by Tai Tran | Oct 31, 2026 | Small Business
Most of us have one: a shoebox, glovebox or kitchen drawer full of faded receipts. This weekend, grab a coffee and give yourself an hour to sort it out with the AI tools already on your phone.
The one-hour plan
- Snap everything. Lay the receipts out and photograph them in batches, or use the receipt capture in Xero or MYOB if you have it.
- Ask an AI assistant to build the list. Upload a batch and try: “Make a table of these receipts with date, supplier, total, GST and a category such as fuel, tools, phone or meals.”
- Check the numbers. AI tools misread faded print, so spot-check totals against the paper before you rely on them.
- Save it properly. Keep the photos and the spreadsheet together in a cloud folder by financial year. Clear digital copies are generally accepted by the ATO.
A word of caution: don’t upload anything with your TFN, bank details or customer information to a public AI tool.
What about the new $1,000 deduction?
From the 2026–27 year, employees can claim a standard deduction of up to $1,000 for work-related expenses without receipts. But if you claim more than $1,000, you need records for all of it, and business expenses still need records too. So the shoebox still matters.
Want your records set up so tax time takes minutes, not weekends? Talk to our Dee Why team.
This is general information only and not personal advice. Source: ATO, Standard deduction for work-related expenses.
by Tai Tran | Oct 30, 2026 | Recent News, Small Business, Tax
Not every business is having a great year. If yours runs through a company and 2026–27 is looking like a loss, there’s some good news. The ATO confirmed in September that loss carry-back is law again.
How it works
Instead of waiting for future profits to use a loss, an eligible company can carry it back against tax it paid in either or both of the two previous years and receive a refundable tax offset. For most companies, that means a 2026–27 loss carried back to 2024–25 and/or 2025–26, claimed in the 2026–27 company tax return.
Who can use it
- companies and other corporate tax entities (not sole traders, partnerships or family trusts)
- revenue losses only, not capital losses
- the company must have paid tax in one or both of the previous two years and be up to date with its returns
- the refund is capped by the company’s franking account balance at the end of the loss year.
Our tip: think before you pay dividends
Because the refund is capped by your franking balance, paying franked dividends before 30 June can shrink what you get back. If a loss is on the cards, plan dividends and the year-end position together, now rather than in June.
Want to know what a loss year could mean for your company? Book a catch-up with our Dee Why team.
This is general information only and not personal advice. Sources: ATO, 8 September 2026; PwC Tax Alert, 15 October 2026.
by Tai Tran | Oct 29, 2026 | Small Business, Tax
The Melbourne Cup runs next Tuesday, 3 November, and plenty of local businesses will be booking a long lunch for the team. It’s a great way to say thanks, but the tax treatment depends on where you go and how much you spend per head.
The $300 rule
A Cup Day lunch with drinks is generally entertainment. For staff and their partners:
- Under $300 per person (GST inclusive): usually no FBT under the minor benefit exemption, but no tax deduction and no GST credits either.
- $300 or more per person: FBT applies at 47% on the grossed-up value, although the cost becomes deductible and you can claim the GST credits.
- On your own premises on a working day, staff only: food and drink for employees is generally exempt from FBT, but again not deductible.
- Clients who come along: no FBT, but no deduction or GST credits for their share.
One catch: if your business uses the 50/50 split method for meal entertainment, the minor benefit exemption isn’t available.
Our tip
For most small businesses, keeping the per-head cost under $300 is the simplest outcome. Keep the receipt and a list of who attended, and remember the Christmas party is a separate event with its own $300 test.
Planning the end-of-year party and gifts too? Ask our Dee Why team before you book.
This is general information only and not personal advice. Source: ATO, Common entertainment scenarios for business.
by Tai Tran | Oct 28, 2026 | Recent News, Small Business, Tax
Plenty of people on the Northern Beaches post about food, fitness, surf and home life, and some are being paid for it in cash, products or experiences. On 22 October the ATO put content creators on notice: if money, gifts or perks are coming in regularly, you’re probably in business for tax purposes.
What counts as income
According to the ATO, it’s not just what lands in your bank account. Income can include:
- advertising and platform payments
- sponsorships and affiliate links
- tips, donations and subscriptions
- free products, services or experiences you receive in exchange for promotion, generally valued at market value.
The ATO says it finds undeclared income through data matching with platforms, its lifestyle assets program and tip-offs. If your turnover reaches $75,000 you’ll also need to register for GST.
Hobby or business?
The ATO has released a draft ruling, TR 2026/D2, on when an individual is carrying on a business, with consultation open until 27 November. The upside of being in business is that you may be able to claim expenses such as equipment and software, apportioned if you also use them privately.
Our tip
Start a simple spreadsheet today: what you received, from whom, when and what it’s worth. If you’re a local business that gifts products to creators, keep the same record on your side.
Not sure where your side hustle sits? Have a chat with our Dee Why team.
This is general information only and not personal advice. Sources: ATO media release, 22 October 2026; ATO, Are you in the business of content creation?
by Tai Tran | Oct 27, 2026 | Recent News, Small Business
It’s a big week for anyone carrying business debt. The Reserve Bank lifted the cash rate to 4.60% on 29 September, its fourth increase this year and the highest level since 2011. The next decision is due at 2:30pm on Tuesday 3 November (yes, Melbourne Cup day), and the latest inflation figures from the ABS land this Wednesday, 28 October.
When economists were surveyed in September, most expected rates to stay at 4.60% for the rest of the year, but a minority tipped another rise. Either way, rates aren’t coming down any time soon, so it pays to plan for them staying high.
Five cash flow checks worth doing this week
- Stress-test your repayments. Work out what another 0.25% would add to your business loan, overdraft and equipment finance each month.
- Chase what you’re owed. Every invoice paid on time is money you don’t have to borrow.
- Set tax money aside. A separate account for GST, PAYG and super stops the ATO becoming your most expensive lender.
- Talk to your lender early. Ask about fixing part of your debt or restructuring repayments before you need to.
- Build a 13-week cash flow forecast. It’s the simplest way to see a squeeze coming months ahead rather than days.
A reminder that interest on business loans is generally deductible, but interest the ATO charges on tax debts no longer is, so an ATO debt is now one of the costliest ways to fund your business.
Want help putting a cash flow forecast together? Give our Dee Why team a call or drop in.
This is general information only and not personal advice. Sources: RBA monetary policy decisions; ABS release calendar, October 2026.
by Tai Tran | Oct 17, 2026 | Small Business, Tax
With BAS season in full swing, scammers are sending emails pretending to be from the ATO. Recent versions talk about a “payment update” or an “income statement review” and try to get you to click a link or open an attachment, which can install remote-access software on your computer.
How to spot them
The ATO says it will never send you an unsolicited email with a link or attachment, or ask you to log in to myGov through a link in an email or text.
What to do
- Don’t click links or open attachments. Go straight to ato.gov.au or my.gov.au yourself.
- If you’ve already clicked or installed something, disconnect the device from the internet and contact your IT support.
- Forward suspicious emails to [email protected], or call the ATO scam line on 1800 008 540.
- Not sure if a message about your tax is real? Call us. We’re always happy to check.
Please share this with your team, especially anyone who handles your accounts inbox. Contact our Dee Why team if you’re unsure about anything you’ve received.
General information only. Source: ATO scam alerts.
