It Wasn't Me: the tax fraud scam
Stewart, Tracy & Mylon • September 12, 2024
You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you. And you certainly didn’t get a $100k refund in your bank account. What happens now?
In what is rapidly becoming the most common tax scam, myGov accounts are being accessed for their rich source of personal data, bank accounts changed, and personal data used to generate up to hundreds of thousands in fraudulent refunds. For all intents and purposes, it is you, or at least that’s what it seems. And, the worst part is, you probably gave the scammers access to your account.
But it’s not just activity statements. Any myGov linked service that has the capacity to issue refunds or payments is being targeted. Scammers are using the amendment periods available in the tax law to adjust existing data and trigger refunds on personal income tax, goods and services tax (GST), and through variations to pay as you go (PAYG) instalments. In some cases, the level of sophistication and knowledge of how Australia’s tax and social security system operates is next level.
Once the scammers have access to your myGov account, there is a lot of damage they can do.
So, how does this happen and why is it so pervasive? Humans are often the weakest link.
Common scams utilise emails (78.9% of reported tax related scams in the last 12 months) or SMS (18.4% of reported scams) that mimic communication you might normally expect to see. The lines of attack used by tax related scammers are commonly:
- Fake warnings about attempted attacks on your account (and requiring you to click on the link and confirm your details);
- Opportunistic baiting where some form of reward is flagged, like a tax refund, that you need to click on the link to confirm and access; and
- Mimicking common administrative notifications from the Australian Taxation Office (ATO) like a new message accessible from a link.
Approximately 75% of all email scams reported to the ATO to March 2024 were linked to a fake myGov sign in page.
How to spot a fake
Often the first sign that something is amiss is alerts about activity on your myGov account or a change in details - which might seem a little ironic if the way in which scammers got into your account in the first place is via these very same messages. But, there are ways to spot a fake:
- The ATO, Centrelink and MyGov don’t use hyperlinks in messages. If you receive a message with a link, it’s a fake.
- The ATO will not use QR codes as a method for you to access your account.
- The ATO will never ask for your tax file number (TFN), bank account details or your myGov login details over social media. Some scammers have used fake social media accounts mimicking the ATO and other Government agencies. When a query comes in, they respond by asking for information to verify it’s you. The ATO will never slide into your DMs. ATO Assistant Commissioner Tim Loh said, “it’s like giving your house keys to a stranger and watching them change your locks.”
- The ATO do not use pre-recorded messages to alert you to outstanding tax debt. The ATO will not cancel your TFN. Some scammers suggest that your TFN has been cancelled or suspended due to criminal activity or money laundering and then tell you to either pay a fee to correct it, or transfer your money to a ‘safe’ bank account to protect you against your corrupted TFN.
- The ATO will not initiate a conference call between you and your tax agent and someone from a law enforcement agency. In one case, the taxpayer was told that the caller was from the ATO and a person from her accounting firm was on the call as well to represent her and work through a problem. The ATO caller and the tax agent were fake. Just hang up and call our office if you are ever concerned. The ATO will never initiate a conference call of this type.
- The ATO will also not ask you to reconfirm your details because of security updates to myGov. The link, when activated, takes you to a fake myGov web page that can look very convincing.
In general, you should always log into your myGov account directly to check on any details alerted in messages rather than clicking on links. This way, you know that you are not being redirected to somewhere you should not be.
And, don’t log into your myGov account on free wifi networks. Ever.
Who is getting scammed?
There is a pervasive view that older, technology challenged individuals are the most at risk. And while this might be the case generally, scamming is impacting all age groups.
The ATO says that the demographic who most reported providing personal information to scammers was 25 to 34 year olds. And, the younger generation are more likely to fall for investment scams. According to the AFP-led Joint Policing Cybercrime Coordination Centre (JPC3), people under the age of 50 are overtaking older Australians as the most reported victims of investment scams. Australians reported losing $382 million to investment scams in the 2023-24 financial year. Nearly half (47%) of the investment scam losses involved cryptocurrency.
Other scams
Scammers are in the business of scamming and they will use every trick and opportunity to part you from your money.
Investment scams
Pig butchering. Pig butchering is a tactic where scammers devote weeks or months to building a close relationship with their victims on social media or messaging apps, before encouraging them to invest in the share market, cryptocurrency, or foreign currency exchanges. Victims think they are trading on legitimate platforms, but the money is siphoned into an account owned by the scammers, who created fake platforms that look identical to well-known trading and cryptocurrency sites. Scammers will show fake returns on these platforms to convince victims to invest more money. Once they have extracted as much money as possible, the scammers disappear with all the invested funds.
Deepfakes.
Deepfakes are lifelike impersonations of real people created by artificial intelligence technologies. Scammers create video ads, images and news articles of celebrities and other trusted public figures to promote fake investment schemes, which can appear on social media feeds or be sent by scammers through messaging apps. Unusual pauses, odd pitches, or facial movement not matching their speaking tone are often giveaways but increasingly, the fakes are difficult to spot.
Invoice scams
The names and details of legitimate businesses are used to issue fake invoices with the money transferred to the scammer’s account. These scams are often tied to cyber breachers where hackers have accessed your systems and have identified your suppliers.
Bank scams
There has been a lot in the media of late about people receiving phone calls purporting to be from their bank, advising them there is a problem with their account, and then walking them through a resolution that involves transferring all their money into a ‘safe’ scammers account. Victims commonly state that they believed the scammer because of the level of personal information they relayed.
Your bank will never send an email or text message asking for any account or financial details, this includes updating your address or log in details for phone, mobile or internet banking.
A CHOICE survey found that four out of five of the victims of banking scams in their report said their banks did nothing to flag a scam before they transferred their money to the perpetrator.
The Australian Banking Association have stated that, if not already, banks will introduce warnings and payment delays by the end of 2024. And, in addition to other measures, they will limit payments to high-risk channels such as crypto platforms.
What to do if you have been scammed
myGov
If you have downloaded a fake myGov app, have given your details to a scammer, or clicked on a link from an email, text message or scanned a QR Code, contact Services Australia Scams and Identify Theft Helpdesk on 1800 941 126, or get help with a scam here.
Tax scams
Before acting on any instructions, please contact us and we will verify the information for you.
If you have already acted, contact the ATO to verify or report a scam on 1800 008 540.
The Government use external agency recoveriescorp for debt collection but we will advise you if you have a tax debt outstanding.
As an employer, you’re required to pay super guarantee (SG) contributions for your eligible employees on time and to the correct fund. If payments are missed or delayed, there are important steps you need to take — and penalties can apply if you don’t act quickly. A super payment is only considered “paid” once it’s received by the employee’s super fund — not the date you send it. If you use a clearing house, make sure you allow enough processing time so your payments reach the fund before the quarterly due date. Quarterly Super Due Dates Super payments are due 28 days after the end of each quarter: 28 October – for July to September 28 January – for October to December 28 April – for January to March 28 July – for April to Jun If your payment isn’t made on time or to the right fund, you must: Lodge a Super Guarantee Charge (SGC) statement with the ATO; and pay the SGC — which includes the unpaid super, interest, and an administration fee. Even if you can’t pay straight away, lodge the SGC statement by the due date to avoid extra penalties. The ATO can help you set up a payment plan if needed. Get in touch with us immediately if you need help with these steps, or you require more information. Late Payment Options If you’ve made a late super payment, you can: Offset the payment against your SGC for that quarter (by making a Late Payment Offset election in your SGC statement), or Carry it forward to cover a future quarter (within 12 months). Note that late payments aren’t tax deductible, even if they’re later offset against the SGC. ATO Compliance & Support The ATO regularly checks payroll and super data to identify missed or late payments. If they contact you, it’s best to review your records and respond promptly. If you’re struggling to meet your SG obligations: Lodge your SGC statement (even if you can’t pay in full). Call the ATO on 13 10 20 to discuss a payment plan or get help with your situation. Failing to lodge an SGC statement on time can lead to a Part 7 penalty — up to 200% of the amount owed. Penalties may be reduced if you’ve made a genuine effort to comply or have a good compliance history. Set a reminder a few days before each due date and check your clearing house’s processing times. Paying a few days early can help you avoid costly penalties and paperwork later. Need help managing your super obligations or lodging a Super Guarantee Charge? Our team can assist with compliance, catch-up payments, and setting up reminders to keep you on track. Contact us anytime for support.
In support of young Australians and in response to the rising cost of living, the Australian Government has passed legislation to reduce student loan debt by 20% and change the way that loan repayments are determined. This should help students significantly more than the advice from outside of Parliament - cut down on the smashed avo. 20% reduction in student debt The reduction is expected to benefit more than 3 million Australians and remove over $16 billion in outstanding debt. The 20% reduction will be automatically applied to anyone with the following student loans: HELP loans (eg, HECS-HELP, FEE-HELP, STARTUP-HELP, SA-HELP, OS-HELP) VET Student loans Australian Apprenticeship Support Loans Student Start-up Loans Student Financial Supplement Scheme. The reduction will be based on the loan balance at 1 June 2025, before indexation was applied. Indexation will only apply to the reduced balance. The ATO will apply the reduction automatically on a retrospective basis and will adjust the indexation that is applied. No action is needed from those with a student loan balance and the Government has indicated that you will be notified once the reduction has been applied. If you had a HELP debt showing on your ATO account on 1 April 2025 but you paid the debt off after 1 June 2025 then the reduction will normally trigger a credit to your HELP account. If you don’t have any other outstanding tax or other debts to the Commonwealth, then the credit should be refunded to you. The HELP debt estimator is a useful tool to get an idea of the reduction amount, please reach out if you need any help in working out eligibility. Changes to repayments The Government has also modified the way that HELP and student loan repayments operate, primarily by increasing the amount that individuals can earn before they need to make repayments. The minimum repayment threshold for the 2025-26 year is being increased from $56,156 to $67,000. The threshold was $54,435 for the 2024-25 year. Under the new repayment system an individual will only need to make a compulsory repayment for the 2025-26 year if their income is above $67,000. The repayments will be calculated only against the portion of income that is above $67,000. Repayments will still be made through the tax system and will typically be determined when tax returns are lodged with the ATO. For many people the change in the rules will mean they have more disposable income in the short term, but it will take longer to pay off student loans. The main exception to this will be when an individual chooses to make voluntary repayments.
This tax season, we’ve seen a surge in questions about whether interest on a loan can be claimed as a tax deduction. It’s a great question as the way interest expenses are treated can significantly affect your overall tax position. However, the rules aren’t always straightforward. Here’s what you need to know. The purpose of the loan The most important thing when looking at the tax treatment of interest expenses is to identify what the borrowed money has been used for. That is, why did you borrow the money? For interest expenses to be deductible you generally need to show that the borrowed funds have been used for business or other income producing purposes. The security used for the loan isn’t relevant in determining the tax treatment. Let’s take a very simple scenario where Harry borrows money to buy a new private residence. The loan is secured against an existing rental property. As the borrowed money is used to acquire a private asset the interest won’t be deductible, even though the loan is secured against an income producing asset. Redraw v offset accounts While the economic impact of these arrangements might seem somewhat similar, they are treated very differently under the tax system. This is an area to be especially careful with. If you have an existing loan account arrangement, you’ve paid off some of the loan balance and you then use a redraw facility to access those funds again, this is treated as a new borrowing. We then follow the golden rule to determine the tax treatment. That is, what have the redrawn funds been used for? An offset account is different because money sitting in an offset account is basically treated much like your personal savings. If you withdraw money from an offset account you aren’t borrowing money, even if this leads to a higher interest charge on a linked loan account. As a result, you need to look back at what the original loan was used for. Let’s compare two scenarios that might seem similar from an economic perspective: Example 1: Lara’s redraw facility Lara borrowed some money five years ago to acquire her main residence. She has made some additional repayments against the loan balance. Lara redraws some of the funds and uses them to acquire some listed shares. Lara now has a mixed purpose loan. Part of the loan balance relates to the main residence and the interest accruing on this portion of the loan isn’t deductible. However, interest accruing on the redrawn amount should typically be deductible where the funds have been used to acquire income producing investments. Example 2: Peter’s offset account Peter also borrowed money to acquire a main residence. Rather than making additional repayments against the loan balance, Peter has deposited the funds into an offset account, which reduces the interest accruing on the home loan. Peter subsequently withdraws some of the money from the offset account to acquire listed shares. This increases the amount of interest accruing on the home loan. However, Peter can’t claim any of the interest as a deduction because the loan was used solely to acquire a private residence. Peter simply used his own savings to acquire the shares. Parking borrowed money in an offset account We have seen an increase in clients establishing a loan facility with the intention of using the funds for business or investment purposes in the near future. Sometimes clients will withdraw funds from the facility and then leave them sitting in an existing offset account while waiting to acquire an income producing asset. This can cause problems when it comes to claiming interest deductions. First, even if the offset account is linked to a loan account that has been used for income producing purposes, this won’t normally be sufficient to enable interest expenses incurred on the new loan from being deductible while the funds are sitting in the offset account. For example, let’s say Duncan has an existing rental property loan which has an offset account attached to it. Duncan takes out a new loan, expecting to use the funds to acquire some shares. While waiting to purchase the shares, he deposits the funds into the offset account, which reduces the interest accruing on the rental property loan. It is unlikely that Duncan will be able to claim a deduction for interest accruing on the new loan because the borrowed funds are not being used to produce income, they are simply being applied to reduce some interest expenses on a different loan. To make things worse, there is also a risk that parking the funds in an offset account for a period of time might taint the interest on the new loan account into the future, even if money is subsequently withdrawn from the offset account and used to acquire an income producing asset. For example, even if Duncan subsequently withdraws the funds from the offset account to acquire some listed shares, there is a risk that the ATO won’t allow interest accruing on the second loan from being deductible. The risk would be higher if there were already funds in the offset account when the borrowed funds were deposited into that account or if Duncan had deposited any other funds into the account before the withdrawal was made. This is because we now can’t really trace through and determine the ultimate source of the funds that have been used to acquire the shares. To do It’s worth reaching out to us before entering into any new loan arrangements. In this area, mistakes are often difficult to fix after the fact, which can lead to poor tax outcomes. That’s why getting advice from a tax professional before committing to a loan is essential. We can work alongside you and your financial adviser to ensure your loan is structured in a way that makes financial sense and protects your tax position.
The Federal Government recently wrapped up a consultation process on supermarket unit pricing. While the topic might sound like a purely consumer issue, it could have very real commercial impacts for businesses supplying into the grocery sector. On 1 September 2025, Treasury opened consultation on strengthening the Retail Grocery Industry (Unit Pricing) Code of Conduct. Submissions closed just a few weeks later on 19 September 2025, marking the end of a very short opportunity for stakeholders to have their say. A Quick Recap Unit pricing is what allows shoppers to compare costs per standard measure (e.g. $/100g or $/litre) across different pack sizes and brands. Since 2009, large supermarkets have been required to display this information to help customers spot value. While compliance has been relatively low-cost and penalties limited, the Government’s review signals that much tighter rules could be on the way. Why Now? The ACCC’s recent supermarket inquiry highlighted that while unit pricing helps, there are still gaps. The big concern is shrinkflation—when pack sizes quietly reduce while prices remain the same or higher. With cost-of-living pressures dominating headlines, the Government is looking at clearer, fairer pricing to rebuild consumer trust. What Might Change? Proposals considered in the consultation paper include: Shrinkflation alerts – supermarkets may need to flag when a product becomes smaller without a matching price cut. Clearer displays – larger, more prominent unit prices both in-store and online. Wider coverage – expanding the rules beyond major supermarkets to smaller retailers and online sellers. Standardised measures – eliminating confusing “per roll” vs “per sheet” comparisons. Civil penalties – introducing fines for non-compliance. The Commercial Impact For suppliers, packaging decisions could come under closer scrutiny. For retailers, costs might arise from updating shelf labels, software, or e-commerce systems. But there are also opportunities: businesses that embrace transparency could build loyalty and stand out in a competitive market. What You Should Do Now that the consultation period has closed, Treasury will consider submissions and the Government is expected to announce its response later this year. Businesses in food, grocery, and household goods should stay alert—the final shape of the rules could affect pricing, packaging, and compliance obligations across the sector. At [name of accounting firm], we can help you model potential compliance costs, assess financial impacts, and prepare for upcoming regulatory change. Reach out to discuss how this review might affect your business. with access to your MyGov login or allow a third party to make applications on your behalf. Penalties may also apply for making false declarations. Should you have any questions or concerns relating to proposed access to your superannuation please reach out to us.
Superannuation is one of the largest assets for many Australians and offers significant tax advantages, however, strict rules apply to when it can be accessed. While super is most commonly accessed at retirement, death or disability, there are limited situations where earlier access may be possible. Early access is generally available in two situations: Financial hardship – where you are receiving a qualifying Centrelink/DVA payment for a minimum period and cannot meet immediate living expenses. Compassionate grounds – Funding for certain specific scenarios which include preventing a mortgage foreclosure or meeting medical expenses for a life-threatening injury or illness or to alleviate severe chronic pain. Compassionate grounds access requires an application to be made to the ATO which needs to be accompanied by relevant medical certificates or mortgage information. If approved the ATO will provide instructions to the individual’s superannuation fund to release an amount to cover the expense. We have included some ATO links with more detailed information on compassionate grounds and financial hardship below. When accessing superannuation under compassionate grounds you would usually collect the relevant supporting documentation and personally make the application for approval using your MyGov account. It has come to the ATO’s attention that there may be medical and dental providers exploiting this access and assisting super fund members to access amounts for cosmetic reasons (you may have even seen advertisements pop up on your social media showing people with a new sparkling smile – and a lower super balance). The ATO’s concerns are discussed in Separating fact from fiction on accessing your super early . Superannuation fund members and SMSF trustees should be aware that there can be substantial penalties applied when super is accessed outside of the legislated conditions of release. You should never provide another party with access to your MyGov login or allow a third party to make applications on your behalf. Penalties may also apply for making false declarations.
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 11.17%, this is now one of the most expensive forms of finance in the market — and unlike in the past, you won’t get a deduction to offset the cost. For many taxpayers, this makes relying on an ATO payment plan a costly strategy. Refinancing ATO debt Businesses can sometimes refinance tax debts with a bank or other lender. Unlike GIC and SIC amounts, interest on these loans might be deductible for tax purposes, provided the borrowing is connected to business activities. While tax debts will sometimes relate to income tax or CGT liabilities, remember that interest could also be deductible where money is borrowed to pay other tax debts relating to a business, such as: · GST · PAYG instalments · PAYG withholding for employees · FBT However, before taking any action to refinance ATO debt it is important to carefully consider whether you will be able to deduct the interest expenses or not. Individuals If you are an individual with a tax debt, the treatment of interest expenses incurred on a loan used to pay that tax debt really depends on the extent to which the tax debt arose from a business activity: Sole traders: If you are genuinely carrying on a business, interest on borrowings used to pay tax debts from that business is generally deductible. Employees or investors: If your tax debt relates to salary, wages, rental income, dividends, or other investment income, the interest is not deductible. Refinancing may still reduce overall interest costs depending on the interest rate on the new loan, but it won’t generate a tax deduction. Example: Sam is a sole trader who runs a café. He borrows $30,000 to pay his tax debt, which arose entirely from his café profits. The interest should be fully deductible. However, if Sam also earns salary or wages from a part-time job and some of his tax debt relates to the employment income, only a portion of the interest on the loan used to pay the tax debt would be deductible. If $20,000 of the tax debt relates to his business and $10,000 relates to employment activities, then only 2/3rds of the interest expenses would be deductible. Companies and trusts If a company or trust borrows to pay its own tax debts (income tax, GST, PAYG withholding, FBT), the interest will usually be deductible if it can be traced back to a debt that arose from carrying on a business. However, if a director or beneficiary borrows money personally to cover those debts, the interest would not normally be deductible to them. Partnerships The position is more complex when it comes to partnership arrangements. If the borrowing is at the partnership level and it relates to a tax debt that arose from a business carried on by the partnership then the interest should normally be deductible. For example, this could include interest on money borrowed to pay business tax obligations such as GST or PAYG withholding amounts. However, the ATO takes the view that if an individual who is a partner in a partnership borrows money personally to pay a tax debt relating to their share of the profits of the partnership, the interest isn’t deductible. The ATO treats this as a personal expense, even if the partnership is carrying on a business activity. Practical takeaway Leaving debts outstanding with the ATO is now more expensive than ever because GIC and SIC are no longer deductible. Refinancing the tax debt with an external lender might provide you with a tax deduction and might also enable you to access lower interest rates. The key is to distinguish between tax debts that relate to a business activity and other tax debts. For mixed situations, you may need to apportion the deduction. If you’re unsure how this applies to you, talk to us before arranging finance. With the right strategy, you can manage tax debts more effectively and avoid costly surprises.
A recent decision of the Administrative Review Tribunal (Goldenville Family Trust v Commissioner of Taxation [2025]) highlights the importance of documentation and evidence when it comes to tax planning and the consequences of not getting this right. The case involved a family trust which generated significant amounts of income. For the 2015, 2016 and 2017 income years, the trustee attempted to distribute most of the income to a non-resident beneficiary. As the trustee believed the income was classified as interest (this was challenged successfully by the ATO), the trustee assumed that the income would be subject to a final Australian tax at 10%, under the non-resident withholding rules. This was clearly more favourable than having the income taxed in the hands of Australian resident beneficiaries at higher marginal rates. However, the ATO argued that the distribution resolutions were invalid and the Tribunal agreed. Why? The main reason was a lack of evidence to prove that the distribution decisions were made before the end of the relevant financial years. While there were some documents that were purportedly dated and signed “30 June”, the Tribunal wasn’t convinced that the decisions were actually made before year-end and it was more likely that these documents were prepared on a retrospective basis. The evidence suggested the decisions were probably made many months after year-end, once the accountant had finalised the financial statements. The outcome was that default beneficiaries (all Australian residents) were taxed on the income at higher rates. Timing of trust resolution decisions is critical For a trust distribution to be effective for tax purposes, trustees must reach a decision on how income will be allocated by 30 June each year (or sometimes earlier, depending on the trust deed). It might be OK to prepare the formal paperwork later, but those documents must reflect a genuine decision made before year-end. For example, let’s say a trust has a corporate trustee with multiple directors. The directors meet at a particular location on 29 June and make formal decisions about how the income of the trust will be appointed to beneficiaries for that year. Someone keeps handwritten notes of the meeting and the decisions that are made. On 5 July the minutes are typed up and signed. The ATO indicates that this will normally be acceptable, but subject to any specific requirements in the trust deed. If the ATO believes the decision was made after 30 June (or documents were backdated), the resolution can be declared invalid. In that case, you might find that one or more default beneficiaries are taxed on the taxable income of the trust or the trustee is taxed at penalty rates. This could be an unexpected and costly tax outcome and could also lead to other problems in terms of who is really entitled to the cash. Broader lessons – it’s not just about trust distributions The timing issue is not confined just to trust distribution situations. Other areas of the tax system also turn on when a decision or agreement is actually made, not just when it is eventually recorded. For example, if a private company makes a loan to a shareholder in a given year, that loan must be repaid in full or placed under a complying Division 7A loan agreement by the earlier of the due date or lodgement date of the company’s tax return for the year of the loan. If not, a deemed unfranked dividend can be triggered for tax purposes. If a complying loan agreement is put in place then minimum annual repayments normally need to be made to avoid deemed dividends being recognised for tax purposes A common way to deal with loan repayments is by using a set-off arrangement involving dividends that have been declared by the company. However, in order for the set-off arrangement to be valid there are a number of steps that need to be followed before the relevant deadline. The ATO will typically want to see evidence which proves: · When the dividend was declared; and · When the parties agreed to set-off the dividend against the loan balance. If there isn’t sufficient evidence to prove that these steps were taken by the relevant deadline then you might find that there is a taxable unfranked deemed dividend that needs to be recognised by the borrower in their tax return. Documenting decisions before year-end The key lesson from cases like Goldenville is that documentation shouldn’t be an afterthought — lack of contemporaneous documentation can fundamentally change the tax outcome. What normally matters most is when the relevant decision is actually made, not when the paperwork is drafted. In practice, this often means: · Check relevant deadlines and what needs to occur before that deadline. · If a decision needs to be made before the deadline, ensure that a formal process is followed to do this. For example, determine whether certain individuals need to hold a meeting or whether a circular resolution could be used. · Produce contemporaneous evidence of the fact that the decision has been made. You might consider sending a brief email to your accountant or lawyer explaining the decision that has been made before the relevant deadline , basically providing a time-stamped record of the decision. · Finalise paperwork: formal minutes of meetings can sometimes be prepared after year-end, but they must accurately reflect the earlier decision. Thinking carefully about timing — and building a habit of producing clear evidence of decisions as they are made — is often the difference between a tax planning strategy working as intended and an expensive dispute with the ATO.
Start the New Financial Year with Clarity and Focus: Why Your Business Needs a Budget That Goes Beyond the Numbers As we are underway in the new financial year, now is the ideal time to take stock and set clear direction for your business. One of the most critical tools to support sustainable business performance and growth is a strategic budget — one that does more than just estimate income and expenses. A successful budget incorporates financial targets, key performance indicators (KPIs), and capacity planning to ensure your business is well-positioned to meet its cash commitments and long-term goals. Why Budgeting Matters Now More Than Ever Budgeting isn’t just about increasing last year’s revenue number, it’s about clarity, control, and confidence. When done well, budgeting allows you to: Set measurable targets that align with your strategic goals Track your performance against KPIs to spot opportunities and weaknesses early Ensure cash flow stability , helping you meet your obligations and commitments Plan your resource allocation, from staffing and production to capital investments Anticipate bottlenecks that may limit your growth potential Integrating Capacity Planning for Growth The best business budgets map your available capacity and operational constraints. This goes beyond simply projecting revenue. It considers: What maximum level can be achieved with the current level of resources Where are our constraints are, whether time, staffing, cashflow, infrastructure etc What our current level of utilisation is running at These insights help transform your budget from a passive forecast into a proactive decision-making tool. It can help you to better understand where to allocate your resources and where to focus operational improvements to boost profitability. The Outcome Businesses that budget effectively: Make informed decisions Can adapt more quickly to unforeseen changes Can grow with greater predictability on results and cashflow Enjoy greater peace of mind knowing the impact of their decisions and their likely position at the end of the year If you would like support building a budget that integrates cash flow, KPIs, and capacity planning, our team can guide you through the process. Please call our office on 02 60241655 or email advisory@st-m.com.au
Xero Ignite: Current $35/month | Price from 1 July $35/month (no change) Grow: Current $70/month | Price from 1 July $75/month (increase $5) Comprehensive: Current $90/month | Price from 1 July $100/month (increase $10)) Ultimate 10: Current $115/month Price from 1 July $130/month (increase $15) Ultimate 20: Current $145/month Price from 1 July $162/month (increase $17) Ultimate 50: Current $200/month Price from 1 July $222/month (increase $22) Ultimate 100: Current $245/month | Price from 1 July $272/month (increase $27) MYOB Business Price effective as at 1 July 2025 What’s changing: Payroll will no longer be included in the subscription price for MYOB Business Lite and Business Pro and will be an additional $2 per month per employee. MYOB Business Lite: Price from 1 July $34/month MYOB Business Pro: Price from 1 July $63/month MYOB Business AccountRight Plus: Price from 1 July $150/month QuickBooks Online Price effective as at 1 July 2025 Simple Start: Price as at 1 July $29/month Essentials: Price as at 1 July $45/month Plus: Price as at 1 July $60/month Advanced: Price as at 1 July $110/month What Should You Do? - Review your current usage. Are you using all the features of your plan? You might be able to downgrade—or need to upgrade. - Speak to us. We can help you evaluate the right accounting software and ensure it's set up correctly for your business and compliance needs. Please call Perrie on 02 6024 1655 or email bookkeeping@st-m.com.au .
The Victorian Government has established the Farm Drought Support Grants program to assist primary production businesses to implement on-farm infrastructure improvements & undertake essential business activities that help in the management of current drought conditions and enhance the preparedness and long-term viability of their business in a changing climate. This program is available to eligible primary production businesses in all Local Government Area’s (LGAs) of Victoria and the unincorporated area of French Island. Eligible primary production businesses are required to provide dollar for dollar matching funding co-contribution. A grant of up to $5,000 (excluding GST) per eligible primary production business is available statewide. Grants will be available from the date the program opens until program funds are fully allocated or 30 June 2026, whichever occurs first. Eligible activities include: Items to construct a new, or upgrade an existing, stock containment area (SCA) – such as fencing, gates, troughs, piping, tanks & pumps Reticulated water systems using pumps, piping, tanks & troughs for livestock Irrigation system upgrades (e.g. automated systems) Purchase or repair of fixed infrastructure (e.g. irrigation pumps, repairing piping, replace troughs, upgrade tanks) Improved on-farm water infrastructure for stock management (e.g. consolidating/enlarging/desilting farm dams) Technologies to improve drought management efficiencies to farm production systems (e.g. soil moisture monitoring, weather stations, telemetry sensor equipment) Grain & fodder storage (e.g. silos, silage bunkers, hay sheds) Internal fencing to better match property layout with land capability or improve management Fencing for the exclusion of wildlife to protect and manage crops & pastures Addition of shelter belts for shade, wind brakes and erosion control Drilling of new stock water bores and associated power supply such as generators Improving waste water and effluent management systems Upgrading of areas (e.g. laneway upgrades, repairs or expansion) to deliver lasting benefits directly linked to productivity and profitability Feeding system upgrades (e.g. feed pads or feed troughs) Pasture/crop restoration (e.g. associated seed and fertilizer costs, contractor costs such has cultivation and sowing, direct drilling, smudging or harrowing, rolling etc) Water carting for livestock & essential business activities (e.g. dairy washdown) Testing (such as soil, water or feed testing) to support drought management decisions Professional advice to support business planning & drought management decisions, including for animal welfare Who can apply? The grant of up to $5,000 (excluding GST) is available per eligible primary production business with an additional $5,0000 (excluding GST) for those in eligible LGA’s is south west Victoria. Eligible applications must meet the following requirements: Own, share or lease a primary production business in Victoria Hold a current Australian Business Number (ABN) and have held that ABN at the time of the program announcement (30 September 2024) Devote part of their labour to the primary production business Derive more than 50% of gross income from the primary production business in an average year OR generate more than $75,000 gross income from the primary production business in an average year
