E C M Paterniti & Associates

🌱 Bud here with a quick reminder.

Scammers are constantly changing their tactics, and small businesses are often a target.

Before you click a link, share information or make a payment, look out for common warning signs:
🔍 unexpected messages or calls
🔐 requests for passwords or verification codes
🔗 suspicious links, attachments or QR codes
⏰ pressure to act immediately
💳 unusual payment requests.

If you're unsure, stop and check before you act.

Read our tips to help spot a scam and keep your business safe: business.gov.au/news/tips-to-help-you-spot-a-scam

This week we celebrate Liya working with us for 15 years. She has gone from a support role to having her name on the door. We appreciate all the hard work over the years. Despite her busy schedule, she always make time to be kind and helpful. Thank you!

We have had a few questions about the changes to income tax for Trusts. Please note: the changes for discretionary trusts will apply from 1 July 2028 (with some exceptions).

The Commonwealth Government has announced changes to the taxation of distributions from discretionary trusts. From 1 July 2028, trust distributions will be taxed at a minimum of 30%.

We will review your current trust arrangement, however we will need to wait until more specific information in respect of the measure is released.

If your trust arrangement needs to be restructured, we will discuss with you.

In the meantime, the current trust tax arrangements will remain for the years ending 30 June 2026, 2027 and 2028.

Free end of financial year checklist 💻

To help you organise your financial records and find the paperwork you’ll need for your tax return, we’ve put together a handy EOFY checklist.

Download the checklist, and read our recap of key areas to be aware of before you claim, here: https://bit.ly/2MyKGvZ

Our new office assistant Angelin brought in cakes for her birthday.

Running your business as a partnership can mean you share the risk, responsibilities and mental load, rather than taking all of these on by yourself.

It can also mean you have less control over some aspects of your business and must take others into account with every business decision.

Here are some tips to help set you up for the best chance of success as a business partnership: https://bit.ly/4tfWMK1