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Superannuation has always been a key responsibility for Australian employers. With the introduction of Pay Day Super, the way employers must pay superannuation is about to change significantly. If you employ staff or contractors who are eligible for super, this update directly affects you. Understanding your obligations now will help you stay compliant and avoid unnecessary penalties later. Here is everything you need to know. What Is Pay Day Super? Pay Day Super is a new req

Why BAS Deadlines Matter For Australian businesses registered for GST, lodging a Business Activity Statement (BAS) on time is a legal obligation. Your BAS reports GST, PAYG withholding, PAYG instalments, and other taxes. Deadlines vary based on whether you lodge monthly, quarterly, or annually. Missing the due date can lead to costly penalties, interest and unnecessary stress. Consequences of Lodging Your BAS Late 1. Failure to Lodge Penalties The ATO can issue a Failure to

The Australian Taxation Office (ATO) will no longer allow tax deductions for General Interest Charges (GIC) or Shortfall Interest Charges (SIC) from 1 July 2025. This update, passed by Parliament in March 2025, could affect how small businesses handle their overdue tax debts and financial planning. What Has Changed? Currently, businesses can claim GIC and SIC as tax deductions, slightly reducing the burden of ATO interest charges. With the new rules, these deductions will be

Every successful business owner knows that staying on top of your finances is non-negotiable. But it’s not just about looking at your bank balance — it’s about understanding the numbers that really tell you how healthy your business is. Here are the financial metrics every business owner should know — and how they can help you make better decisions, stay compliant, and grow with confidence. Cash Flow: The Lifeblood of Your Business Why it matters: Positive cash flow means yo

Financial scams and fraud are on the rise in Australia, and small businesses are increasingly being targeted. From phishing emails to fake invoices, the impact of falling victim to a scam can be devastating. It can lead to financial loss, damaged reputation, and operational disruption. The good news is that with the right systems and awareness, you can safeguard your business. Why Small Businesses Are at Risk Scammers often target small businesses because they may have fewer

Financial reports can feel overwhelming, especially if bookkeeping isn’t your favourite part of running a business. But once you understand the key sections — and what they don’t show — you’ll make clearer, smarter decisions with confidence. Here are a few simple tips to help you read your Profit & Loss, Balance Sheet, and BAS reports like a pro. Profit & Loss (P&L) 1. It Usually Defaults to an Accrual Basis Your P&L shows your income and expenses for a specific period. I

If you receive a supplier invoice and no ABN has been quoted, you may need to do some further investigation before you make any payment. What Is a Statement by a Supplier? A Statement by a supplier is an ATO form used when a supplier does not quote an Australian Business Number (ABN). Without an ABN, payers are usually required to withhold 47% from the payment and remit it to the ATO with the next BAS. However, in certain circumstances a Statemetn by a Supplier form can be p

A cash flow forecast is a critical financial planning tool for small businesses. It involves estimating the physical future inflows and...

Did you even realise that there are two ways to run a profit and loss report and how you do so could drastically affect the figures? So...

Managing your business's tax obligations is crucial for the survival of your business. The Pay As You Go (PAYG) Instalments system is designed to help businesses and individuals stay on top of their tax liabilities throughout the year. PAYG Instalments serve as a proactive approach to tax management. The Australian Taxation Office (ATO) calculates these instalments based on an estimated annual tax liability which they obtain from the most recently lodged Tax Return for the bu

When running a business, paying invoices might feel like a routine task, but it's crucial to ensure everything is in order before hitting...

At Love Bookkeeping, we are dedicated to providing meticulous bookkeeping and BAS Agent services that keep your business compliant and...

As the financial year draws to a close, it’s crucial for small business owners in Australia to prepare for the end-of-year financial...

You will need to check the award wage rate at Fairwork to ensure you are paying the correct rate. Read the award thoroughly to ensure...

Managing your business's tax obligations is crucial for the survival of your business. The Pay As You Go (PAYG) Instalments system is...

A cash flow forecast is a critical financial planning tool for small businesses. It involves estimating the physical future inflows and...

Did you even realise that there are two ways to run a profit and loss report and how you do so could drastically affect the figures? So...

Most business owners will be familiar with the term 'bookkeeper' and know that a bookkeeper keeps the accounting records up to date on a...

On the 1st March 2021, the ATO reported that more than 60,000 businesses have not lodged their TPAR for the 2019-2020 financial year. ...

Do you regularly check and understand the following reports on your business to see how it has and how it is likely to perform?? Profit...