Gills Accountants & Advisors

🔄 There are two types of business owners: the ones we hear from once a year, and the ones we hear from all year round.

Both get their tax return done. Only one of them is getting ahead.

Reactive accounting:
❌ Finds out about deductions after the financial year has closed
❌ Gets surprised by a tax bill instead of planning for it
❌ Hasn't reviewed their business structure in years
❌ Only talks to us at lodgement time

Proactive accounting:
✔️ Plans deductions and structure before EOFY, not after
✔️ Knows roughly what's coming, well before the ATO bill lands
✔️ Reviews their structure as their business grows and changes
✔️ Checks in quarterly — tax time becomes a formality, not a scramble

This isn't about doing more paperwork. It's about making decisions with enough runway to actually act on them.

Want to move from reactive to proactive? Get in touch with Gills Accountants & Advisors and let's set up a check-in that actually fits your year.

📊 Good bookkeeping habits make a huge difference at tax time — and most bookkeeping problems come down to a handful of avoidable mistakes.

Some of the most common ones we see:
✔️ Mixing personal and business expenses in the same account
✔️ Not reconciling regularly — letting things pile up makes errors harder to catch
✔️ Losing receipts or relying on memory instead of keeping proper records
✔️ Misclassifying transactions, which throws off your reports and can affect what you can claim
✔️ Leaving it all until tax time, when it's much harder (and more expensive) to untangle

None of these are complicated to fix — they just take a bit of consistency.

If your books are due for a health check, we're happy to help you get back on track.

🏢 Thinking about your business structure? It's one of the most common questions we get — and there's no one-size-fits-all answer.

A quick overview of the main options:
✔️ Sole trader — simplest and cheapest to set up, but you're personally liable for business debts
✔️ Company — separates you from the business legally, generally taxed at a flat rate, but comes with more compliance
✔️ Trust — flexible for distributing income, often used for asset protection and family businesses, but more complex to administer

A note on trusts:
The 2026 Federal Budget proposed a 30% minimum tax on discretionary trust distributions from 1 July 2028. It's not yet law — Treasury only closed consultation on the detail this month — but if it goes ahead as proposed, it could meaningfully change the tax benefits of using a trust structure. If you're currently using, or considering, a trust, it's worth keeping an eye on this one.

The right structure depends on things like your risk exposure, how you plan to grow, and how you want profits taxed and distributed.

If you're starting out, scaling up, or just want to check your current structure still makes sense, we're happy to talk it through.

📅 A reminder that the deadline for lodging and paying your April–June (Q4) BAS is approaching.

If you lodge electronically through a registered agent, the extended due date is 25 August 2026.

Now is a great time to get your records finalised and confirm everything is ready to go.

If you need help preparing or lodging your BAS, feel free to get in touch.

🏠 If you own an investment property, there are now confirmed changes to be aware of following the 2026 Federal Budget.

The Capital Gains Tax and negative gearing reforms are now law. Here's what's confirmed:
✔️ The 50% CGT discount will be removed from 1 July 2027, replaced with cost base indexation and a 30% minimum tax on capital gains
✔️ Negative gearing will be abolished for established residential properties purchased after 7:30pm on 12 May 2026 (Budget night)
✔️ If you already owned your property, or were under contract before that date, you're grandfathered under the current rules
✔️ Eligible new builds remain exempt, keeping access to both negative gearing and the CGT discount
✔️ Any excess rental losses can still be carried forward to offset future rental income

Whether you're an existing property owner or considering a purchase, it's worth understanding exactly how these changes apply to your situation.

If you'd like to discuss what this means for you, feel free to get in touch.

🚗 If you use your car for work or business, it's worth knowing exactly what you can claim — and what records you actually need.

What counts as work-related travel?

Generally, trips between different workplaces, to visit clients or customers, to a temporary work site, or carrying bulky tools/equipment with nowhere secure to store them at work. Your regular commute from home to your usual workplace generally doesn't count, except in limited circumstances.

There are two ways to claim eligible motor vehicle expenses:
✔️ Cents per km method — a flat rate per business kilometre, capped at 5,000 km per year, no logbook required
✔️ Logbook method — claim the business-use percentage of your actual running costs, based on a 12-week logbook

The logbook method often gives a bigger deduction if you use your car a lot for work, but it does mean keeping proper records — including odometer readings and a valid logbook.

Not sure what trips qualify, or which method suits you? We're happy to help you work it out.

👋 It's been a little while since we've posted here.

We'll be sharing more from now on — practical tips on tax and business topics, reminders for key ATO deadlines, and updates on changes that might affect you.

✔️ Practical tips and explainers on tax, super, and business topics
✔️ Reminders for key ATO deadlines, so nothing sneaks up on you
✔️ Updates on changes that could affect you or your business

Whether you're an existing client or just keeping an eye on things, we hope you find it useful.

Thanks for sticking with us — more to come soon.

📅 The 2026 Federal Budget included proposed changes to the taxation of discretionary trusts that may significantly impact many small businesses and family groups.

Under the proposal:
✔️ A new 30% minimum tax may apply to income distributed through discretionary trusts
✔️ Beneficiaries may instead receive a non-refundable tax credit for tax already paid by the trustee
✔️ Certain trusts and income types may be excluded from the new rules
✔️ A proposed 3-year restructuring rollover relief period may become available from 1 July 2027 for eligible businesses looking to transition to alternative structures

As many small businesses operate through discretionary trusts, these proposed changes may create the need to review:
🏢 Existing business and trust structures
📊 Distribution approaches and tax outcomes
📅 Long-term succession and operational considerations

While these measures are still proposed at this stage, it is important to understand how they may affect your existing structure moving forward.

If you’d like to discuss how these proposed trust changes may affect your business or family group, feel free to get in touch.

📅 Proposed changes announced as part of the 2026 Federal Budget may significantly impact taxpayers, property owners and business structures over the coming years.

Some of the key proposed changes include:
✔️ Changes to the current Capital Gains Tax (CGT) discount from 1 July 2027
✔️ A proposed move toward a cost base indexation model with a minimum tax on capital gains
✔️ Proposed restrictions to negative gearing, limiting deductions to eligible new builds from 1 July 2027
✔️ Rental losses on established properties potentially no longer being offset against other income

These proposed changes may affect:
🏠 Property ownership structures
📊 Tax outcomes on future asset sales
🏢 Trust and business structures
📅 Tax planning considerations moving forward

While there is still time before these changes may commence, now is a good opportunity to review your current position and understand how these proposals could affect you.

If you’d like to discuss how these proposed changes may impact your tax position or business structure, feel free to get in touch.

Send a message to learn more

📅 The 2026 Federal Budget introduced several significant changes that may impact small businesses, business owners and investors.

Some of the key measures include:
✔️ The $20,000 Instant Asset Write-Off becoming permanent for eligible businesses
✔️ New 30% minimum tax rules for discretionary trusts
✔️ Expanded loss carry-back provisions for companies
✔️ Changes to negative gearing and CGT rules from 2027

Many of these changes may create opportunities — but they may also require businesses to review structures, cash flow planning and future strategies.

If you’d like to discuss how the Federal Budget changes may affect you or your business, feel free to get in touch.