2020-2021 End of Year Business Checklist

Lowe Lippmann Chartered Accountants

Many of our business clients like to review their tax position before the end of the income year and evaluate any strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for small businesses is based around accelerating deductions and deferring income. However, this year, consideration will also need to be given to the impact of the COVID-19 pandemic. Small Business Entities ('SBEs') – i.e., those with an aggregated turnover of less than $10 million – often have greater tax planning opportunities due to certain concessions only applying to them. Further, SBE taxpayers generally have the flexibility of being able to pick the concessions that suit their circumstances. The following are a number of areas that may be considered for all business taxpayers.

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Tax Alert - Christmas Parties & Gifts 2025

December 7, 2025
Christmas Parties & Gifts 2025 With the well-earned 2025 holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing 'entertainment' (including Christmas parties) to staff and clients.

Practice Update – December 2025

December 2, 2025
Alternative providers to the Small Business Superannuation Clearing House Employers should start preparing for the permanent closure of the Small Business Superannuation Clearing House ( SBSCH ) on 1 July 2026. By acting now to find an alternative service, employers will: have an established process in place to pay super guarantee ( SG ) for the March and June quarters (if they currently pay quarterly); reduce the risk of late payment of SG for the June 2026 quarter due date (28 July), as the SBSCH will be already closed; have more time to set up their business cash flow to enable frequent payments of SG; and have finalised payments and downloaded any reports from the SBSCH before it closes permanently. Employers that are still using the SBSCH should be aware of the following key dates. 10 December 2025 — Super payments, along with instructions, must be received by 5.30 pm AEDT on this date. The ATO says payments received after this time will be processed from 2 January 2026. 28 January 2026 — December 2025 SG quarterly payments due date. February to March 2026 — Employers should move to an alternative option to the SBSCH. 28 April 2026 — March 2026 SG quarterly payments due date. 30 June 2026 — Final day for employers to use the service, make any final payments and download reports.  1 July 2026 — SBSCH is no longer available. Employers may already have other options readily available so they can exit from using the SBSCH ahead of time. They should check their existing software and payroll packages, as they may already include super functions they can use to pay SG. Otherwise, employers can look for options from super funds or digital service providers offering payroll services, software or commercial clearing houses.

Tax Alert - New financial crime regulations start from 1 July 2026 – is your business going to be regulated?

November 20, 2025
New financial crime regulations start from 1 July 2026 – is your business going to be regulated? The Federal Government is introducing new financial crime regulation from 1 July 2026 . The Anti-Money Laundering and Counter Terrorism Financing ( AML/CTF ) regime will expand its scope to include a new cohort of higher‑risk services and providers, commonly described as “Tranche 2 entities” . For the last 30 years, the Australian Transaction Reports and Analysis Centre ( AUSTRAC ) has regulated businesses in the financial services and gambling sectors, like banks and casinos. As money laundering methods becomes increasingly sophisticated and fast-moving, AUSTRAC is expanding their regulation to include services provided by high-risk sectors that work on the front line of high value transactions.
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