Legislation currently being debated in Parliament will introduce a new criminal offence for intentional “wage theft”. If enacted, in
addition to the criminal offence, a fine will apply.
The fine is three times the underpayment and:
The reforms are not intended to capture unintentional mistakes and a compliance ‘safe harbour’ will be introduced by the Fair Work Ombudsman
for small businesses.
In addition to addressing wage theft, the Bill also seeks to:
What happens when a trust appoints income to a private company beneficiary but does not actually make the payment?
The tax treatment of this unpaid amount was at the centre of a recent case before the Administrative Appeals Tribunal (AAT) that saw a taxpayer successfully challenge the ATO’s long held position (Bendel and Commissioner of Taxation [2023] AATA 3074). For many years, the ATO’s position has been that if a trust appoints income to a private company beneficiary but does not actually make the payment, this unpaid amount can be treated as a loan. Under Division 7A of the tax rules, these loans can be taxed as unfranked dividends unless they are managed using a complying loan agreement with annual principal and interest repayments.
This AAT decision challenges an important ATO position, with the tax outcomes being potentially significant for trust clients that currently owe (or may have owed in the past) unpaid trust entitlements to related private companies.
But this is not the end of this story. On 26 October 2023, the Tax Commissioner lodged a notice of appeal to the Federal Court. There is no guarantee that the Federal Court will reach the same conclusion as the AAT. We will need to wait and see.
We want our people to be the best they can be.
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AI-Enhanced Automation for Accounting and Finance Professionals: Leveraging ChatGPT, Copilot & Claude for Innovation and
Productivity.
Join SkyBots’ 2-day Workshop in GOLD COAST with automation expert Daryl Aw to revolutionise your workflow using
cutting-edge Agentic AI tools including Chat GPT, Claude, CoPilot and Gemini. This workshop is built for accountants,
bookkeepers, finance teams, and business owners who want to move beyond basic prompts and turn AI into a reliable, ethical, and practical
system for everyday work.
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AI-Enhanced Automation for Accounting and Finance Professionals: Leveraging ChatGPT, Copilot & Claude for Innovation and
Productivity.
Join SkyBots’ 2-day Workshop in MORNINGTON with automation expert Daryl Aw to revolutionise your workflow using
cutting-edge Agentic AI tools including Chat GPT, Claude, CoPilot and Gemini. This workshop is built for accountants,
bookkeepers, finance teams, and business owners who want to move beyond basic prompts and turn AI into a reliable, ethical, and practical
system for everyday work.
Lunch & Learn Workshop // 4 September, 2026 - 12:00 - 1:30pm
$35pp includes lunch
Many business owners believe growth comes from more sales. But in reality, the strongest and most profitable
businesses grow by improving how the business works, not just by selling more. This session is designed to change that. The
5-Critical Financial Metrics
is a practical workshop that shows you where small, targeted changes can create disproportionately big improvements in profit, cashflow and
sustainability.
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MP SHIRE SMALL BUSINESS FESTIVAL / LIVE WORKSHOP
Friday 31 August, 4:00pm-6:00pm
Join our practical,
educational workshop designed to help business owners understand the lending process and in preparation for funding conversations, learn how lending decisions are really made and what banks actually look for.
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MP SHIRE SMALL BUSINESS FESTIVAL / LIVE WORKSHOP
Tuesday 25 August, 10:00am-12:00pm
This practical, confidence-building session is designed to give business owners control. Know Your Numbers is a hands-on workshop created specifically for non-financial business owners who want clarity and confidence in their decision-making.
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MP SHIRE SMALL BUSINESS FESTIVAL / LIVE WORKSHOP
Monday 24 August, 5:30-7:30pm
This practical, education-first session helps business owners cut through the confusion and take back control of their business insurance
decisions.
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MP SHIRE SMALL BUSINESS FESTIVAL / LIVE WORKSHOP
Monday 10 August, 5:30-7:30pm
This practical session, in collaboration with the Mornington Peninsula Shire as part of the Small Business Festival, helps small business
owners understand AI and automation and shows how small businesses can use smarter tools to reduce manual work, improve accuracy and
create more capacity for growth.
Conference // 5 August, 2026 - ALL DAY EVENT
The B.I.T.E. Business Conference 2026 is the Mornington Peninsula’s premier event for bold business owners ready to rethink what’s
possible, reinvent how they operate, and reignite their growth. Hear from global keynote speakers including Grant Hackett, Andrew Griffiths
and Kate Christie plus local business innovators.
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Smart Business Solutions is proud to announce that Ryan Smit, an accounting student at RMIT University and Assistant Accountant at SMART Business Solutions, has been named Accounting Student of the Year, recognised for his forward-thinking approach to the profession and his commitment to integrating AI, intelligent workflows and technology into modern accounting practice.
For many business owners, superannuation is something that gets attention in June — when tax planning comes into focus. But the real opportunity lies in planning your super contributions at the start of the financial year, not the end.
The new financial year has officially clicked over – and with it comes the trio of mid-year obligations every employer needs on the radar: Single Touch Payroll (STP) finalisation, WorkCover declarations, and Payroll Tax annual reconciliation.
On 26 June 2026, the Federal Government passed a significant change to how Self-Managed Super Funds (SMSFs) can invest in residential property. New Limited Recourse Borrowing Arrangements (LRBAs) to purchase residential property inside an SMSF will be banned from approximately 10 August 2026 — 45 days after Royal Assent.
Grant Hackett joins Shannon Smit to share what it takes to perform at the highest level - from Olympic success to leading an ASX-listed business. This episode unpacks the mindset, discipline and leadership habits that drive long-term success, including key lessons on consistency, blind spots and building sustainable high performance.
The First Home Guarantee allows eligible buyers to purchase with a 5 per cent deposit without paying Lenders Mortgage Insurance.
The 2026 Federal Budget proposed the most significant changes to residential property tax settings in a generation.
For many business owners, superannuation is something that gets attention in June — when tax planning comes into focus. But the real opportunity lies in planning your super contributions at the start of the financial year, not the end.
The new financial year has officially clicked over – and with it comes the trio of mid-year obligations every employer needs on the radar: Single Touch Payroll (STP) finalisation, WorkCover declarations, and Payroll Tax annual reconciliation.
