Should your small business have public liability insurance?

Thanks to COVID 19, the rapid shift to remote work came with plenty of growing pains. Many people had to master new technologies almost overnight, juggle blurred boundaries between home and work life, and adapt to changing roles and expectations. For others, job losses and altered working conditions added another layer of stress. No matter the circumstance, it’s safe to say the past few years have left their mark on everyone’s well-being. The rise of workplace burnout. The World Health Organization defines burnout as a condition caused by prolonged workplace stress, leading to exhaustion, reduced motivation, and a decline in professional performance. Unfortunately, it’s now become a shared experience for many. Recent surveys reveal that around three in four employees have experienced burnout , with nearly half saying it happened during the pandemic. Extended or blurred work hours, uncertainty, and constant digital connection have only made things worse. What’s even more concerning is that many employees don’t feel supported. Only about one in five workers say they’ve had open conversations with HR about their stress or mental health, while over half report that their workplace doesn’t encourage such discussions. Mental health takes a hit. Before the pandemic, only a small percentage of workers reported poor mental health. Now, those numbers have more than tripled. Financial pressure, changing job expectations, and the general uncertainty of the world have all contributed to rising stress levels. The top causes of stress remain familiar: Health concerns for themselves and their families. Financial insecurity. Current events and global instability. Heavy workloads and job uncertainty. How employers & workplaces can make a difference. Work and mental health are deeply connected. Around 76% of employees say workplace stress directly impacts their mental health, often leading to anxiety or depression. However, there are clear steps employers can take to create a healthier environment. Flexible scheduling is at the top of the list. More than half of surveyed employees said having greater flexibility would significantly improve their wellbeing. Other popular measures include: Encouraging regular time off or “mental health days”. Offering access to wellness programs like meditation, nutrition, or yoga sessions. Hosting webinars that open up the conversation around mental health. Offering flexible work arrangements such as not a strict 9am – 5pm—especially for employees with families. Practical tips to avoid burnout. While businesses play a crucial role, individuals can also take steps to protect their mental health and avoid burnout—whether working remotely or back in the office. Set boundaries: Have a clear start and finish to your workday, and create a dedicated workspace you can physically leave behind. This is also true for remote work. Switch off after hours: Mute work emails and notifications once you clock off. Your downtime is important and valuable. Prioritise personal time: Schedule hobbies and social activities that help you recharge. Negotiate flexibility: If possible, discuss flexible work arrangements that suit both your lifestyle and productivity. Stay focused during work hours: Avoid multitasking between work and home duties. Staying efficient during the day makes it easier to log off completely at night. Make mental health initiative a part of your business plan & budget. Investing in your team’s mental health and sustainable growth isn’t just the right thing to do—it’s a smart business decision. By building dedicated support and wellbeing initiatives into your annual budget, you’re proactively creating the conditions for higher productivity, improved retention and reduced downtime. At Ascent Accountants, we help you build those strategies into your financial plan with tailored budgeting, forecasting and KPI-tracking to support both your people and your bottom line. Let’s partner up to turn your growth ambitions into real outcomes. Check out our Business Growth Services and see how we can help you embed the investment in wellbeing right alongside profit and performance. Then, when you’re ready, contact us .

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If your business interacts with the public in any way (from welcoming customers into your shop to visiting client sites) then public liability insurance isn’t just “nice to have.” It’s essential protection. Whether you’re a sole trader, a café owner, or running a construction company, public liability insurance helps safeguard your business against unexpected (and often costly) accidents. What Is public liability insurance? Public liability insurance covers your business if a member of the public suffers injury, death, or property damage as a result of your business activities. In simple terms, it’s there to protect you financially if something goes wrong—such as a customer slipping in your store, a tradie damaging a client’s property, or a product you sell causing harm. Without it, you could be personally liable for significant compensation and legal costs. What does it cover? A typical policy covers: Injury or death to a third party caused by your business operations. Damage to property belonging to someone else. Compensation and legal costs you’re ordered to pay following a covered claim. For example, if a customer trips over a cable in your office or a carpenter cracks a client’s TV while working onsite, public liability insurance steps in to cover the costs. What isn’t covered?  While every policy is different, public liability insurance usually won’t cover: Damage involving vehicles. Defective work. Breach of professional duty or negligence in advice (that’s covered by professional indemnity insurance). Defamation or advertising liability. Understanding these exclusions helps you choose the right combination of cover for your business. Who needs public liability insurance? If your business has any level of public interaction, you likely need it. Common examples include: Customer or supplier visits: If anyone comes to your premises or you work on theirs. Public events: Markets, expos, and pop-ups. Retail, trade, and construction: High public contact increases your risk. Leased premises: Many shopping centres and landlords require proof of cover. Contractor or license requirements: Many trade licenses (like electricians and plumbers) require it to operate. Even if it’s not legally required, most Australian businesses choose to have public liability insurance for peace of mind. How much cover do you need? The level of cover depends on your industry, business size, and risk exposure. Most businesses opt for between $5 million and $20 million. It’s worth reviewing your policy regularly, especially if your operations expand or you start working in new environments. Is it compulsory in Australia? Public liability insurance isn’t legally mandatory for all businesses, but some industries and licences make it a condition of operation. For example, in Queensland, electrical contractors must hold a minimum of $5 million in public and product liability cover. Similarly, councils or venue owners may require proof of insurance before approving an event or leasing a space. Don’t risk a law suit. Being sued for negligence can be financially devastating. Even a minor incident can mean you lose hundreds of thousands—not to mention the impact on your brand and business reputation. Public liability insurance ensures your business can keep operating, even when the unexpected happens. If you’re unsure whether your current cover is adequate, our team at Ascent Accountants can help you review your business risks and recommend the right level of protection for your situation. Contact us today to learn more.

It’s very common for retirement priorities to shift over time. But for some, the change arrives with a jolt. You may spend years—even decades—planning exactly what your post-work life will look like. While life can throw a curveball into your plans at any stage, the closer you get to retirement, the more unsettling the disruption can be. Whether it’s family breakdowns, the death of a loved one, an inheritance received, or unexpected expenses, you'll face a different personal and financial landscape. One that no longer matches the retirement you envisioned. Adjusting your working life. When a major life change hits, the most important rule is: don't rush anything. While you're reshaping your future and contemplating big moves, avoid making any rash decisions that are irreversible. The event may alter the required length of your working life or your willingness to continue working: Health issues could force you to retire earlier than planned A substantial inheritance might enable a more enjoyable, earlier exit from work. Conversely, a divorce late in life, particularly for someone with high spending habits, might necessitate staying chained to a desk longer. The separation may leave you with an unexpected mortgage or simply drain your finances through the legal process, creating difficulties. Make a basic plan. Take the time to sit down and rationally think through what your new retirement might involve. If retirement is still five to 10 years away, that's a good timeframe to start contemplating your next steps. The most critical step is to determine how much money you will need to spend. While most people worry about whether they "have enough money," the key question is almost always, "How much do I need to spend in retirement?". Consider this example: If you retire with $1 million and your annual spending requirement is $50,000, you're likely secure. However, if you have $1 million but need to spend $150,000 per year, you have a problem. You'll need to either dramatically increase your savings or significantly reduce your spending expectations. If you are struggling with these figures or want a professional opinion, see a financial adviser ( we can direct you to one ). Paying for a few hours of their time will help you consider things you hadn't thought about. A change of pace. Remember, retiring from your main career does not mean leaving the workforce for good. You have options: Moving part-time in your current job for a few years, using your extra days for hobbies. Taking on volunteer work. Leaving a stressful executive role for paid work you actually enjoy. Hopefully, your surprises on the path to retirement are positive ones. If they are not, don't panic. Stay calm and seek advice. We can help. Early advice and planning can make a real difference in managing your retirement well—understanding the tax implications is a huge part of that. Don’t wait — let us help you !

If you're living and working in Australia on a visa, you may be required to lodge a tax return with the Australian Taxation Office (ATO). Australia's tax system is complex—even more so if you're a visa holder. We specialise in helping visa holders understand and manage tax obligations with clarity, compliance, and confidence. With years of experience in this niche area, our dedicated team of tax professionals is here to make tax time stress-free. Do visa holders need to lodge a tax return? If you earn income in Australia, you're likely required to lodge a tax return. This applies even if you're on a temporary or bridging visa. Common visa types that often require a tax return include: Working Holiday Visa (subclass 417 or 462) Student Visa (subclass 500) Temporary Skill Shortage Visa (subclass 482) Graduate Visa (subclass 485) Partner Visa (subclass 820/801 or 309/100) If you earn more than the tax-free threshold (currently $18,200), you must lodge a return. Some visa holders, however, don’t qualify for this threshold—more on that below. Australian Tax Residency Test explained. When it comes to lodging your tax return, your tax residency status makes a huge difference. Even if you're on a temporary visa, you could still be a resident for tax purposes. This affects how much tax you pay, what deductions you're eligible for, and whether you can claim the tax-free threshold. 1. The Resides Test (Main Test) This is the primary test. You’re likely a resident if: You live in one place and have regular routines (like renting a place, going to work or uni) You’re part of the local community (bank account, phone, gym, etc.) You stay in Australia for a continuous period of 6 months or more You intend to stay long term—even if your visa is temporary 2. The Domicile Test You may be a resident if your domicile (legal home) is in Australia, unless you can prove your permanent place of abode is overseas. This usually applies to: Australian citizens or PRs working overseas temporarily People who still maintain strong ties to Australia Note: Most temporary visa holders don’t pass this test unless they’ve been in Australia long-term. 3. The 183-Day Test. If you’re physically in Australia for 183 days or more in a financial year (doesn’t need to be consecutive), you may be a resident—unless your usual place of abode is clearly overseas and you don’t intend to live here. You’re likely a resident if: You stay for 6 months or more You rent long-term accommodation You’re working or studying with the intention to remain for an extended time Common visa types & how tax applies. 1. Student Visa (Subclass 500) Likely considered a tax resident if you stay over 6 months Can claim the tax-free threshold ($18,200) Can deduct eligible expenses (like textbooks, computers for study if working in a related field) 2. Working Holiday Visa (Subclass 417 or 462) Taxed at a flat rate of 15% on income up to $45,000 Must lodge a return if you earn any income Generally, not eligible for the tax-free threshold Superannuation can be claimed back when leaving Australia (through DASP) 3. Temporary Skill Shortage (TSS) Visa (Subclass 482) Often considered a tax resident, especially if you're working full time and have relocated Must lodge a return and may be eligible for tax offsets Can claim work-related deductions and rental expenses (if conditions apply) 4. Partner Visa (Subclass 820/801 or 309/100) Usually treated as a resident for tax purposes Same obligations and entitlements as an Australian citizen Tax returns may support future PR or citizenship applications Key differences for visa holders. 1. Tax Residency Status Your tax residency is not the same as your immigration residency. You could be a temporary visa holder and still be considered an Australian resident for tax purposes. If you're a resident for tax purposes, you may be eligible for the tax-free threshold and lower tax rates. If you're a non-resident, you’ll pay tax on every dollar earned (no tax-free threshold) and possibly at higher rates. Factors like how long you’ve been in Australia, your living arrangements, and whether you plan to stay long-term affect your tax residency status. The ATO provides a residency test to help determine your status. 2. Working Holiday Makers If you hold a working holiday visa, you're taxed at a special flat rate (15% on income up to $45,000 as of 2024-25), regardless of your residency status. You're still required to lodge a return if you’ve worked. 3. Access to Tax Offsets and Benefits Only Australian tax residents can access certain tax offsets, such as the low-income tax offset. You may also qualify for superannuation contributions, but you'll need to apply for a Departing Australia Superannuation Payment (DASP) when leaving the country permanently. What are the common mistakes to avoid? We see four common mistakes: Assuming you don’t need to lodge because you're a student or on a short-term visa Not declaring all income (including freelance or cash jobs) Using the wrong tax residency status Forgetting to lodge a return when leaving Australia Let us take care of your tax return. Whether you're a student, skilled worker, working holiday maker, or about to leave Australia permanently, getting your tax return right is crucial.  This is a niche area Ascent Accountants specialises in. We understand the unique situations that come with different visas—and we make sure you claim every dollar you’re entitled to. Contact us today to get started.