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With the end of the financial year just days away, many small and medium-sized business owners are feeling the pressure. It’s a time when the spotlight turns to compliance, reporting, and making sure everything is in order before 30 June.
But navigating your tax obligations can be daunting. The terms alone – ‘tax obligations’, ‘deductions’, ‘GST’, ‘capital gains tax’ – can feel overwhelming, especially when you're already juggling the demands of running a business.
At Attune Advisory, we understand that staying compliant with the Australian Taxation Office (ATO) isn’t always straightforward. That’s why we’re here to offer practical support, proactive guidance, and a clear path forward so you can approach the last days of the financial year with clarity and confidence.
If you operate a business in Australia, you’re required to meet a range of tax responsibilities beyond simply lodging an annual return. While many of these are well-known, some are less obvious—and all are critical to staying compliant. These include:
• Registering for an Australian Business Number (ABN)
Every business must have an ABN for tax and identification purposes. Without it, you may lose access to tax credits and face higher withholding rates.
• Maintaining accurate financial records
This includes invoices, receipts, bank statements, and payroll records. Good record-keeping underpins everything from deductions to audits.
• Registering for GST (if applicable)
If your business has a GST turnover of $75,000 or more, you must register and meet all related obligations, including charging GST, lodging BAS, and claiming input credits.
• Paying income tax on profits
Depending on your structure (e.g., sole trader vs. company), this could involve personal tax returns or company tax obligations.
• Managing superannuation for employees
Super must be paid quarterly at minimum, and failure to meet deadlines can result in penalties—even if paid late.
• Withholding the correct amount of tax from employee wages (PAYG Withholding)
This is a key responsibility for employers, ensuring employees meet their tax obligations.
• Meeting fringe benefits tax (FBT) obligations
If your business provides employees with non-cash benefits (like a company car or entertainment), you may be required to report and pay FBT.
Failure to comply can result in financial penalties, unnecessary audits, and mounting stress. However, with the right systems and expert guidance tailored to your business, you can stay on top of your obligations – and even identify opportunities to reduce your tax burden and boost your financial efficiency.
Tax rules aren’t set-and-forget – they evolve alongside legislation, industry regulations, and your business structure. Regular reviews help ensure you remain compliant and position your business for growth.
Here’s what you should be reviewing:
1. Business Structure
Your structure (sole trader, partnership, trust, or company) affects everything from tax rates to reporting obligations. As your business grows or changes, it may be worth reassessing whether your current structure is still right for you.
2. Income and Expense Reporting
Be sure to capture every deductible business expense—from vehicle costs to depreciation of assets. Using cloud accounting software can automate much of this and reduce human error.
3. GST Registration and Reporting
If registered for GST, you must charge GST on taxable supplies, claim input tax credits, and lodge regular Business Activity Statements (monthly, quarterly, or annually). Failing to keep up can result in compliance issues and cash flow problems.
4. Employer Responsibilities
Beyond PAYG and super, it’s essential to ensure you’re adhering to industry Awards or enterprise agreements. This includes paying correct wages, keeping up with Fair Work requirements, and understanding leave entitlements, allowances, and termination payments.
The ATO requires businesses to retain records for at least five years from when they were prepared, obtained, or the transaction was completed – whichever is later. Records must clearly explain all transactions, be written in English (or easily translated), and be stored securely, whether physically or digitally.
Good record-keeping is more than a compliance task – it’s also your best defence in the event of an audit and a foundation for sound business decision-making.
A registered tax agent is legally authorised to give tax advice, prepare and lodge returns, and represent you in dealings with the ATO. At Attune Advisory, our team is fully registered with the ATO and the Tax Practitioners Board (TPB), giving you peace of mind that your business is in experienced, qualified hands.
We also stay across legislative updates, industry trends, and ATO rulings so you don’t have to.
How can I stay on top of my tax obligations?
Using software like Xero or MYOB, tracking lodgement deadlines, and engaging an Attune Advisory advisor are all key to staying ahead.
What happens if I don’t meet my obligations?
You could face penalties, interest charges, and increased scrutiny from the ATO. In some cases, non-compliance can trigger a full audit.
What tax rate applies to small businesses?
As of 2023, small companies with turnover under $50 million are taxed at 25%. Larger companies pay 30%. Sole traders and partnerships are taxed at individual rates.
Does Australia tax overseas income?
Yes. The ATO uses international data-sharing agreements to track overseas assets and income. Australia also has tax treaties with over 40 countries to avoid double taxation.
Tax doesn’t have to be a burden. With tailored, strategic advice from the Attune Advisory team – and the right systems in place – you can meet your obligations, reduce your risk, and uncover real opportunities for growth and savings.
Give the team a call on 1300 866 113 or send us an email to start the conversation – you’ll be glad you did.
In today’s fast-paced and competitive business environment, financial leadership isn’t just valuable—it’s vital. But for many startups and small-to-medium-sized enterprises (SMEs), hiring a full-time Chief Financial Officer isn’t always feasible. That’s where a Virtual CFO (vCFO) comes in.
A Virtual CFO offers all the expertise and strategic insight of a traditional CFO, but on a flexible, part-time, or outsourced basis—making high-level financial guidance accessible to growing businesses without the overhead of a full-time salary.
At Attune Advisory, we work closely with business owners to bridge this gap, helping them gain clarity, direction, and confidence in their financial decisions via our tailored approach to offering a vCFO service.
A Virtual CFO is an outsourced financial expert who provides high-level strategic financial management, just like an in-house CFO. From cash flow forecasting to risk management and strategic planning, they act as a key advisor to business leaders—without being on payroll full-time.
Unlike traditional bookkeeping or compliance-based accounting, Virtual CFO services are forward-looking. The focus is on growth, performance, and strategic insight, not just historical data.
Many business owners are passionate about their product or service but find themselves overwhelmed by financial complexity as they scale. A Virtual CFO helps answer big questions like:
Whether your business is in a growth phase, facing financial challenges, or simply preparing for the future, a vCFO provides tailored insights to help you make confident, informed decisions.
1. Cost-Effective Expertise
Hiring a full-time CFO is expensive—often well beyond the reach of SMEs. A Virtual CFO provides access to top-tier financial acumen at a fraction of the cost.
2. Improved Cash Flow & Financial Clarity
A vCFO can help optimise cash flow, forecast future trends, and provide visibility into your financial health.
3. Strategic Business Planning
From budgeting and KPI tracking to funding strategies and investor presentations, your vCFO supports business growth with real data and insight.
4. Operational Efficiency
A good Virtual CFO will spot inefficiencies, identify risks, and streamline processes—saving you both time and money.
5. Objective, Experienced Advice
Unlike internal staff, a vCFO provides an external, unbiased perspective grounded in experience across a range of industries and business models.
At Attune Advisory, our Virtual CFO service is more than just a financial plug-in. We take the time to understand your business, your goals, and your challenges.
Our vCFO offering includes:
• Monthly or quarterly financial reporting
• Cash flow and budget forecasting
• Financial strategy sessions
• Risk analysis and mitigation planning
• Tax efficiency strategies
• Support with funding and capital raising
Our approach is personal, proactive, and always tailored to your business—because one-size-fits-all doesn’t work when it comes to growth.
If you're ready to make smarter financial decisions, boost profitability, and drive sustainable growth—without committing to a full-time hire—our Virtual CFO services could be the solution you’ve been looking for.
Contact the Attune Advisory team today to learn how we can help lead your financial strategy forward – call us on 1300 866 113 or contact us via email here. You’ll be glad you did.
For Australians planning their financial future, Self-Managed Superannuation Funds (SMSFs) continue to offer an attractive pathway to greater control and flexibility over retirement savings. But as the superannuation landscape evolves—with industry funds increasing their market share—many are asking: is an SMSF still the right choice?
At Attune Advisory, we believe SMSFs can play a powerful role in building long-term wealth—if managed with the right strategy, structure, and support … our specialty.
Recent industry data reveals a subtle shift: SMSFs now account for 27.9% of total superannuation assets, down from 30%, while industry super funds have risen from 38.2% to 40%. While this trend reflects the growing scale and marketing power of industry funds, it doesn’t diminish the unique advantages SMSFs can provide for the right investor.
1. Investment Control and Flexibility
SMSFs give you the power to choose where and how your retirement savings are invested. From shares and managed funds to property and even collectibles (within strict guidelines), you have far more scope to tailor your strategy.
2. Cost Efficiency (at Scale)
For those with higher super balances, SMSFs can offer cost advantages, especially as fixed administration fees become more efficient at scale compared to percentage-based fees in retail or industry funds.
3. Estate and Tax Planning
SMSFs can offer advanced tax strategies and greater flexibility in estate planning—an important consideration for individuals looking to protect wealth across generations.
With control comes responsibility. Managing an SMSF is not for everyone, and there are key considerations:
At Attune Advisory, we work closely with clients who want to explore the benefits of an SMSF while staying compliant and confident.
Our support includes:
• Feasibility assessments to determine if an SMSF is right for your circumstances
• Assistance with setup, including trust deed creation, registration, and investment strategy design
• Ongoing accounting, compliance, and audit coordination
• Strategic advice to help maximise retirement outcomes
We bring a personal, proactive, and expert approach to SMSF management—removing complexity while helping you remain in control.
Choosing an SMSF is not a one-size-fits-all decision. It depends on your financial goals, risk appetite, and capacity to manage or outsource the administrative load. But with the right advice and a clear plan, SMSFs can be a powerful vehicle for wealth creation, flexibility, and financial empowerment in retirement.
If you're thinking about setting up an SMSF—or simply want to explore whether your current strategy is working as hard as it could be—we’re here to help.
Talk to Attune Advisory today to make confident, informed decisions about your retirement future. Call the team today on 1300 866 113 or contact us via email here. You’ll be glad you did.
In it’s most recent meeting (May), the Reserve Bank of Australia (RBA) made headlines again by announcing a 25 basis point reduction to the official cash rate, bringing it down to 3.85%. This marks the second cut this year, following sustained efforts to support households and stimulate economic growth amid global uncertainty.
While this move comes as a welcome relief to many, especially mortgage holders, the broader implications of a lower cash rate are far-reaching and nuanced. In this article, we break down some of what this change means for individuals, businesses, and investors—and how you can stay financially agile in a changing landscape.
The RBA’s decision was largely driven by softening economic indicators, including slower household spending, modest wage growth, and mounting international pressures such as geopolitical instability and sluggish global trade.
According to RBA Governor Michele Bullock, the cut aims to relieve pressure on households facing rising living costs while supporting business investment and employment. Treasurer Jim Chalmers acknowledged the move, highlighting the balance needed between economic stimulus and long-term fiscal responsibility.
Mortgage Relief:
The most immediate benefit of a lower cash rate is reduced borrowing costs. Homeowners on variable-rate mortgages are likely to see their monthly repayments drop (if their lenders pass on the cut quickly), offering breathing room in an otherwise tight cost-of-living environment. For those with fixed-term loans nearing renewal, this could be an opportunity to refinance at a more favourable rate.
Savers Take a Hit:
On the flip side, savers are likely to feel the pinch. Major banks have already responded by lowering interest rates on term deposits and high-interest savings accounts. For retirees and individuals relying on interest income, this can erode returns and may necessitate a rethink of investment strategies.
A lower cash rate can be a double-edged sword for small business owners.
Easier Access to Finance:
Lower borrowing costs mean more accessible finance for business expansion, equipment upgrades, or cash flow management. This could be particularly valuable in sectors still recovering from supply chain disruptions or reduced consumer demand.
A Watchful Eye on Consumer Confidence:
However, economic uncertainty and reduced consumer spending could offset these benefits. Business owners will need to carefully balance optimism with caution, particularly in industries vulnerable to discretionary spending fluctuations.
Interest rate movements tend to ripple across investment markets. While lower rates often boost equity markets in the short term, they also reduce returns from cash holdings and fixed income products.
Property Investors:
Lower interest rates can drive increased demand in the property market, potentially pushing up prices in some regions. However, investors should remain mindful of broader market volatility and shifting tenant demand.
Stock Market Investors:
The ASX responded positively to the rate cut, with key indices trending upward following the announcement. Growth-oriented sectors such as tech and consumer discretionary often benefit from lower borrowing costs—but volatility remains a key consideration amid global economic headwinds.
In light of the changing economic climate, here are a few strategies individuals and businesses can consider:
1. Review Loans and Debt Structures:
Now is an opportune time to assess your lending arrangements. Consider refinancing options or consolidating debts to take advantage of lower interest rates, but don’t be too hasty – get good advice from your broker as interest rates may yet change again.
2. Diversify Investments:
Relying heavily on savings accounts or term deposits may no longer yield competitive returns. Explore diversified portfolios that balance risk and potential growth, especially if you have a longer investment horizon.
3. Plan Proactively:
Whether you’re a household managing a mortgage or a business eyeing growth, having a clear, forward-looking financial plan is essential. Consider engaging with a financial advisor or Virtual CFO to assess your current position and outline a path forward.
The RBA’s latest cash rate cut reflects a delicate balancing act—stimulating economic growth while navigating global uncertainty. While there are clear benefits for borrowers and some opportunities for investors, the implications for savers and small businesses highlight the importance of strategic financial planning.
At Attune Advisory, we’re here to help you make informed financial decisions in a constantly evolving environment. Whether you're looking to restructure debt, invest smartly, or future-proof your business, our team is ready to work alongside you to build the right strategy.
So, if you’d like to discuss what tailored financial advice might mean for you or your business, get in touch with Attune Advisory today on 1300 866 113 or contact us via email here. You’ll be glad you did.
