From 1 July 2026, superannuation contributions will move to a pay-run based timing model under a reform commonly referred to as Payday Super. This shifts the timing away from quarterly payment cycles.

Super will still be calculated each pay run at the applicable Superannuation Guarantee rate. Under the new timing, contributions must be received by the employee’s super fund within seven business days of payday. This means each pay run effectively has its own super due date.

The reform also introduces the term Qualifying Earnings (QE), which replaces Ordinary Time Earnings (OTE) as the earnings base used for super calculations. QE is intended to cover similar payment types to OTE, but payroll systems and classifications will need to reflect the updated terminology.

Where contributions are not received by the fund within the required timeframe, the Superannuation Guarantee Charge (SGC) may apply, which can include the unpaid amount, interest, and an administration component.

What this means for you

This is primarily a timing and process change. Payroll and cash-flow timing will matter more because super payments will be linked to each pay cycle rather than a quarterly deadline.

Key takeaways

• Timing moves from quarterly to pay-run based

• Each pay cycle has its own super due date

• Payroll setup and classifications may need updating

• Late receipt by the fund may trigger SGC

The Goods and Services Tax (GST) is a broad-based tax of 10 percent applied to most goods, services, and other items sold or consumed in Australia. Introduced in July 2000, GST is a central part of the Australian tax system and affects most businesses and consumers.

GST is a value-added tax. It is included in the final price paid by consumers, while businesses collect the tax and remit it to the government through the Australian Taxation Office. Businesses may reduce the amount they pay by claiming credits for GST included in business-related purchases. These credits are known as input tax credits.

Businesses are generally required to register for GST if their annual turnover is $75,000 or more. For non-profit organisations, the threshold is $150,000. Taxi and ride-sharing services must register regardless of turnover. Once registered, a business must include GST in the price of taxable sales and track GST paid on eligible purchases.

GST obligations typically involve three key steps. First, GST is charged at 10 percent on taxable sales. Second, GST credits may be claimed for GST paid on business inputs. Third, businesses report the GST collected and credits claimed to determine whether an amount is payable to, or refundable from, the ATO.

Not all sales are treated the same way. Most sales are taxable and include GST. Some supplies are GST-free, such as basic food, certain medical services, and some education courses. In these cases, GST is not charged, but credits may still be claimed. Other supplies are input-taxed, meaning GST is not charged and credits cannot be claimed. Financial services are a common example.

Businesses account for GST using either the cash basis or the accrual basis. Under the cash basis, GST is reported when payments are received or made. Under the accrual basis, GST is reported when invoices are issued or received, regardless of payment timing. The chosen method can affect cash flow and reporting outcomes.

GST is reported through a Business Activity Statement, which may be lodged monthly, quarterly, or annually depending on the business’s circumstances. Accurate record-keeping and a clear understanding of GST treatment are essential for compliance.

Takeaway: GST affects most business transactions in Australia. Understanding how GST applies, when registration is required, and how it is reported helps businesses meet their obligations and manage cash flow effectively.

Bookkeepers play a critical role in the day-to-day financial management of a business. While their work is often behind the scenes, accurate bookkeeping underpins compliance, informed decision-making, and long-term business stability.

A key responsibility of a bookkeeper is maintaining accurate financial records. This includes recording income and expenses, reconciling accounts, and ensuring financial information is complete and up to date. Reliable records are essential for understanding business performance and meeting reporting and tax obligations with the Australian Taxation Office.

Bookkeeping also supports time and cost efficiency. By managing routine financial tasks, bookkeepers allow business owners to focus on operations and strategy rather than administrative work. For many small and medium-sized businesses, this can be a practical and cost-effective approach to managing financial administration.

Beyond transaction recording, bookkeepers produce financial reports such as profit and loss statements and cash flow summaries. These reports provide visibility into revenue, expenses, and liquidity, helping businesses identify trends and potential issues early.

As a business grows, financial activity becomes more complex. Bookkeepers help maintain structure by applying consistent systems and processes, ensuring records remain organised and scalable as transaction volumes increase.

Accurate bookkeeping also reduces financial risk. Regular reconciliations and transaction reviews help detect errors, omissions, or irregularities before they lead to compliance problems or cash flow disruptions.

Takeaway A bookkeeper is more than an administrative function. Strong bookkeeping supports compliance, financial clarity, and better business decisions, forming a foundation for sustainable operations and growth.

Bookkeeping is the process of recording and organising a business’s financial transactions. With advances in technology, businesses can now manage bookkeeping in a range of ways, from manual record-keeping to fully integrated digital systems linked to bank accounts. Regardless of the method used, accurate bookkeeping underpins sound financial management.

Common Bookkeeping Methods

There is no single approach to bookkeeping. Businesses can choose a method based on size, complexity, and available resources.

Manual bookkeeping Manual bookkeeping involves recording income and expenses in a physical ledger using pen and paper. This is the most basic and lowest-cost option. It may be suitable for sole traders or very small businesses with simple transactions.

Electronic bookkeeping As record-keeping requirements move increasingly online, electronic bookkeeping can improve efficiency and reduce the need for physical storage. Electronic systems generally fall into three categories:

• Spreadsheets: Spreadsheet tools such as Excel can be a low-cost option for new or small businesses. They allow basic tracking of income and expenses but rely heavily on manual input.

• Accounting software: Accounting software automates tasks such as calculating GST, maintaining ledgers, issuing invoices, and preparing payroll and activity statements. Many systems comply with Standard Business Reporting requirements and can support tax and reporting obligations with the Australian Taxation Office.

• Web-based or cloud systems: Cloud bookkeeping systems store records securely online and allow access from multiple devices. They can integrate with bank accounts to assist with reconciliation, expense tracking, invoicing, and payment approvals.

AI-supported bookkeeping Some bookkeeping tools now use artificial intelligence to automate repetitive tasks, categorise transactions, and support compliance checks. These tools aim to reduce administrative effort rather than replace fundamental bookkeeping processes.

Key Bookkeeping Processes

Effective bookkeeping typically involves several core steps:

1. Setting up a chart of accounts A chart of accounts categorises financial activity into assets, liabilities, equity, income, and expenses. A clear structure supports consistent record-keeping and accurate reporting.

2. Recording transactions All financial activities should be recorded accurately and promptly. This includes sales, expenses, asset purchases, loan repayments, and owner contributions or withdrawals.

3. Reconciling bank statements Regular reconciliation compares bookkeeping records with bank statements to identify errors, omissions, or discrepancies. This is commonly done on a monthly basis.

4. Producing financial reports Key reports include the profit and loss statement, balance sheet, and cash flow statement. These reports provide insight into business performance, financial position, and liquidity.

Common Bookkeeping Errors

Small businesses often encounter recurring bookkeeping issues. These include mixing personal and business finances, failing to reconcile accounts regularly, poor expense tracking, missing tax deadlines, and not backing up financial data. Each of these issues can increase compliance risk and reduce the reliability of financial information.

Takeaway Accurate bookkeeping supports compliance, financial clarity, and informed decision-making. Choosing an appropriate bookkeeping method and following consistent processes helps businesses maintain reliable records and avoid common errors.

Strong myID is the highest level of identity strength available in the myID app and is used to access a wider range of government online services. It can support actions such as linking an ABN in the Relationship Authorisation Manager (RAM) and accessing ATO online services.

Until recently, obtaining Strong myID commonly required a passport, which created a barrier for people who do not have one. This is changing.

Australians will be able to obtain Strong myID using a driver licence in participating jurisdictions, starting with Western Australia and expanding as other states and territories join the relevant verification framework. Where available, users complete photo verification in the myID app and verify additional identity documents.

What this means for you

For clients without a passport, this can reduce delays when setting up online access and completing digital authorisations in RAM.

Key takeaways

• Strong myID supports access to key government systems

• Passport is no longer the only pathway (where licence verification is available)

• Rollout is jurisdiction-based and progressive

• This is an access improvement, not a change in tax obligations

Business Activity Statements are a standard reporting requirement for many Australian businesses. They are used to report obligations such as Goods and Services Tax, Pay As You Go withholding, and Pay As You Go instalments.

BAS lodgement and payment due dates depend on how frequently a business reports, whether monthly or quarterly, and whether a registered tax or BAS agent is used. Due dates can also change if extensions or concessions apply. Missing a BAS deadline can result in penalties or interest being charged.

Keeping a BAS due dates checklist for 2026 helps businesses track reporting obligations throughout the year. It supports timely lodgement and reduces the risk of late submissions caused by oversight or poor record-keeping.

Takeaway A clear BAS due dates checklist supports compliance and reduces the likelihood of missed reporting obligations.

Save time. If you would like a copy of the current BAS due dates checklist, you can contact us to request the list.

Many businesses use ride-sourcing services for work-related travel. For GST purposes, whether a GST credit can be claimed depends on the nature of the trip and whether the documentation meets GST record requirements.

After a trip, documentation is usually available through the app. In some cases, the document may be a tax invoice; in other cases, it may be an invoice that does not support a GST credit.

Keeping clear records of the business purpose of the trip and retaining the relevant documentation supports consistent coding and BAS reporting.

What this means for you

Not every ride will have the same GST outcome. The document type and trip purpose drive how it should be recorded.

Key takeaways

• Keep app documentation with your records

• GST treatment depends on the document and business purpose

• Coding consistency reduces BAS errors

• Separate business and private travel records where possible

GST does not apply to every transaction. Some supplies are GST-free or input taxed, and some purchases simply do not include GST. GST credits should only be recorded where GST has been charged and supported by appropriate documentation.

What this means for you

Assuming GST applies “by default” can lead to incorrect BAS figures and later corrections.

Key takeaways

• Not all sales or purchases include GST

• GST-free and input-taxed transactions exist

• Documentation drives what can be claimed

• Correct classification supports BAS accuracy

The distinction between contractors and employees affects several reporting and compliance areas, including PAYG withholding, superannuation obligations in some cases, and how payments are processed through payroll systems.

Some arrangements are straightforward, while others can be less clear. Classification can affect how amounts are recorded and reported, including whether withholding applies and whether super obligations may arise.

What this means for you

Incorrect classification can flow into payroll processing and reporting and may create issues that are harder to unwind later.

Key takeaways

• Worker classification affects payroll processing and reporting

• Some contractors may still trigger super obligations in certain cases

• Borderline arrangements require extra care

• Getting the setup right early supports clean reporting

For GST-registered businesses, GST credits generally rely on having appropriate documentation. A tax invoice must contain specific details (including the supplier’s ABN and information that identifies the supply and price).

Timing also matters for GST attribution. For GST purposes, an invoice is generally treated as issued when it is sent to the customer, not merely when it is created or dated. This can affect which reporting period transactions fall into.

What this means for you

Missing or incomplete invoices can lead to incorrect GST credits and BAS adjustments later. Clean invoice processes help keep BAS reporting aligned.

Key takeaways

• GST credits generally require valid documentation

• Invoice “issue” timing can affect reporting periods

• Incomplete invoices create GST risk

• Good invoice handling supports consistent BAS outcomes

Good record keeping supports accurate BAS reporting and helps explain transactions if queried. Records generally need to be retained for required periods, and some categories (for example, those linked to assets or losses) may need longer retention.

For GST reporting, records should support the nature of transactions, the GST treatment applied, and the documentation relied on (for example, invoices and receipts).

What this means for you

Record keeping issues often show up as BAS coding inconsistencies, missing documentation, or difficulty explaining unusual results.

Key takeaways

• Records underpin GST reporting and BAS accuracy

• Keep invoices/receipts in a retrievable way

• Some records may need longer retention

• Strong records reduce review and correction time

GST will not always appear on an invoice. This can occur where the supplier is not registered for GST, where the supply is GST-free or input taxed, or where the document is not a tax invoice.

Whether GST can be claimed depends on what was actually charged and whether the documentation supports a GST credit.

What this means for you

An invoice without GST is not automatically wrong, but it does affect how the transaction should be recorded for BAS purposes.

Key takeaways

• No-GST invoices can be legitimate

• Supplier registration and supply type matter

• Do not assume GST was charged

• Document type affects GST credit support

Gifts to employees, clients, and suppliers can be treated differently depending on who receives them and the type of gift. A key distinction is whether the gift is entertainment or non-entertainment, as this can affect GST treatment and end-of-year reporting considerations.

Because different rules can apply in different circumstances, consistent classification and documentation are important.

What this means for you

Gifts are an area where incorrect coding is common, especially during seasonal periods when transactions increase.

Key takeaways

• Recipient and gift type can change GST treatment

• Entertainment classification is often the deciding factor

• Consistent coding matters for reporting

• Documentation supports correct treatment later

GST can apply to digital products and services purchased from overseas suppliers, including software, subscriptions, and other online services. Whether GST is charged can depend on how the purchaser is treated at the time of sale (for example, as an Australian consumer versus a GST-registered business acquiring for business use).

In some cases, online platforms may be responsible for charging GST depending on how the sale is structured.

What this means for you

Digital purchases can be coded incorrectly if GST is assumed without checking what was actually charged and what documentation supports the transaction.

Key takeaways

• Overseas digital purchases may include GST

• Outcomes depend on purchaser status and transaction setup

• Platforms may charge GST in some cases

• Check the invoice/documentation before claiming GST

Many GST mistakes come from everyday processes rather than complex transactions. Common issues include claiming GST without valid documentation, claiming GST where none was charged, inconsistent GST coding, and timing mismatches across reporting periods.

What this means for you

Small repeated errors can compound over time and create BAS results that are harder to explain later.

Key takeaways

• Most GST mistakes are process-related

• Documentation quality matters

• Consistency across periods reduces discrepancies

• Reviewing assumptions improves accuracy

Certain patterns commonly lead to BAS corrections, including repeated claims without proper documentation, inconsistent GST coding, unusually large refunds without clear transaction support, and timing inconsistencies.

What this means for you

Most red flags come from weak processes rather than one-off mistakes.

Key takeaways

• Repeated documentation gaps are a common trigger

• Inconsistent coding increases risk

• Timing mismatches can distort BAS results

• Better records mean fewer corrections