TSP Accountants & Business Advisors

08/05/2026

Thinking about selling your business? There’s a recent court case every business owner should know about. 📋

The Kilgour decision, handed down by the Full Federal Court in 2025, has some important lessons for anyone who owns a minority stake in a business and is heading towards a sale. The short version? If you’re selling alongside other shareholders as part of a coordinated deal, the ATO may not accept a minority discount on your shares - and that could affect your access to valuable small business CGT concessions.

I’ve written a full breakdown on the TSP blog, including what the case means in practice and the three things I’d encourage every business owner to do before signing any agreement.

The most important one? Talk to your accountant early. The sooner we look at your structure and your eligibility for concessions, the more options we have to work with.

Read the full article at the link below, or give us a call on 4926 4155 if you’d like to chat about your situation. 📞
👉https://www.tspaccountants.com.au/kilgour-case-cgt-business-sale-valuations/

The Kilgour case changed how the ATO values minority interests in business sales. Deidre Molloy explains what this means for your CGT position before you sign.

01/05/2026

📋 Is your SMSF audit sorted for this financial year?

Every self-managed super fund must be independently audited each year - and your auditor needs to be appointed at least 45 days before your annual return is due. That deadline comes around faster than you'd think!

Our Director Deidre Molloy is a registered SMSF auditor with ASIC, and she's written a handy guide to exactly what happens during an SMSF audit - from the engagement letter through to the auditor's report.

If you're a trustee who wants to understand the process better, or if you're still looking for an auditor for this year, give us a call.

👉 Read the article: https://www.tspaccountants.com.au/smsf-annual-audit-explained/
📞 Call us: 4926 4155
📧 Email: [email protected]

Every SMSF must be audited each year by a registered SMSF auditor. TSP's Deidre Molloy explains what to expect, what you need to prepare, and why it matters.

24/04/2026

⚠️ Is someone offering to help you access your super early?
🛑STOP and read this.

We know times can be tough, and the idea of getting your hands on your super savings might seem tempting when the bills are piling up. But here's what you need to know: in most circumstances, accessing your super early is illegal - and the consequences are very real.

The ATO is actively cracking down on "promoter schemes" where people are convinced to set up a self-managed super fund to access their super for things like paying off credit card debt or personal expenses. These schemes can cost you your retirement savings, land you with big tax penalties, and even get your name published publicly as a disqualified SMSF trustee.

If someone has approached you about this, don't sign anything, don't hand over your personal details, and contact the ATO on 13 10 20 straight away.

Unsure where you stand with your super? Our own Deidre Molloy is an SMSF specialist who has been helping Hunter Valley clients navigate exactly these questions. We're always here for a chat - no judgement, just good advice.

📖 Read Deirdre's full article on the blog:
📞 Call us on 4926 4155
📧 [email protected]

10/04/2026

Is your work vehicle arrangement actually FBT-compliant? 🚗

The ATO is stepping up its focus on employers who provide vehicles to staff, and their data-matching capabilities are sharper than ever. That means assumptions, especially around dual-cab utes being automatically FBT-free, can be costly.

David Apps from our team has written a practical rundown of what employers need to know ahead of the 21 May FBT lodgement deadline, including records you should have in place right now.

Worth a read if you've got vehicles in your business.

👉 https://www.tspaccountants.com.au/is-your-business-vehicle-fbt-compliant-the-ato-is-watching/

Questions? Call us on 4926 4155 or email [email protected]

The ATO is using data-matching to crack down on FBT non-compliance for work vehicles. David Apps from TSP Accountants Newcastle explains what employers need to know before 21 May.

20/03/2026

🗓️ Attention Newcastle and NSW law firms - your trust account examination deadline is coming up fast!

The trust account examination year ended on 31 March, and you have until 31 May to lodge your report with the Law Society of NSW. Two months sounds like plenty of time. It isn't - examiner diaries fill up, and the firms that leave it late are the ones calling us in a panic. 😅

We've been there with clients before. In fact, we recently helped a legal firm that had already missed their deadline and received a final notice from the Law Society. We stepped in, completed the examination, and lodged the report before the deadline - stress resolved, compliance restored. You can read about it here 👉 tspaccountants.com.au/case-studies/

At TSP, our directors Deirdre Molloy and David Apps are both registered External Examiners with the Law Society of NSW. We work with law firms across the Hunter and throughout NSW to get this done properly and on time.

Read What You Need To Do NOW 👉

Don't leave it to the last minute. Get in touch now 👇

📞 4926 4155 📧 [email protected] 🌐 tspaccountants.com.au

13/03/2026

Heads up, small business owners! 30 June is closer than you think. 📋

EOFY doesn't have to be a last-minute panic. Here's what to check off your list before the financial year closes:

☑️Reconcile your accounts and tidy up your records
☑️Make sure super is paid AND cleared by 30 June (not just scheduled!)
☑️Review expenses and check you're claiming everything you're entitled to
☑️Look at instant asset write-off for any qualifying purchases
☑️Write off genuine bad debts in your books
☑️ And don't forget - Payday Super kicks in on 1 July 2026. Is your payroll ready?

Our EOFY checklist article has everything you need.

Or if you'd prefer to talk it through with someone who knows your numbers, call us on 4926 4155 or email [email protected] - now is the time we can really help you out!

This year don't leave it to the last minute to optimise your tax position.

https://www.tspaccountants.com.au/eofy-checklist/

06/03/2026

🚗⚡ Thinking about an electric vehicle for your business? Before you sign anything, there's something you need to know...

The Federal Government's Electric Car Discount has been one of the most generous tax concessions we've seen in years — and for many of our clients here in Newcastle, it's saved them thousands. But the rules are now under review, and timing could matter.

I've put together a plain-English breakdown of how it all works, what the review means for you, and what I'd suggest doing right now if you're considering an EV for work.

👉 Read the full article here:https://www.tspaccountants.com.au/electric-vehicle-discounts/

As always, if you'd like to chat through your specific situation, give us a call on 4926 4155 or email [email protected] — we're happy to help!

Discover how electric vehicle discounts are under review. How does this impact your business. Get tips from TSP's experts!

27/02/2026

🤖 AI says you can claim it. The ATO says otherwise. Who wins? (Spoiler: not you.)

We're seeing it more and more. Business owners and investors turning to AI tools for quick tax answers, acting on the advice, and then landing in hot water when the ATO comes knocking.

The truth is, AI tools can sound incredibly convincing while being completely wrong. They can cite cases that don't exist, miss the rules that apply to your specific situation, and give you super advice that breaches contribution caps before you've even realised the problem.

There was even a recent Tribunal decision where a taxpayer cited AI-generated case law in their argument. Some of those cases simply didn't exist. 😬

AI has its uses, but it is not your accountant.

If you've got tax or super questions, bring them to us first. We've been sorting out Newcastle's tax affairs for over 42 years, and we've never hallucinated a tax ruling yet. 😄

Read the full article on the blog 👉https://www.tspaccountants.com.au/think-ai-can-handle-your-tax/

📞 4926 4155 | [email protected]

Tempted to use AI or ChatGPT for tax advice? Before you do, read this. TSP Accountants explains the real risks of relying on AI for Australian tax and super decisions.

19/02/2026

🤔 Ever wondered what a family trust actually is?

A family trust (also called a discretionary trust) is like a special container that holds your family’s assets - property, shares, business interests - managed by people you trust, for the benefit of your family.

The magic? FLEXIBILITY. The trustee can decide each year how to distribute income among family members based on their circumstances and tax positions.

But they’re not for everyone! Family trusts come with:

✅ Asset protection benefits
✅ Tax planning flexibility
✅ Succession planning advantages

BUT also:
⚠️ Setup and ongoing costs
⚠️ Annual compliance requirements
⚠️ Proper record-keeping needs

We’ve been helping Newcastle families navigate family trusts for 43 years. Want to know if one makes sense for your situation?

📞 Call us on 4926 4155
📧 Email [email protected]

Read our full guide: https://www.tspaccountants.com.au/what-is-a-family-trust-in-australia/

Wondering what a family trust is? TSP Accountants Newcastle explains how family trusts work in Australia, who needs them, and their benefits. Call 49 26 4155.

17/02/2026

🗓️ TSP Top Tips Tuesday! 💡

Get ahead of Payday Super changes coming July 2026!

From 1 July 2026, employers will need to pay superannuation at the same time as wages (rather than quarterly). Sounds simple, but it means big changes to your payroll systems and cash flow planning!

✅ Our tip: Start preparing NOW by:

💥Reviewing your current payroll processes
💥Checking your accounting software is Payday Super ready
💥Building the extra cash flow into your budgets
💥Talking to your team about the changes

Don't wait until June to sort this out! The TSP team can help you get your systems ready and ensure a smooth transition.

Need help preparing for Payday Super?

Call us on 4926 4155 or email [email protected]