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$20,000 Instant Asset Write-Off Extension

Small Business Support: $20,000 Instant Asset Write-Off Extension Great news for small businesses! As part of the 2024–25 Budget, the government announced that it will continue supporting small businesses by extending the $20,000 instant asset write-off limit until 30...

Recent Changes to Deductibility of ATO Interest

Recent Changes to Deductibility of ATO Interest: What You Need to Know Significant changes to the deductibility of Australian Taxation Office (ATO) interest charges are now law under the Treasury Laws Amendment (Tax Incentives and Integrity) Act 2025. These changes...

Exit Strategies and Succession Planning: Closing with Success

As business owners you often focus on growth and operations but focus needs to be turned to planning for the future. This includes considering how and when you will “step down” and what this looks like. Whether this “step down” results from planned retirement, a...

Navigating Business Loans and Funding Options

Choosing the Right Path for Your Australian Business Continuing from our running a business blog series, this blog will dig into funding options. For business owners, securing funding is often a vital step in starting, growing, or sustaining a business. Whether...

Techniques to Manage Business Cash Flow

Understanding how to manage cash flow is crucial for the sustainability and growth of any business. Poor cash flow management can lead to cash crunches, liquidity issues, and even business failure. In this blog, we will share some effective techniques to help business...

The Power of Business Forecasting (Budgeting)

Running a business is like navigating a maze. While there's no crystal ball, there is a powerful tool that can help you anticipate challenges and seize opportunities: business forecasting. In this blog, we’ll dive into what forecasting is, why it’s essential, and how...

Ethical Business Practices: The Foundation of Success

This is a continuation of our series of blogs about setting up a business. If you haven’t read them, head back to the start and catch up. When setting up a business, there is often a strong focus on the tangible—like securing funding, creating a business plan and...

Do you have any Lost Super?

If you've changed jobs, moved, or forgotten to update your details, you might have lost track of your super. Here's how you can search for it: Use MyGov: Link your myGov account to the Australian Taxation Office (ATO) to access your super information. Follow these...

What is Superannuation in simple terms?

Superannuation, or 'super', is a system where employers contribute a percentage of your salary into a super fund to support your financial needs in retirement. You also have the option to contribute money under limited circumstances. There are strict annual limits as...

Engaging Employees

“A person who feels appreciated will always do more than what is expected” – Unknown. Employee engagement and retention are crucial for the long-term success of any business. A positive workplace culture and motivated employees lead to higher productivity, better...

Tax Planning Strategies for Small Businesses

As a small business owner, understanding and implementing effective tax planning strategies can significantly impact your bottom line. Let's explore some tax-saving tips, deductions, and obligations to help you stay ahead. Know Your Deductions Deductions can reduce...

Growing Your Business: Tips and Tricks for Success

Growing Your Business: Tips and Tricks for Success So, you've successfully started your business, chosen the right structure, and learned how to maintain it. Now it's time to take your business to the next level. Growth can be a daunting prospect, but with the right...

7 Essential Steps to Maintain Your Business After Setup

7 Essential Steps to Maintain Your Business After Setup Following on from our previous blogs about starting your new business. If you haven’t read our last 3 blogs, we would recommend you start from the beginning. If you have, keep reading!! Maintaining your...

Next Steps After Choosing Your Business Structure

Next Steps After Choosing Your Business Structure Starting a new business is an exciting journey, now that you have chosen the structure of your business, there are several important steps to take to ensure a smooth launch. Here are a things that might help you...

Choosing the right business structure

Choosing the right business structure is a crucial step when starting a new business. It defines who owns and operates the business, affects your tax and registration requirements, determines your legal liabilities, risk and obligations. The structure chosen also...

Starting a business is an exciting venture!

Starting a new business is an exciting venture, filled with opportunities and challenges. As an accounting firm we have seen first-hand how crucial it is to lay a strong foundation from the beginning. Here are three essential tips to help you get started on the right...

Your Path to Financial Success in 2025

New Year Financial Resolutions: Your Path to Financial Success in 2025 As we usher in the new year, it's a fantastic opportunity to set some financial resolutions that can pave the way for a prosperous 2025. Here are some key resolutions to consider as you plan for a...

Understanding the New Client Linking Process by the ATO

The Australian Taxation Office (ATO) has introduced a new client-to-agent linking process to enhance security and ensure that only authorised agents can access your business information. This new process is mandatory for all businesses with an Australian Business...

Five Essential Rules for Record Keeping

Important tips on record keeping that can help you stay organised and compliant with the Australian Taxation Office (ATO). Here are the five golden rules: Keep All Records: Make sure to keep every document related to your business transactions. This includes receipts,...

Protect Your Business: Tips to Spot a Scam

In today’s digital age, scams are becoming increasingly sophisticated, targeting business owners through emails, text messages, and phone calls. At Welsh Tax, we want to help you stay vigilant and protect your business from falling victim to these scams. Here are some...

Recent Changes to Superannuation on Parental Leave Pay

Recent Legislative Changes to Superannuation on Parental Leave Pay Introduction In a significant move towards gender equality and financial security for parents, the Australian government has recently passed legislation to include superannuation payments on...

Are you selling a property?

What is a non-resident withholding credits clearance certificate? A Non-Resident Withholding Credits Clearance Certificate is a document issued by the Australian Taxation Office (ATO) that can be used by Australian residents selling their property to notify the buyer...

Understanding the New Payday Superannuation

Understanding the New Payday Superannuation: What You Need to Know Important news that will impact how you manage your finances starting July 2026. The Australian government is set to launch a new initiative called "Payday Superannuation," aimed at making super...

REMINDER – DUE DATES

REMINDER – DUE DATES 14 June Submit and approve Auto Super batches by 14 June to ensure that they are cleared funds in superannuation accounts by 30 June. To be deductible in the 2024 tax year the funds must cleared in Super accounts by 30 June. Due to the volume of...

Top 3 Australian Taxation Office critical focus areas for 2024

Navigating Tax Time 2024: ATO's Priority Areas As we prepare for Tax Time 2024, it's essential to be aware of the Australian Taxation Office's (ATO) top priority areas. The ATO has identified three critical focus areas that will greatly influence the review and...

Tracking cash flow is important.

It's critical to regularly monitor your company's cash flow and performance. Tracking your business’ performance can also benefit you by: Recognising when you are straying off course so you act early. Maintaining profitability and positive cash flow. Assisting timely...

Have you just got married or changed your name?

Did you know that you must also update your name with the Australian Taxation Office. There are few different ways that this can be done. The quickest and easiest way is by logging into your myGov account. Before logging in, make sure you have an Australian...

Data Protection – The rise of the compromised.

Over my years as an accountant in public practice I have heard of cases of fraud with the ATO but never actually seen any first hand. That all changed in the last couple of month. I will detail the 2 situations below but for privacy have left out names and details. A...

Agent to Client Linking

Effective from November 2023, the ATO implemented necessary measures to enhance the security, protect clients against fraud and identity theft, and better manage agent access to tax and super. You must nominate your agent. We can’t do this process for you, but we can...

Small Business Technology Investment Boost

The Small Business Technology Investment Boost is a tax incentive program that provides small businesses with an aggregated annual turnover of less than $50 million and an additional 20% tax deduction to support their digital operations and digitize their operations....

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