Small Business – Custom Accounting Pty Ltd

Key Lessons from the Kilgour Case: Smarter Valuations in Business Sale Transactions

Custom Accounting — Mon, 20 Apr 2026 22:33:00 +0000

When selling a business—or even a slice of one—how you value the assets involved can have a major impact on the tax bill. A recent Full Federal Court decision, Kilgour v Commissioner of Taxation [2025] FCAFC 183, offers timely guidance on how “market value” is really determined for capital gains tax (CGT) purposes. When preparing for transactions, restructures or potential exit events…

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A Wake-Up Call for Family Businesses on Fringe Benefits Tax

Custom Accounting — Mon, 13 Apr 2026 14:30:00 +0000

As Fringe Benefits Tax (FBT) lodgement season approaches, family businesses should carefully review the perks they provide to working directors and family members. A high-profile case involving luxury vehicles provided to three brothers who run a large business empire through a discretionary trust highlights the complexities — and potential risks — of informal arrangements.

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Navigating CGT on Your Home: New ATO Clarity for Home-Based Businesses

Custom Accounting — Sun, 08 Mar 2026 21:50:00 +0000

Running a business from home—whether as a sole trader, freelancer, or small operator—has many perks. But when it comes to selling your home and potentially saving on tax, recent guidance from the ATO serves as a reality check. The ATO has provided its views on how home-based businesses interact with the small business capital gains tax (CGT) concessions, providing a warning on how the ATO…

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DPN Review: A Wake-Up Call for Business Owners on Personal Tax Risks

Custom Accounting — Sun, 01 Mar 2026 21:46:24 +0000

Running a successful business is hard work—and sometimes, despite best intentions, tax obligations slip. If the business is being operated through a company structure, then the ATO can potentially issue a Director Penalty Notice (DPN), holding company directors personally liable for unpaid taxes. In 2024–25, DPNs skyrocketed by 136%, reaching over 84,000 notices, affecting directors of around…

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AI Tax Tips: Helpful Shortcut or Costly Trap?

Custom Accounting — Sun, 15 Feb 2026 22:05:00 +0000

As a business owner or investor, time is always tight. So it’s no surprise many people now turn to AI tools like ChatGPT for quick answers on tax deductions, super contributions or structuring ideas. The responses sound confident, arrive instantly and cost nothing. What could go wrong? Plenty. The Australian tax and super system is complex, highly fact-specific and constantly changing.

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Electric Car Discounts Under Review: What It Means for Your Business (and What You Should Do Now)

Custom Accounting — Sun, 08 Feb 2026 22:00:00 +0000

Electric vehicles (EVs) are no longer a niche choice. By late 2025, they account for more than 8% of new car sales in Australia, driven in no small part by generous tax incentives. One of the most significant is the Federal Government’s Electric Car Discount, introduced in mid-2022. For many businesses and employees, it has materially reduced the cost of owning or leasing an EV. That said…

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Cash is Making a Comeback – Is Your Business Ready to Take It?

Custom Accounting — Thu, 22 Jan 2026 03:59:39 +0000

For years, businesses have been moving away from cash – and for good reason. Digital payments are quick, traceable, and cut down on the risk of theft or counting errors. But that tap-and-go world might soon have to make room again for notes and coins. The Government has released draft regulations that would require certain retailers to accept cash payments, ensuring Australians can still buy…

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Cyber In Accounting: Safeguarding Financial Data in a Digital Age

Custom Accounting — Sun, 04 Jan 2026 05:01:37 +0000

Cybersecurity is fast becoming a critical business strategy – and if it’s not, it should be. Many businesses hold critical data that poses significant risk to both businesses and their customers if the data they hold is not safeguarded from cybersecurity threats. The largest threats to businesses come from external entry points exposed by staff, through phishing links…

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Proposed Extension of the Instant Asset Write-Off and Other Tax Measures

Custom Accounting — Sat, 03 Jan 2026 04:59:15 +0000

A new Bill before Parliament – the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025 – proposes several key changes that could affect small businesses, listed companies, and the not-for-profit sector. The headline measure is the proposed extension of the $20,000 instant asset write-off for another year, to 30 June 2026. Small Business Boost: $20,000…

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ATO Interest Charges Are No Longer Deductible – What You Can Do

Custom Accounting — Tue, 30 Dec 2025 05:08:02 +0000

Leaving debts outstanding with the ATO is now more expensive for many taxpayers. As we explained in the July edition of our newsletter, general interest charge (GIC) and shortfall interest charge (SIC) imposed by the ATO is no longer tax-deductible from 1 July 2025. This applies regardless of whether the underlying tax debt relates to past or future income years. With GIC currently at…

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