Prescott Business Solutions

12/05/2026

2026 Federal Budget - https://mailchi.mp/fc9f5ce44a5f/2026-federal-budget
With some major changes announced to capital gains (CGT), negative gearing and discretionary trusts, this is a budget that is sure to impact all taxpayers.

With the majority of the changes not taking effect until July 2027 or later, planning will be crucial.

Click the link for more highlights from a tax and business perspective.

Contact our office on 08 6118 6111 or email [email protected] to discuss how the budget could impact you or your business.

01/04/2026

Rising fuel costs? ATO support now available

The ATO has introduced temporary support for businesses impacted by higher fuel prices, including a fuel response payment plan with no upfront payment, up to 36 months to pay, and potential interest remission.

⚠️ Support is available, but you must register to access it.

If fuel costs are affecting your business cash flow, contact our office to discuss your options!

Find out about the ATO response to higher fuel costs and how we can help manage your tax obligations.

26/03/2025

The 2025 Federal Budget was released on 25 March 2025. Pre-election budgets are always problematic as the announcements may not eventuate if there is a change in government.

Overall, there was little benefit or assistance for small business, but there is a pause on the draught beer excise 😉🍻

After a number of years of generous limits on equipment purchases, from 1 July 2025 the instant asset write-off will be reduced from $20,000 to $1,000. The reduction could have a massive impact on the timing of your equipment upgrades, making tax planning even more important!

Give our office a call, or click the link below for more highlights from a tax and business perspective.

The 2025 Federal Budget was released on 25 March 2025. Pre-election budgets are always problematic as the announcements may not eventuate if there is a change in government. The following is a list of highlights from a tax and business perspective. Businesses Small business instant asset write-off e...

20/11/2024

Taking over the family business is an honour – but it can also be a daunting role to take on. We’ve summarised five of the core skills you need as the head of the business.

Becoming the successor to the family business is a genuine honour. But taking over control of the family legacy, and taking the business to new heights, can be daunting. The older generation has been the curator of this business for years and will want to

12/11/2024

You may be ready to hand your family business onto the next generation. But what’s the best time to initiate this transition from one generation to the next. We have the lowdown.

You’ve spent a lifetime building up your family business, growing the company and creating a lasting legacy for your nearest and dearest. But all good things must come to an end, and at some point in the future you’ll need to hand the business over

26/07/2024

The ATO is ramping up its efforts, with Director Penalty Notices (DPNs) now soaring to 26,700. 😲 If you're in charge, it's crucial to stay ahead of this.

If you've received a DPN, don't ignore it—contact us! Let’s keep our businesses in the clear! 💪

Lockdown notices, once rare, have become the Tax Office’s weapon of choice to recoup legacy debts from directors.

17/06/2024

🎉 Prescott Business Solutions is turning 5! 🎉

It’s hard to believe it’s already been 5 years. A big thank you to our wonderful clients and the support of family and friends – we couldn’t have done it without you!

And to our fantastic team – your hard work and passion keep us going strong.

Here’s to many more successful years ahead! 🥂

16/04/2024

Tax time 2024 is fast approaching and with many individuals still working from home partially or completely, this quick guide can assist you with completing the calculations for claiming the deduction.

A taxpayer who carries on part or all their business or employment activities at home may be entitled to a deduction for part of their outgoings related to working from home. There are two ways to calculate a work from home deduction: Fixed rate method From 1

22/11/2023

Taking a relaxed approach to leave management can put your business at risk of making costly errors. This article explains why you should diligently track, manage, and pay leave.

Why leave management is important: operate your business effectively, meet your employees’ need for time-off, and satisfy your legal obligations.

23/10/2023

Positive cashflow is the beating heart of your business. Dive into our Plain English guide to cashflow and find out how to get in complete control of your cash position.

Why is cashflow so central to good financial management? Here's our plain english guide. What is cashflow? Cashflow refers to the movement of money into and out of your business over a specific period. In the most basic terms, cashflow is the process of cash moving out