Why you should see an accountant outside of tax season

Accountants don’t cease to exist after tax season; there are plenty of reasons we’re open year-round to provide financial services.

Although it might be the last thing on your mind (even amidst tax season), individuals and businesses can gain a lot from a little forward-thinking when it comes to their tax.


As a significant expense for businesses and individuals, income tax requires prudent planning and management. It’s a good idea to check in with your accountant to ensure your tax strategy reflects your current circumstances and goals.


Individual tax planning.

With effective tax planning, you can lower the amount of tax you’re paying and keep more money in your pocket.

By reviewing your tax position outside of tax season, you’ll be able to implement strategies to minimise your tax liability when June 30 arrives. Unfortunately, it’s too late for us to implement a tax plan while preparing your returns.

An accountant will review your tax position, help you to implement strategies to reduce your tax bill and ensure you’re maximising all the benefits you’re entitled to.


In particular, you should consider a review of your tax position if you:

• Made a capital gain on the sale of property or shares;

• Have income over $120,000;

• Are over 55 and not maximising your superannuation contributions;

• Received lump sum bonuses during the year;

• Have the opportunity to salary package at your work;

• Are currently salary sacrificing into superannuation;

• Have a superannuation account which is underperforming;

• Haven’t reviewed your home or investment loans in the past few years;

• Haven’t reviewed your income protection or life insurance requirements in the past few years and/or your personal circumstances have changed;

• Bought a rental property during the year;

• Have equity in property or savings;

• Have positively geared investments in a high-income earner’s name;

• Are interested in starting a property/investment portfolio, including negative gearing to reduce tax.


Business management & tax planning.

Business management and tax planning are two invaluable reasons for business owners to consult with an accountant. Business owners are often so focused on trying to make and retain profits that they neglect the financial health of their business in other ways. There is where an Interim review can help.


An interim review provides you with a snapshot of where your business is at in relation to end-of-year profits and the resulting tax implications. Reviewing these results before the end of the financial year allows you to make appropriate adjustments to ensure you’re paying a minimum (legal) level of taxation. 


We strongly encourage you to invest in your business and have an interim review performed as it can benefit you in the following ways:

• Tax planning can save money on your end-of-year tax bills.

• Highlight and solve any issues that may affect your tax returns.

• Reviewing Business Activity Statements ensures you’re paying GST correctly.

• Provide you with a complete financial summary, detailing your net wealth, asset mix and areas of risk.

• Review your business activity and provide guidance with management issues, sales/marketing strategies and financial planning/restructuring.

• Review key performance indicators for the business.

• Assist in working out areas that will unlock cash flow for the business.

• Gives you a forum to query business and tax concerns.

• Gives your accountant a better understanding of your business issues.


As a business owner, there are important things you should know about the operation of your business. You should know your ‘break-even point’ (where total revenue = total costs). You should also be regularly reviewing the difference between your predicted and actual budget. These help you to keep your business profitable and achieve results that match your expectations. With an accountant to help you analyse this, you can determine what is going right or wrong with the business and, if necessary, put strategies in place to rectify it. 


Why professional help?

Accountants have a professional advantage when it comes to minimising your tax and maximising your benefits. They know what the rules are and when they change. They can advise you on claiming deductions for expenses, such as rent or bills. Seeing an accountant ahead of June 30 means you’ll be able to plan these payments (e.g., pre-paying them) to give you more disposable cash throughout the year.


The Ascent way.

If you’re looking for help with tax planning, put your finances in the best hands with Ascent. Our brilliant accountants are dedicated to providing excellent advice which considers your unique needs and goals. Get in touch today to get started. 



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The 5% homebuyer deposit for first home buyers.

December 15, 2025
The Australian Government’s expanded 5% Deposit Scheme, which commenced on October 1, offers a fast-tracked path to home ownership for many aspiring buyers. By drastically reducing the deposit required and eliminating Lenders Mortgage Insurance (LMI), this program aims to unlock the door to your very own home sooner than ever thought possible. However, like any major economic policy, it has significant implications that buyers and taxpayers must consider. Here is a breakdown of how the scheme works, who qualifies, and what the potential impact could be on the property market. What is the 5% Deposit Scheme and how does it work? The scheme is designed to make home ownership more achievable, particularly for those struggling to save a 20% deposit. Low Deposit: The home buyer secures a loan with a minimum deposit of 5% (for First Home Buyers) or 2% (for single parents/legal guardians). Government Guarantee: Instead of the buyer paying LMI (which protects the lender), the Australian Government provides a guarantee to a Participating Lender. This guarantee allows the lender to provide a home loan covering up to 95% or 98% of the home's value without the usual LMI fee. No LMI: The buyer avoids paying Lenders Mortgage Insurance, significantly reducing upfront costs.  Key features of the expanded program include no income caps, as well as unlimited spots and no waiting list. The Scheme also makes a wider choice of home types available (houses, apartments, house/land packages, vacant land with a building contract, new or existing homes). It’s not just for first home buyers!

6 personal budgeting tips for Christmas.

December 15, 2025
Christmas can be the most wonderful time of the year—it can also be one of the most expensive. The key to enjoying the festive season and reducing the risk of financial stress is careful planning. As your financial partners at Ascent Accountants, we want you to focus on what truly matters—time with friends, family, and peace of mind. Six essential budgeting tips to help you take control of your Christmas spending. 1. Make a detailed budget list. The sooner you start, the more control you have. Begin by listing every expense you anticipate, including gifts, food, clothes, travel, and entertainment. Once you have your total, check it against your available funds. If the total feels too high, look at where you can cut back or spread the cost. Being realistic from the beginning prevents surprises later. 2. Prioritise what truly matters (and pay your priority debts!). When money is tight, focus your funds on the essentials and the things that genuinely bring the most joy. Order your list by priority (e.g., gifts for children first, then shared family meals, then travel). It’s okay—and essential—to say 'no' to extras that don’t fit your budget. Always consider your priority payments and debts before any other Christmas spending. Priority debts, like rent, electricity, or car insurance, must always come first as they significantly impact your day-to-day life if left unpaid. 3. Be cautious with credit and 'Buy Now, Pay Later' arrangements. It's tempting to use a credit card or a Buy Now, Pay Later option, especially when promotions promise delayed payments. However, small instalments add up quickly, and missing a payment can result in fees and/or negatively impact your credit record. If you do use credit, only borrow what you can comfortably afford to repay, and make a solid plan to pay it off as soon as possible in the new year. 4. Compare prices & shop smart. Always take time to research before you buy. Comparing online and in-store prices can result in significant savings. Be wary of high-pressure sales events like Black Friday, which often encourage impulse spending. Before purchasing, ask yourself three questions: Do I really need this? Is this on my original budget list, or is it extra? Is this truly a bargain if I don't actually need it? 5. Suggest a 'Secret Santa'. If your family or friend group has traditionally bought gifts for everyone, suggest switching to a Secret Santa arrangement. Setting a sensible spending limit or pooling funds for one thoughtful gift makes things easier and less expensive for everyone. Often, homemade gifts or vouchers for experiences are more meaningful and last longer in the memory than expensive presents. 6. Plan ahead for next year. The best way to guarantee a calm, affordable Christmas next year is to start preparing now. After this year's holidays, take note of exactly what you spent and where the money went. Set a goal for next year and start a small savings fund. Even setting aside $5 or $10 a week can make a monumental difference in managing next Christmas without stress. Need to tidy up your finances after the holidays? If the Christmas period leaves you needing advice on debt consolidation, setting up a savings plan, or just better budgeting habits for the new year, contact the team at Ascent Accountants. We can help you build the confidence to hit your financial goals!

FBT on Work Christmas Parties & Gifts

December 15, 2025
As the end of the year approaches, businesses are gearing up for the festive season, which means planning the annual Christmas party and showing appreciation with gifts. While the cheer is high, so too are the complexities of Fringe Benefits Tax (FBT). Getting the FBT treatment wrong can turn a simple celebration into an unexpected tax bill. As your trusted advisors at Ascent Accountants, here is a breakdown of the key tax rules, with a focus on the crucial $300 per person limit, to ensure your end-of-year generosity is tax-effective. The critical $300 minor benefit threshold. The Minor Benefits Exemption is your best friend for managing FBT. A benefit is generally exempt from FBT if its total notional taxable value is less than $300 (GST inclusive) per person, and it is provided infrequently and irregularly. Christmas parties (entertainment) The location and cost of your party are the key factors for FBT.

Burnout & mental health in a post-pandemic workplace.

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Workplace stress affects mental health. Learn how employees and employers can prevent burnout and boost wellbeing and productivity.

Dealing with divorce; your property guide.

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Divorce or separation is complex. Learn how to handle shared property, including the family home, investments, and SMSF assets.

Does your business need public liability insurance?

November 12, 2025
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.
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