping employees meet their annual tax obligations. For sole traders and businesses, the responsibility for determining the most effective tax withholding and reporting system sits squarely with them. 

However, despite our best efforts, the amount of tax withheld throughout the year can be less than what is required to meet our tax obligations. This results in the Australian Taxation Office (ATO) issuing a tax bill. 

Some examples which can result in tax discrepancies include:

For Individuals
  • your employer hasn’t withheld enough tax from the payments made to you as an employee
  • you have incorrectly made multiple claims for the tax-free threshold – for example, you have income from more than one job
  • you move to a higher tax bracket – for example, through promotion, multiple or extra sources of income
For Sole Traders
  • you haven’t made enough tax payments to the ATO during the year (also known as pay as you go instalments)
  • you have incorrectly made multiple claims for the tax-free threshold – for example, you have income from more than one job
For Businesses / Primary producers
  • small business owners not knowing exactly what they’re entitled to deduct, resulting in over-claiming expenses
  • failing to correctly record all income
  • you haven’t made enough tax payments to the ATO  during the year (thorugh your Business Activity Statements) 
  • failure to allow for company tax payments on monies the business will retain that FY

So what should individuals, sole traders and small business owners know so that they are not delivered an unexpected tax bill?

General advice for individuals

Currently, every Australian is permitted to earn up to $18,200 each year without paying income tax, under a principle called the tax free threshold. If however you earn over this amount then you’ll likely be required to pay tax.

Individuals required to pay tax will usually pay something called an Income tax. Income tax is a tax collected on all forms of income, whether it be wages, dividends from investments, or profits from the sale of valuable assets like a house or shares. 

For most people, their employer will deduct your tax from your wages and send it to the ATO. This figure is recorded in your payslip. At the end of each financial year you will receive a payment summary that captures the amount of income you have earned and tax you have paid. For most people, their payment summaries are now available via the ATO’s online service – myGov.

For income / profits / dividends outside of the wages you earned from your job, you will be responsible for accounting for the amount of income you have made.

General advice for sole traders

The tax rate for sole traders is calculated using the same sliding scale used for individuals and their personal income. This means sole traders will pay more tax as the growth of business income increases.

Whilst sole traders are required to submit annual tax returns, they can avoid the possibility of large lump-sum tax payments by implementing a Pay As You Go – or PAYG tax system. 

The ATO’s Pay as You Go (PAYG) scheme enables sole traders to submit quarterly reporting statements, thereby distributing the overall tax bill across 4 instalments. Paying in instalments empowers sole traders to simplify their budgeting processes, and avoid the prospect of a large end of financial year tax bill.

Essential Tax Tip – If a PAYG system sounds like the kind of business strategy you need, the ATO has more information here or you can explore your options by getting in touch with one of our experienced tax consultants.

General advice for companies

Unlike individuals and sole traders, the tax-free threshold doesn’t apply to companies. This means you are liable to pay tax on every dollar earned. 

Essential Tax Tip – If you are a director or employee of your company, you still need to lodge your own individual tax return.

General advice for Primary producers

To better assist primary producers with tax planning, the ATO has devised the farm management deposits scheme (FMDs). As a business and cash flow planning tool, they allow Primary producers to deposit up to $800,000 in an FMD account which they can access during times of drought. You may also be able to offset the interest costs attributed to primary production business debt.

Another beneficial tax planning mechanism available to primary producers is tax averaging. This enables primary producers to spread out their income and tax payable over a five year period so as to better account for good and bad years. This mechanism provides equity by ensuring farmers don’t pay more tax over time than taxpayers on comparable but steady incomes.

Essential Tax Tip – Primary producers are advised to seek professional advice and support in making sure they can access and benefit from the full range of tax concessions available to them. 

Your SG Advisory tax accountants are here to help

Regardless of whether you are an individual, sole trader or small business owner,  your tax requirements and obligations will be unique to you. The taxation system can be complex so getting help to navigate it ensures you will pay the correct amount of tax.

At SG Advisory, our team of tax accountants always advise to get your tax systems in place as soon as possible. So if you’re in Swan Hill, Echuca, Shepparton, Northern Victorian or Southern NSW region book your free 30 minute consult with one of our tax planning accountants and let’s get your business performing at its best.


Disclaimer: The information contained above is general in nature and should not to be considered as personalised taxation or accounting advice. Please consult one of our experienced tax accountants as taxation law, regulations and the way they affect your business will differ from year to year.

Financial Planning

The crucial step in securing your financial wellbeing, now and into the future.

For most people, the concept of financial planning extends no further than the implementation of a fortnightly or monthly budget centred around balancing income against expenses. Such an approach (whilst beneficial in the short-term) does little to develop a long-term financial position that benefits you, your family, your business, and your eventual retirement. Such objectives require the considered, comprehensive and strategic thinking skills of a financial planning expert. With this in mind, we’ve outlined the what, when and why of financial planning, how the financial planning process works and where you can go to find the right financial planner for you.

The current climate of rising inflation and interest rates has created a situation for many people where they feel compelled to focus on their immediate financial viability at the expense of their long-term financial wellbeing. On the face of it, this makes sense; meeting your financial obligations whilst minimising the accrual of ‘bad debt’ keeps you, your family and your business afloat. But keeping afloat in itself isn’t enough to secure your financial wellbeing: a state of financial security that allows you to worry less about money which in turn has positive effects on your overall health, your quality of life and the quality of your relationships. For this reason, contracting an expert team of financial advisors to develop a long-term financial plan is an essential part of taking control of your financial future.


What is financial planning?

Financial planning is a comprehensive planning process focused on the development and implementation of strategies to manage your financial affairs and achieve your life goals. These goals are as unique as you are and can range in complexity from something as straightforward as planning for an overseas trip to establishing an investment portfolio and planning for retirement.


Why is financial planning important?

It’s here that many people make the initial mistakes of either thinking they don’t need financial advice and/or thinking they can do it themselves.

In terms of need, financial advice is not just for the wealthy, it is designed to help people regardless of their financial position to devise and implement wealth creation strategies.

As for taking the DIY approach, doing so without the right amount of time, patience and experience would be like starting an agricultural enterprise with little-to-no knowledge, skill and expertise of your land, crop or livestock.


How does financial planning work?

The process of financial planning essentially involves the following steps:

  • Introductory meeting – during your initial consultation you will be asked what your financial goals are. As stated above these can be almost anything. An experienced financial adviser will encourage you to focus on goals that are specific, measurable, achievable, realistic and targeted. Think carefully about what these may be for you prior to your first appointment as this question will definitely be asked.
  • Financial review and research – following confirmation of the goals you have identified, your financial advisor will conduct a thorough overview of your finances, reviewing all aspects of your budget, savings and cash flow, superannuation, tax and investments. You will likely be provided with a list of required financial documents so take the time to provide as much information as possible.
  • Financial plan development and presentation – once this review is complete, your advisor will begin drafting a financial plan that balances a range of investment recommendations against your goals, lifestyle and circumstances. Once finalised, your plan will be presented to you so take the time to understand its risks, benefits and limitations.
  • Implementation and ongoing support – assuming your financial plan meets your approval, your financial advisor will assist you in implementing it. Routine appointments and reporting will be scheduled to help monitor the progress of your plan and determine any adjustments that need to be made.


When should I start seeking financial advice?

The short answer is today. Time is a crucial factor in wealth creation so the more of it you have the better chance of realising the life goals you and your family aspire towards.

The kind of financial advice you might seek and goals you identify will largely depend on the stage of life you are in:

  • Young adulthood (ages 20-39): Here your goals are likely to be ones of establishment, starting your life’s journey be it with a professional, educational, business or familial focus.
  • Middle age (ages 40-50): Here your goals are likely to be focused on consolidation –
    where matters of investment, inheritance, tax management and healthcare need to be balanced in order to reinforce your existing lifestyle and long-term future.
  • Pre-retirement (ages 50-65): With retirement looming on the horizon, your focus will likely depend on the life circumstances you find yourself in and the level of prior financial planning you have put in. You may seek to maximise your superannuation position, minimise or eliminate debt, or establish a trust.
  • Retirement (ages 65 +): With your working life behind you, this is the time to enjoy the fruits of your planning. Financial planning at this stage will likely involve aged care planning, family inheritance, finalising of wills and estate planning.

How can I find the financial planner I need?

Here again is where time is important. Whilst the financial planning industry has undergone many changes for the better in terms of regulation, oversight and ethical practices, it is still crucial to find a professional financial planner who is able to act in your best interests because they have taken the time to understand you, your circumstances, your life goals.

A great place to start is to only consider financial planners with accreditation through The Financial Planning Association (FPA). The FPA is a professional body representing over 12,000 members. All members are bound by a code of ethics, must demonstrate a clear understanding of relevant legislation and regulation and regularly take part in professional development.

FPA accreditation and membership gives peace of mind that the professional you are partnering with has your best interest at heart.


Financial planning services at SG Advisory

SG Advisory Wealth is our financial planning service. We are authorised to provide financial services under SGN Financial Pty Ltds’ Australian Financial Services Licence. Our financial services guide can be downloaded here

All members of the SG Advisory Wealth team are members of the FPA, meaning we have the experience, professionalism and authorisation to provide you with the ethical advice and attention to detail you need to secure a solid financial future.

SG Advisory has offices in Echuca and Rochester in Northern Victoria and we also service Shepparton and Swan Hill. So why not book your initial appointment with SG Advisory today and start your journey towards long-term financial wellbeing.

Preparing For Your Tax Accountant Appointment

Are you expecting a healthy tax return this year? Unless you are well organised and have all your essential documents ready at the time you meet with your tax accountant, your potential return will likely be minimised. For this reason alone, solid organisation and preparation in the lead up to your appointment is not only financially wise, it’s also a very important time and stress-saving measure. In this article we’ll not only share with you essential preparation tips, we’ll also provide you with a comprehensive checklist that your accountant will love.

Tax time is a crucial period for sole traders, small businesses and primary producers to get right. Australia’s Taxation and GST systems are intricate and demand a thorough understanding of all legislative, regulatory, reporting and compliance matters if a business is to prosper. Without a comprehensive and organised tax planning strategy in place, you run the significant risk of making mistakes that can result in non-compliance or missing tax reduction opportunities you are entitled to. Either way, both situations will hurt your company’s bottom line.

Whilst tax time preparation requires diligence and dedicated effort, the good news is it does not need to be difficult. With the right software and practices in place, you can establish a tax accounting strategy that sets your business up for success. 

How important is accounting solutions software to tax time planning?

Vitally important. We would strongly advise adopting cloud-based accounting software if you haven’t already migrated your business over. Whilst there is a range of products in the market, we recommend MYOB Business accounting software or Xero. It allows for real-time data recording and business access from home, work or on the go, 24 hours a day 7 days a week. You can also enable your accountant to have access which means you can oversee your business performance and prepare your tax obligations together. 

SG Advisory is an MYOB Diamond Partner and Xero Gold Partner which recognises our firm as one of the accounting solutions leaders in our industry. Our staff can answer any questions you may have so get in touch regardless of whether this is an entirely new process for you or if you’re thinking of shifting your business across from another software system.

What practices help with tax time planning?

If there are two golden rules we highly recommend you adopt, it’s:

  1. Keep on top of your paperwork
  2. Establish and maintain rigorous record-keeping practices

Keeping on top of your paperwork

The right accounting solutions software will provide you with the process, but the practice of regularly maintaining and overseeing correct data entry will be on you. Setting regular daily, weekly, monthly and quarterly tasks will ensure the effort in developing a comprehensive accounting record is spread throughout the course of a year rather than a mad scramble come to the end of the financial year.

Tax tip – With SG Advisory, our tax accountants can assist in overseeing your data entry, accounting record and document storage practices. This will help you qualify for the right deductions and allow you to spend more time running and growing your business.

Establishing and maintaining rigorous record-keeping practices

Keep receipts for all business-related expenses and tax deductions you are claiming for because a common pitfall small businesses experience is the inability to provide supporting records and evidence when asked to verify specific transactions.

Tax tip – Australian Taxation law requires business records be kept for five years so regardless of whether you use a paper-based or electronic storage system, it’s crucial that it’s structured for easy retrieval. 

How else can I make sure I have all my records in hand?

Even the best and most established systems need a process of review to make sure they are operating optimally. And when it comes to review processes, they don’t come much better than a comprehensive checklist. By employing and modifying a checklist over time, you can have confidence that the information you are collating and preparing for your appointment with your tax accountant is tailored to the tax compliance requirements of your business. To help you get started, we’ve collated the following income and expenses checklist below…..along with a few extra suggestions.


Tax accountant - SG Advisory

Download a copy of your Preparing For Your Tax Appointment Checklist Here

Finally, as a general suggestion, always remember to ask your accountant at your appointment about any additional tax incentives there are that might help improve your tax return.

So if you’re ready to complete your tax assessment, contact us today We have offices in Echuca and Rochester in Northern Victoria and we also service Shepparton and Swan Hill. So why not schedule your appointment with one of our accountants. 

However, should you wish to speak with one of our experienced consultants to ensure your tax preparation is done right, book your free 30 minute business consultation appointment with SG Advisory today.


Disclaimer: The information contained above is general in nature and should not be considered as personalised taxation or accounting advice. Please consult one of our experienced tax accountants as taxation law, regulations and the way they affect your business will differ from year to year. 

Tax Planning – Getting Ready For Tax Time

It’s essential for small businesses, sole traders and primary producers to have a thorough tax plan in place prior to 30 June. Accountants can assist you to develop tax plans that save time, effort and stress, enabling you to make informed and prudent strategic decisions that place you in the best position to maximise your tax return. In this blog we will cover off on the tax planning essentials you need to know in the lead up to meeting with your accountant.

As we enter the start of June, the beginning of tax time no longer remains a distant date but a more immediate reality requiring patience and attention to detail. Looking over your taxable income (your business’s assessable income, minus any allowable deductions) for the current financial year 2021-22; and your projected / expected taxable income for 2022-23 is a positive start in making sure the tax plan and strategy you develop with your accountant ensures you pay the right amount of tax. 

Profit & Loss

Tax planning ideas accountants may suggest if you’re expecting a higher than projected income this year

Discuss with your tax accountant mitigation and reduction strategies if you’re expecting a greater income this financial year, compared to your projected income for the next financial year. Some ideas you could consider and possibly discuss include:

  • Pre-paying some of your 2022-23 expenses (such as your rent, insurance or profession specific subscriptions) in the 2021-22 financial year. Up to 12 months of the following year’s expenses can be deducted in the current tax year
  • Employing depreciation measures like temporary full expensing, which allows for the deduction of business costs for eligible depreciating assets first held, used or installed ready for use for a taxable purpose between 6 October 2020 and 30 June 2023
  • Delaying some of your invoicing for the current tax year
  • Making extra voluntary superannuation contributions
  • Reviewing your ledger of outstanding debts for those that are unlikely to be recovered from a customer or debtor. Such unrecoverable income is otherwise known ‘bad debt’ 
  • Deducting any business establishment expenses or fees you may have incurred

Tax planning ideas accountants may suggest if you’re expecting a higher than projected income next year

If your income for the 2022-23 financial year will likely be higher than your income this financial year, consider:

  • Creating an inventory of necessary business equipment you will require based on your business’s needs / strategic plan. Depending on the items and business plan you have, some (or all) of these items could be purchased this year
  • Identifying any invoicing that could be brought forward into the current financial year

Tax Planning Strategy

Suggestions for small business owners:

To help facilitate discussion about your longer-term taxation strategy, accountants can talk to you about:

  • Accounting for GST on a cash basis – this option allows you to pay GST in the period you actually receive payments as opposed to when issuing your invoice. This strategy can be employed where businesses need to improve their cash flow
  • Small business restructure rollover – may be applicable if you are recognised as a small business entity (SBE) and you wish to transfer active business assets to another SBE as part of a genuine business restructure (where no change in the asset ownership takes place)
  • Temporary full expensing – as discussed above, this strategy allows you to deduct the business portion of new or second-hand depreciating assets. Where you don’t claim, or are unable to claim this deduction, you could still be able to claim a deduction under the instant asset write-off or backing business investment – accelerated depreciation

The ATO has more information on economic stimulus measures here

Making sure your tax information is current and accurate

Correct and up to date information helps make better informed tax decisions and ensures you get the best tax return. Consider the suggestions below as places to start in making sure your tax information is correct: 

  • All log book data for your business vehicles  
  • Current stocktake data if your business carries stock and your, estimated closing stock (and opening stock) is more than $5,000
  • Review your annual GST private apportionment claim to accurately reflect the balance of business and personal use of business assets
  • Any COVID-19 stimulus payments like JobKeeper as they will need to be incorporated in your business income tax return

Supporting businesses impacted by recent disasters

Ways in which accountants can help small business owners:

Speak to your accountant about how the ATO may be able to provide further assistance with things like: 

  • Locating lost tax information and helping lost or damaged tax records
  • Re-issuing official documentation like activity statements, notices of assessment and tax returns
  • Granting extra time to lodge tax forms and activity statements 
  • Establishing payment plans 
  • Forgiving penalties or charges for an agreed period
  • Prompt refund payments

In the event your business was affected by a recent disaster, call the ATO’s emergency support line 1800 806 218 or visit their website.

Make your tax time appointment now

One last piece of advice, book in your tax time appointment now. The first quarter of the new financial year is a very busy time for accountants so don’t put it off. We have offices in Echuca and Rochester in Northern Victoria and we also service Shepparton and Swan Hill. So why not schedule your appointment with one of our accountants. 

Should you require more general advice and guidance, book your free 30 minute consult with one of our tax accountants or financial planners and let’s get your business performing at its best.


Disclaimer: The information above is general in nature and should not to be considered as personalised taxation or accounting advice. Please consult our experienced tax accountants as taxation law can affect your business differently from year to year.