Every business has a distinctive set of strengths, weaknesses, opportunities, and threats. Development and implementation of the right strategic plan requires strong financial reporting processes to evaluate & monitor the effectiveness of the plan.
As your trusted advisor, we understand your business goals, objectives, and potential, and will design a solution to help you achieve your objectives.

North Coast Accounting provides all your standard accounting needs, such as:
Business Year-End Financial Statements and Tax Returns

• BAS & IAS
• Individual Tax Returns
• Bookkeeping & Xero Training
• FBT Returns
• Corporate Compliance Management (ASIC)

These services help your business run smoothly from year to year, and what we like to emphasise is that these services are a given. Every accounting firm can offer them. What makes North Coast Accounting different is our focus on you, your personal requirements and your business. We are just a phone call away.

Our passion is ensuring we do our best to help you understand your business position, how you can get to the next level and ultimately reach your goals in whatever you are trying to achieve.

We also provide additional business support and accounting services, such as:
Business Advisory Meetings

• Restructuring Advice
• Structure Establishment – Companies and Trusts
• NFP Bookkeeping and Accounting Services
• Self-Managed Super Fund Establishment and Accounting
• Sole Trader Advice

To speak with one of our team please phone the office today on 0893068888

We get this one a lot. If you have been maintaining your own books, and you are a company director (note: NOT a sole trader) and you don’t pay yourself a formal, regular wage but rather, transfer random amounts of money from your company bank account to your personal bank account – you are effectively pulling money from your company without paying tax on it. Under most circumstances, these drawings need to be re-classified as a wage paid from your company to yourself, on which tax is attached. This rule applies only to companies, not any other business structure.

We’ve had this question come up multiple times recently, often from business owners who are either growing their teams or looking for a smart way to manage their finances.
Whether purchasing a vehicle through your business is beneficial depends on your business structure, level of business use, and personal circumstances.

Buying a vehicle through a company may provide tax benefits, such as claiming depreciation, running costs, and GST credits (if registered for GST). However, if the vehicle is also used for private purposes, the company may be liable for Fringe Benefits Tax (FBT), which can significantly reduce the overall tax benefit.

Before purchasing a vehicle through your business, it is important to consider:
The percentage of business versus private use

• Potential FBT implications
• GST credits available
• Vehicle financing options
• Depreciation deductions

There is no one-size-fits-all answer. In some cases, purchasing the vehicle through a company can result in tax savings, while in others, owning the vehicle personally and claiming business use may be more beneficial.
We can review your circumstances and provide tailored advice before you purchase a vehicle to ensure you choose the most tax-effective option.

Purchasing an electric vehicle through your business can provide several tax benefits:

1. Fringe Benefits Tax (FBT) Exemption
Eligible electric vehicles may qualify for the EV FBT exemption if:

• The vehicle is a battery electric vehicle, hydrogen fuel cell vehicle, or plug-in hybrid vehicle (subject to transitional rules).
• The vehicle was first held and used after 1 July 2022.
• The vehicle's value is below the Luxury Car Tax (LCT) threshold for fuel-efficient vehicles in the year it was first purchased. 

This can result in significant tax savings compared to providing a traditional petrol or diesel vehicle to an employee or director.

2. Depreciation Deduction
The business can generally claim depreciation on the business-use portion of the vehicle, subject to the car depreciation limit applicable for the financial year.

3. GST Credits
If the business is registered for GST, it may be able to claim GST credits on:

• The purchase price of the vehicle (subject to GST and car limit rules).
• Running costs such as charging, servicing, registration, insurance, and repairs.

4. Lower Running Costs
Electric vehicles typically have:

• Lower fuel/charging costs.
• Reduced servicing and maintenance expenses.
• Fewer moving parts than internal combustion engine vehicles.

5. Salary Packaging Opportunities
Where the FBT exemption applies, employees and directors may be able to salary package the vehicle tax-effectively, reducing after-tax motoring costs

6. Environmental Benefits
Using an EV can help reduce your business's carbon footprint and support sustainability goals.

How the Electric Car Discount Actually Works

One of the first things I explain to clients is that this isn’t a cash rebate. It works through tax concessions, and when you understand them properly, the savings can be significant. There are three main components worth knowing about.
The biggest benefit for most businesses and employees is the Fringe Benefits Tax (FBT) exemption. Where an eligible electric vehicle is provided to an employee as a fringe benefit, private use is exempt from FBT. Without this exemption, FBT can effectively be charged at up to 47%. In practice, this can reduce the annual after-tax cost of a vehicle by thousands of dollars – which is not something to overlook. It’s worth noting that the exemption applies to battery electric vehicles and hydrogen fuel cell vehicles, but plug-in hybrid vehicles lost eligibility for new arrangements from 1 April 2025. The car also needs to have been first held and used after 1 July 2022 and be below the luxury car tax threshold at first purchase.

The second benefit is a higher luxury car tax (LCT) threshold for fuel-efficient vehicles. For 2025-26, that threshold sits at $91,387 for EVs, compared to $76,950 for other cars. This can prevent the 33% luxury car tax from applying to part of the purchase price, which makes a real difference at the higher end of the market.
Thirdly, certain electric vehicles are also exempt from the 5% customs duty, which reduces upfront acquisition costs. When you combine lower running costs (electricity versus fuel, and generally fewer servicing requirements), solid resale values, and these tax settings, the business case for EVs – particularly around salary packaging and small fleets – has genuinely strengthened.

Which cars don’t qualify for FBT exemption?
​​​Not every set of wheels qualifies for the FBT exemption - here are the ones that miss the mark:

• Conventional petrol or diesel cars (AKA ‘internal combustion engine’ or 'ICE' cars) and hybrids that only use petrol
• Plug-in hybrids (PHEVs) leased after 1 April 2025
• Cars that carry a load over 1 tonne or more than 9 passengers (that’s the weight of a small elephant!)
• Motorcycles and scooters
• Cars first held and used before 1 July 2022
• Cars valued over the luxury car tax threshold

A Final Thought
The Electric Car Discount remains one of the most valuable concessions available for employee vehicles in Australia right now. While the review introduces some longer-term uncertainty, the commercial reality today is that EVs can deliver genuine tax and cash-flow savings when structured correctly.
If you’re considering an electric vehicle – either personally or through your business – I’d encourage you to run the numbers with us before making any decisions. We can look at your specific circumstances and give you a clear picture of what makes sense under the current rules.

More info below:
https://www.ato.gov.au/businesses-and-organisations/hiring-and-paying-your-workers/fringe-benefits-tax/types-of-fringe-benefits/fbt-on-cars-other-vehicles-parking-and-tolls/electric-cars-exemption

Your PAYG instalment is calculated by the ATO based on the information in your most recently lodged tax return. Each time you lodge a new tax return, the ATO resets and re-calculates the amount. If you think it is excessive based on your current circumstances, then we can always amend this figure as long as we make a reasonable attempt to be accurate.

Cash flow is one of the most important factors in the success of a business. Even profitable businesses can experience financial stress if cash is not managed effectively.
Here are some practical ways to improve your cash flow:

• Invoice customers promptly and follow up on overdue payments.
• Request deposits or progress payments for larger jobs.
• Review your pricing regularly to ensure it reflects current costs.
• Reduce unnecessary expenses and subscriptions.
• Maintain a cash flow forecast to identify potential shortfalls early.
• Keep business and personal finances separate.
• Manage inventory levels to avoid tying up excess cash in stock.
• Consider financing options for major equipment purchases rather than paying upfront.
• Set aside funds regularly for GST, PAYG withholding, and income tax obligations.
• Review your business structure and tax planning strategies to ensure you are operating efficiently.

North Coast Accounting will help you to put a cash flow plan in place and help you meet your tax and super obligations, including GST, PAYG & Fringe benefits tax.

Yes. We can review your current business structure and determine whether it remains the most suitable option for your circumstances.
As your business grows, changes in profitability, asset ownership, family circumstances, or future plans may mean that a different structure could provide better tax outcomes, improved asset protection, or greater flexibility.
Our business structure review typically considers:

• Current business turnover and profitability
• Tax paid by the business and owners
• Asset protection requirements
• Future growth plans
• Employment and payroll arrangements
• Family and succession planning considerations
• Investment and property ownership
• Opportunities for tax planning and income distribution

Following the review, we will explain the advantages and disadvantages of your current structure and provide recommendations if a different structure may be more beneficial.
A proactive structure review can help ensure your business remains tax-efficient, compliant, and well-positioned for future growth.

Yes, we provide proactive tax planning services for businesses to help legally minimise tax, improve cash flow, and support long-term growth.
Effective tax planning is not just about lodging your tax return at year-end—it involves reviewing your business position throughout the year to identify opportunities and manage tax outcomes in advance.
Our tax planning services typically include:

• Review of your current business structure
• Income and expense timing strategies
• Superannuation planning for business owners
• Director salary vs dividend planning (where applicable)
• GST and PAYG instalment management
• Asset purchases and depreciation planning
• Trust distribution planning (if applicable)
• Forecasting expected tax liabilities before year-end

The goal is to ensure you are not only compliant with tax obligations but also positioned to make informed financial decisions throughout the year.
We recommend regular tax planning reviews, especially before year-end, to avoid surprises and optimise your tax position legally and effectively.