Wood Accounting

🚨 SCAM ALERT FOR AUSSIE BUSINESS OWNERS 🚨

Have you received an official-looking letter in the mail asking you to renew your company registration, annual review, or business name registration?

⚠️ STOP before you pay.

Many business owners are receiving unsolicited letters from third-party providers that look like ASIC renewal notices — but they are NOT from ASIC and are not connected with ASIC or your accountant.

These letters can appear very convincing, with formal wording, reference numbers, payment details and urgent-looking due dates. But in many cases, they are charging inflated fees for something you can usually handle directly through ASIC or with your accountant.

✅ What to do:

📸Take a photo
🗑️Put it in the bin
🔍 Check whether it is actually from ASIC
📞 Contact your accountant before making payment
🚫 Do not scan QR codes or click payment links
🧾 Use ASIC’s official website or your accountant

ASIC has recently warned businesses about unsolicited business name renewal and company review notices from third-party providers that may cause confusion.

💡 Our advice?
If you receive one of these letters put it in the bin. ASIC and your Accountant likely do this all via email or secure portals.

📢 Please share this with other small business owners — these letters are landing in mailboxes across Australia.

Use a car for work? 🚗

You can claim a deduction for work-related trips as long as you have a record to prove it. There’s no 'maximum kms with no records' rule - that’s fake news.

You’ll need to show that you own or lease the car, that you spent the money yourself and weren’t reimbursed, and how you’ve calculated your work-related kilometres. The easiest ways are to keep a diary or use the myDeductions tool in our app.

Work out your deduction using one of the 2 methods per car - Cents per km or Logbook method.

🚨💲Student Debt Indexation Changes pass Parliament! 📣💲

That will mean either:

- a credit to people who still have student debts; or
- a refund for people who have paid their debt off since 2023.

HECS changes announced in May are finally law. Here's what it means for you The federal government announced a plan to change the way student debts were indexed months ago. Now the legislation will finally start saving students money.

🔔🔔🔔 REMINDER: MyGovID is now MyID.

This is to stop the confusion with the MyGov website.....

MyID is like your 100 points of ID to give you access to Govt websites like ATO and Services Australia.

You need to do nothing. You will notice the App and the logins will look different and show the new name. More info at this link.

https://www.myid.gov.au/mygovid-now-myid