Top Tax-Saving Tips for Australians: Maximising Returns and Minimising Liabilities

Fringe Benefits Tax (FBT) is a special tax separate from GST and income tax that businesses in Australia must pay when providing a fringe benefit to employees and other associates. What is a Fringe Benefit? A fringe benefit is a reimbursement, expense or non-cash payment provided by a business that is not salary and wages. Common examples include: · Personal use by an employee or associate of a business/company car · Paying or reimbursing personal expenses such as school fees, memberships, or insurance · Providing entertainment, such as meals at restaurants or tickets to events If it is a personal expense or private use of a business asset, and the business pays for it — it may be a fringe benefit. Who Can Trigger FBT ? FBT applies when fringe benefits are provided to: · Employees · Company directors · Family members of employees or directors · Beneficiaries of a trust who work in or help run the business For example, if a director uses a company car for private purposes, FBT applies — even if the director is not taking wages or making cash drawings. If your business is a company or trust, the business is a separate legal entity from you. This means that the owners’ use of assets is treated as if they’re an employee. Important Exception This rule does not apply to sole traders and partners of a partnership using business assets. However, sole traders and partnerships are still caught by FBT rules if providing benefits to employees. What You Need to Do Each FBT Year? If you think you may be providing a fringe benefit to an employee, director, family member or other associate: 1. Keep records of any benefits, reimbursements or private use of business assets. 2. Complete the annual FBT questionnaire provided by Green Taylor Partners. 3. Provide all relevant details so we can help you determine whether FBT applies and how to meet your obligations. 

Director Penalty Notices: What Every Company Director Needs to Know Running a business can be demanding, and it’s easy for tax obligations to slip down the priority list during busy periods. However, one area that company directors must never ignore is compliance with Pay As You Go (PAYG) withholding, Superannuation Guarantee Charge (SGC), and Goods and Services Tax (GST) obligations. The Australian Taxation Office (ATO) takes these matters seriously, and one of the key tools it uses to enforce compliance is the Director Penalty Notice (DPN). What Is a Director Penalty Notice? A Director Penalty Notice is a formal notice issued by the ATO to company directors who have failed to ensure their company meets its PAYG withholding, SGC, or GST obligations. The DPN makes directors personally liable for the company’s unpaid amounts — meaning the ATO can recover these debts directly from the directors themselves. There are two types of DPNs: Non-lockdown DPN – applies when the company has lodged its activity statements and superannuation guarantee statements on time but hasn’t paid the debt. Directors have 21 days from the date of the notice to take action (such as paying the debt, appointing an administrator, or winding up the company). Lockdown DPN – applies when the company has failed to lodge its BAS, IAS, or superannuation statements within the required timeframes. In this case, the penalty is locked down to the director personally, and placing the company into administration or liquidation won’t remove the liability. Where Are Director Penalty Notices Sent? DPNs are sent by post to the director’s address listed on the Australian Securities and Investments Commission (ASIC) register. This is important — even if you’ve moved and haven’t updated your ASIC details, the ATO considers the notice delivered once it’s posted to the registered address. There are no extensions or excuses if you don’t receive it in time due to an outdated address. You Should Contact Your Accountant Immediately If you receive a DPN, time is critical. You generally have only 21 days from the date of the notice (not the date you open it) to take action. That’s why it’s vital to contact your accountant or tax agent as soon as possible. Your accountant can: Review the notice and confirm what liabilities it covers Help you assess the company’s financial position Advise on the available options, including payment plans or formal insolvency appointments Liaise with the ATO on your behalf to explore possible relief or negotiate outcomes The sooner you act, the greater the range of options available to protect both you and the business. What Happens If You Ignore a DPN? Ignoring a DPN is one of the costliest mistakes a director can make. If no action is taken within the 21-day period, the ATO can: Enforce recovery directly from the director’s personal assets Issue garnishee notices to recover funds from your bank accounts or wages Begin legal proceedings against you personally In cases of lockdown DPNs, the personal liability remains even if the company later goes into liquidation or administration. Key Takeaways A Director Penalty Notice is not just another ATO letter — it makes you personally liable for company debts. Always ensure your company lodges its tax and super obligations on time, even if payment can’t be made immediately. Keep your details up to date with your Accountant and ASIC. And if a DPN arrives, contact your accountant straight away. Acting quickly can make all the difference between resolving the issue and facing significant personal consequences.

Successful businesses usually enjoy high customer retention (loyalty) and repeat business . They offer quality products or services but also meaningful interactions and experiences, which keep customers coming back. Here are some practical strategies for leaders looking to increase customer loyalty and drive repeat business: 1. Personalisation Tailor communications and offers to individual customers based on their preferences and past interactions. A Customer Relationship Management (CRM) system maintains and analyses important data, especially related to purchase history. Sensitivity to customer preferences drives retention and repeat purchase. 2. Use Multiple Channels Your customers may prefer certain ways of communicating, such as phone, email, and social media, so offer exceptional customer service through multiple channels. Live chat support can be available anytime and queries can be escalated for human intervention, as appropriate. 3. Loyalty Programs Loyalty programs reward customers for repeat business and help you stand out among competitors. A simple example is to offer a free product after a specified number of purchases, encouraging the customer to buy more. 4. Solicit and Act on Feedback Get feedback from customers AND take action to address their concerns. This can be done formally through detailed surveys or informally through conversations with selected customers. Showing customers you have listened and taken appropriate action will be greatly valued. 5. Transparency Open, ethical business practices and keeping your promises build credibility. This is especially important when things go wrong, for example, if products need to be recalled. 6. Reward Customer Referrals Encourage satisfied customers to refer friends and colleagues to your business. Make referral processes easy so minimal effort by the customer is required, and they can be confident the new customer will enjoy a great experience. 7. Consistency The brand message and values should be consistent across all customer touchpoints. That way, customers become familiar and comfortable with the business and are unlikely to look elsewhere while their needs are being met. Many of these best practices can be implemented at minimal cost, and the benefits of increased customer loyalty will far exceed the investment. What can you do to increase customer loyalty in your business?

The Australian Government has announced significant changes to the Higher Education Loan Program (HELP), including HECS-HELP loans, aimed at reducing the financial burden on university graduates. These reforms, effective from the 2025 financial year, are set to benefit approximately three million Australians. 20% Reduction in Help Debt From June 1, 2025, all outstanding HELP debts – including HECS-HELP, FEE-HELP, SA-HEPL, OS-HELP and Vet student loans will be reduced by 20% before any indexation is applied. This measure is expected to alleviate approximately $16 Billion in student debt across the country. The Australian Tax Office will automatically apply this reduction to eligible accounts.  https://www.education.gov.au/higher-education-loan-program/20-reduction-student-loan-debt/faqs-20-reduction-all-outstanding-help-loan-debt?utm_source=chatgpt.com Change to Repayment Thresholds Effective July 1, 2025, the minimum income threshold for compulsory HELP repayments will increase from $54,435 to $67,000. Additionally, a marginal repayments system will be introduced, where repayments are calculated only on income above the new threshold, rather than on total income. This adjustment means that graduates earning below this new threshold will not be required to make compulsory repayments, and those earning above it will pay a smaller percentage of their income towards their debt. These reforms are part of the governments broader effort to make higher education more accessible and to support graduates in their financial journey’s.