by Roann Castro | May 13, 2025 | Bookkeeping, Business, Taxation
At Lowrys, we understand that for Darwin and Northern Territory businesses, the lead-up to the End of Financial Year (EOFY) isn’t just about ticking boxes—it’s a strategic opportunity to tidy up your books, reduce your tax bill, and prepare for a stronger financial year ahead.
With June 30 fast approaching, now is the perfect time to review your financials, ensure everything is in order, and make the most of available tax deductions. Getting organised early means fewer surprises and more opportunities to optimise your position.
Why Early Action Matters in the Top End
Running a business in the Northern Territory comes with unique considerations—from seasonal fluctuations to local market demands. Whether you’re operating in Darwin, Palmerston, Katherine, or remote regions, acting now allows you to make informed, timely decisions before the financial year closes.
From local tradies and hospitality operators to small business owners and sole traders, ensuring your books are up to date can mean the difference between a stressful June and a smooth, profitable EOFY.
What Your EOFY Bookkeeping Review Should Cover:
✅ Bank and account reconciliation – Confirm your records align with your actual financial position.
✅ Outstanding invoices and debts – Chase overdue payments and write off irrecoverable amounts.
✅ Review income and expenses – Categorise transactions correctly and spot deduction opportunities.
✅ Super and payroll – Ensure all superannuation obligations are met and payroll is compliant.
✅ Asset purchases – Take advantage of any instant asset write-offs before June 30.
✅ ATO deadlines – Stay on top of key dates and avoid late penalties.
Trusted Support from Your Local Advisors
At Lowrys, we’re proud to support businesses across the Northern Territory with hands-on, tailored bookkeeping and accounting services. Our Darwin-based team knows the local market and is here to help you meet your EOFY obligations with confidence.
From identifying tax-saving opportunities to ensuring your financials are ATO-compliant, we make it easy to stay in control. We don’t just crunch numbers—we provide clarity and peace of mind.
Let’s Get Your Business EOFY-Ready
There’s still time to take action, but it’s limited. By planning now, you’ll benefit from:
- Greater tax savings
- Accurate, clean books
- Stronger planning for FY26
Avoid the last-minute rush—let Lowrys help you make EOFY work for you.
👉 Contact us today or call 08 8947 2200 to book your EOFY review.
by Roann Castro | May 8, 2025 | Taxation
As the end of the financial year draws near, many Australians start thinking about their tax returns. For some, it’s a time of confusion and last-minute paperwork. For others, it’s an opportunity to review finances, reduce tax liability, and maximise returns. The difference lies in preparation.
At Lowrys Accountants, we help individuals, families, and business owners across the Northern Territory take proactive steps to stay compliant and make the most of their tax position. Here’s how you can prepare now and potentially save big before 30 June.
Understand What You’re Entitled to Claim
Knowing what you can legally claim is one of the easiest ways to reduce your taxable income. Work-related expenses—such as uniforms, tools, home office costs, and travel—can be deductible if they meet ATO guidelines. Yet, many taxpayers miss out simply because they don’t understand the rules or forget to keep receipts.
Business owners can benefit even more by claiming deductions for operational expenses like rent, utilities, insurance, equipment, and advertising. Engaging a tax professional ensures you aren’t missing out on valuable deductions that apply to your situation.
Keep Records in Order All Year
Accurate recordkeeping is essential—not just for tax season but for the long-term health of your financial affairs. Using cloud-based tools such as Xero, MYOB, or QuickBooks can make it easy to track income and expenses in real time.
If you’ve let your recordkeeping slip this year, it’s not too late to get organised. Our bookkeeping team at Lowrys can help you clean up your accounts, organise receipts, and make sure your documentation is ATO-ready.
Take Advantage of Superannuation Opportunities
One of the most overlooked ways to reduce tax and build long-term wealth is through superannuation contributions. Personal contributions—if made before the end of the financial year—may be tax-deductible, subject to contribution caps.
For employers, making timely super payments for staff can also be a smart move. Not only does it meet your legal obligations, but it could improve your business cash flow and avoid penalties down the track.
Invest in Your Business (the Smart Way)
If you’ve been considering upgrading your tools, purchasing new equipment, or investing in business technology, doing so before 30 June may bring significant tax advantages.
Depending on current legislation, certain assets may be eligible for instant asset write-offs or temporary full expensing. Timing your purchases correctly can turn necessary investments into valuable deductions.
Reassess Your Business Structure
If your business has grown, changed direction, or taken on new partners, your current structure might no longer be the most tax-efficient. It’s a good time to review whether operating as a sole trader, partnership, trust, or company still suits your needs.
At Lowrys, we can assess your structure, identify risks, and recommend adjustments that better align with your business goals and long-term tax strategy.
Avoid Surprises with a Pre-EOFY Tax Review
There’s no need to wait until July to find out what you owe. A pre-June 30 tax planning session can give you clarity, help manage your tax position, and allow time to implement savings strategies before the deadline hits.
Our team provides tailored advice based on your current financials, ensuring you’re well-positioned before year-end and not left scrambling at the last minute.
Work with Experts Who Know Your Industry
Every client’s situation is different, and our team at Lowrys understands the unique needs of individuals and businesses across Darwin and the NT. Whether you’re managing your own tax, running a small business, or navigating complex obligations, we’re here to help you prepare, plan, and save.
Book Your Tax Planning Session Today
Don’t let tax time catch you off guard. Get expert advice and peace of mind by booking a consultation with our team at Lowrys Accountants. We’ll help you navigate the end of financial year with confidence and potentially save more than you thought possible.
by Roann Castro | Mar 5, 2025 | Taxation
The Australian Taxation Office (ATO) has introduced key changes to Fringe Benefits Tax (FBT) exemptions for electric vehicles (EVs) in 2025, impacting businesses and employees who benefit from employer-provided EVs. Understanding these updates is crucial for businesses looking to manage tax obligations effectively while leveraging EV incentives.
Changes to Electric Vehicle Exemptions
The FBT exemption for eligible EVs has been a significant incentive for businesses adopting sustainable vehicle options. However, in 2025, modifications to eligibility criteria and compliance requirements mean businesses must reassess their current fleet policies.
Key Updates:
- Revised Eligibility Criteria: Some EV models may no longer qualify for FBT exemptions due to updated pricing thresholds and specifications.
- Luxury Car Tax Considerations: Vehicles exceeding the defined luxury car tax (LCT) threshold may now attract FBT, increasing costs for businesses.
- Reporting and Compliance: Employers will need to ensure accurate reporting to align with ATO requirements, including proper valuation and documentation of exempt benefits.
ATO Announcements and FBT Deadlines
The ATO has also released important deadlines for FBT returns and payments for the 2024–25 financial year:
- FBT Year-End Date: 31 March 2025 – Businesses should ensure they have accurate records of fringe benefits provided during the financial year.
- FBT Return Due Date: 21 May 2025 (for self-lodged returns).
- FBT Payment Deadline: 28 May 2025 (for payments associated with lodged returns).
- Lodgment via Tax Agent: If using a registered tax agent, businesses may have extended deadlines, but it is essential to confirm individual lodgment dates.
How These Changes Affect Businesses
For businesses that provide EVs to employees, these updates may impact financial planning and fleet management strategies. Employers must:
- Review existing EV benefits to determine continued eligibility for exemptions.
- Assess the cost implications of non-exempt vehicles.
- Stay updated with ATO guidelines to ensure compliance and avoid unexpected tax liabilities.
With these changes, businesses should work closely with their accountants to evaluate the tax impact and explore alternative solutions. Lowrys Accountants can help navigate these FBT updates, ensuring compliance while maximising tax efficiency.
For tailored advice on managing your FBT obligations and meeting ATO deadlines, contact Lowrys Accountants today.
by Roann Castro | Feb 18, 2025 | Taxation
As we settle into the new year, it’s crucial for business owners to stay on top of their tax obligations. The Australian Taxation Office (ATO) has set key deadlines for February 2025 that require your attention. Failing to meet these deadlines can result in penalties, so ensure you’re prepared ahead of time.
Important Dates to Remember
21 February 2025 – Monthly BAS Lodgment & Payment
If your business lodges Business Activity Statements (BAS) on a monthly basis, your December 2024 BAS is due for lodgment and payment by 21 February 2025. This applies to businesses registered for GST that report monthly.
28 February 2025 – Quarterly BAS & IAS Deadline
For businesses lodging on a quarterly basis, the October–December 2024 BAS must be submitted and paid by 28 February 2025. Additionally, if you are required to lodge a monthly Instalment Activity Statement (IAS) for Pay As You Go (PAYG) withholding tax, the January 2025 IAS is also due on this date.
Why Meeting These Deadlines Matters
Timely lodgment and payment of your BAS and IAS help you:
- Avoid ATO penalties and interest charges
- Maintain a good compliance record
- Keep accurate cash flow planning for your business
ATO Updates & Announcements
The ATO regularly provides updates on tax obligations and potential changes to reporting requirements. If there are any recent announcements regarding lodgment extensions, payment deferrals, or relief measures, ensure you stay informed through official ATO communications.
Need Assistance? Lowrys Accountants Can Help
Navigating tax obligations can be complex, but you don’t have to manage it alone. At Lowrys Accountants, we provide expert BAS and IAS lodgment support, ensuring you meet your tax responsibilities on time and without hassle. If you have any concerns about your upcoming deadlines, reach out to us for guidance and tailored advice.
📩 Get in touch today to ensure your BAS and IAS are lodged on time!
by Roann Castro | Nov 4, 2024 | Business, Taxation
Fringe Benefits Tax (FBT) can often feel complex and daunting for Australian employers, but understanding it is essential to ensure your business remains compliant and avoids costly penalties. This guide breaks down FBT, explaining how it works and what you need to know for the 2024-25 tax year.
What Is FBT? FBT is a tax paid by employers on certain benefits provided to employees, their families, or associates. These benefits, known as “fringe benefits,” can include anything from company cars to low-rate loans, entertainment, or gym memberships.
Key Changes for 2024-25 The 2024-25 tax year brings some updates to FBT rules that employers should be aware of, including:
- Exemptions for Electric Vehicles (EVs): If your business provides employees with electric vehicles, these may be exempt from FBT, provided the EV meets specific criteria.
- Car Parking Benefits: The threshold for exempt car parking benefits has increased, and it’s crucial to assess how this might impact your FBT obligations.
Common Fringe Benefits Some of the most common types of fringe benefits include:
- Car Benefits: If you provide an employee with a vehicle for private use, FBT applies.
- Loan Benefits: Offering low-rate or interest-free loans to employees is considered a fringe benefit.
- Expense Payments: Paying for employees’ personal expenses, such as school fees or rent, is subject to FBT.
- Entertainment: Providing entertainment, such as meals or tickets to events, can also attract FBT.
Calculating FBT To calculate FBT, you need to determine the taxable value of the benefit provided. This involves considering factors like the employee’s use of the benefit and whether any employee contributions were made.
The FBT rate for the 2024-25 tax year remains at 47%, and the gross-up rate depends on whether the benefit is subject to GST:
- Type 1 Benefits (GST credit available): Gross-up rate is 2.0802.
- Type 2 Benefits (GST credit not available): Gross-up rate is 1.8868.
Recordkeeping and Reporting Accurate recordkeeping is essential to comply with FBT requirements. Employers need to keep documentation that clearly outlines the benefits provided, their value, and any employee contributions. FBT returns are lodged annually, with payment due in May each FBT year.
- FBT calculations and lodgements
- FBT exemption advice
- Minimising FBT liability through tax planning
How Lowrys Can Help FBT compliance can be complex, but at Lowrys, we offer expert guidance to help you navigate these regulations smoothly. Our team can assist with:
Stay ahead of your FBT obligations with Lowrys by your side.
by Roann Castro | Dec 6, 2023 | Business, Taxation
If you’ve been giving your employees perks like car parking or gym memberships, you should consider the fringe benefits tax (FBT) implications.
These extras can be a great bonus on top of salary and wage income. But did you know they may be subject to FBT?
Keep in mind that everything in the list below could be subject to FBT:
• allowing an employee to use a work car, including a dual cab ute, for private purposes
• car parking
• tickets to concerts, shows or sports events
• reimbursed school fees
• discounted loans
• salary sacrifice arrangements with staff.
If you’re giving your staff extras that are subject to FBT, take these four steps:
• Identify the types of fringe benefits you give your staff
• Determine the taxable value using approved valuation methods relevant to each fringe benefit
• Lodge an FBT return by the due date (that may be a little later if your tax agent lodges online for you).
• Keep records that show your calculations and support your FBT position.
Knowing your FBTs starts with understanding how FBT works. Keen to learn more? Check out the website below or talk to your trusted tax professional for the best advice on managing your FBT obligations.
https://www.ato.gov.au/Business/Fringe-benefits-tax/?=redirected_fbt
