Frequently asked questions
Straight answers to the things small business owners ask us most. If your question isn't here, call or send a message and we'll answer it.
Do I need to register for GST?
You must register once your GST turnover reaches $75,000 a year, or $150,000 for a non-profit. If you provide taxi or ride-sourcing services, such as driving for Uber, you need to register regardless of turnover. Below the threshold, registering is optional.
How often do I report to the ATO?
Most small businesses lodge a BAS quarterly, with due dates of 28 October, 28 February, 28 April and 28 July. Businesses with GST turnover of $20 million or more lodge monthly, and some smaller businesses choose to. A few report GST annually.
What's the best structure for my business?
The common options are sole trader, partnership, company and trust. A sole trader is simple and taxed at personal rates, but you're personally exposed to the business's risks. A company is a separate entity that can protect your personal assets and pays company tax (25% for most small businesses, 30% for others), but costs more to run. Partnerships are simple but each partner is responsible for the debts. Trusts are flexible but more complex. We'll explain the trade offs for your situation.
How do I employ someone?
Register for PAYG withholding, have your new employee complete a TFN declaration and super choice form, check the right award and pay rate with the Fair Work Ombudsman, give them the Fair Work Information Statement, and set them up in payroll software that reports through Single Touch Payroll. We can handle the payroll side for you.
How long do I need to keep business records?
Generally five years. Keeping your records in cloud software like Xero, MYOB or QuickBooks Online makes that easy.
Which accounting software do you work with?
Xero, MYOB and QuickBooks Online. If you're not sure which suits you, we'll recommend one and set it up.
What does the fixed monthly fee include?
It depends on the package. Every package includes phone and email support, BAS submission and end of year reports. The Monthly and Weekly packages add bookkeeping, and the Weekly package adds payroll, IAS and accounts payable. See the pricing page for the full list.
Do you work with businesses outside Brisbane?
Yes. We look after businesses across Brisbane, the Gold Coast and the Sunshine Coast. Cloud accounting software means distance isn't a problem.
General information only, current at the time of writing. Thresholds and rates change, so check with us or the ATO before acting on it.
No obligation
Let's get your books under control
A free 20 minute chat about your business, your software and where the paperwork is at. You'll leave knowing exactly what it would cost and what we'd do first.