by Financially Sorted | Jun 1, 2025 | ATO, Small Business
The ATO has updated its small business benchmarks with the latest data taken from the 2022–23 financial year. These benchmarks cover 100 industries and allow small businesses to compare their performance, including turnover and expenses, against others in their...
by Financially Sorted | Apr 24, 2025 | Business, Land Tax, Small Business, Tax & Accounting
More than 400,000 Victorians who run a small business or an Airbnb from the family home have been hit with hefty land tax bills for the first time as State Government changes, designed to rein in debt, kick in. The family home has always been exempted from land tax so...
by Financially Sorted | Apr 23, 2025 | Business, Small Business, Superannuation
Draft legislation that will require super to be paid at the same time as wages has now been released for consultation. According to the Government, the legislation for payday super will aim to substantially reduce the billions of dollars in unpaid superannuation every...
by Financially Sorted | Apr 22, 2025 | ATO, Government Legislation, Land Tax, Small Business
This information relates to the State Revenue Office Ruling Principal Place of Residence Exemption – Substantial Business Activity Land Tax Act 2005Revenue Ruling LTA.001 (version 2) History The principal place of residence (PPR) exemption provided by section 54(1)(a)...
by Financially Sorted | Mar 17, 2025 | ATO, Small Business, Tax & Accounting
The ATO has announced that from 1 April 2025, it will be moving around 3,500 small businesses with a history of non-payment, late or non-lodgement, or incorrect reporting from quarterly to monthly GST reporting to improve their compliance. The ATO believe that moving...
by Financially Sorted | Mar 17, 2025 | Business, Small Business
Individuals looking to establish a business must understand the sacrifices and challenges that can accompany it. Establishing a small business can come with multiple hurdles and considerations that often go ignored by new owners, eventually leading the business to...
