Year: 2025

PAYG instalments represent one of the most critical tax obligations for Australian businesses, yet many owners struggle with understanding how to properly record and manage these payments in their business books. When Pay As You Go (PAYG) instalments aren’t recorded correctly, your financial statements can become misleading, cash flow management becomes challenging, and compliance issues…

Fringe Benefits Tax bookkeeping and reporting obligations for small businesses can feel overwhelming, but understanding your responsibilities is crucial for maintaining compliance and avoiding costly penalties. Many small business owners unknowingly provide fringe benefits without realising they may trigger Australian Tax Office obligations that require careful record-keeping and accurate reporting.This comprehensive guide examines the essential…

Payroll tax thresholds in NSW determine when small businesses must begin to pay payroll tax and meet their payroll tax obligations. Understanding the annual threshold, monthly payroll tax threshold and the payroll tax rate is essential for managing cash flow, ensuring compliance with payroll tax administration and avoiding penalty tax or interest charges.The Challenge of…

Bookkeeping is the practice of recording financial transactions to create accurate financial records, and it is one of the most important bookkeeping basics for any small business owner. When you keep track of cash flow, accounts receivable and accounts payable, you gain a clear view of your company’s financial health and build a strong foundation…