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Accounting, Bookkeeping, Cash Flow Essentials, GST, Payroll

Top 7 Outsourced Bookkeeping Services Firms in Sydney (2025)

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Many Sydney businesses face a number of challenges when managing their bookkeeping – from rising salary costs and a lack of skilled professionals to the constant pressure to meet ATO compliance deadlines. On top of that, business owners face ongoing recruitment challenges, seasonal workloads and the demand for accurate financial reporting. It’s easy to see why many companies are now choosing outsourced bookkeeping as a more practical and cost-effective approach. By allowing experienced professionals to manage their accounts, businesses save money, gain expert knowledge and receive timely, accurate reports without the burden of recruiting or training new staff. In this blog, we’ll discuss which bookkeeping tasks you can outsource, the key benefits of doing so and the key questions to ask your virtual bookkeeper before making a decision. Top 7 Outsourced Bookkeeping Services in Sydney 1. Truetally Bookkeeping Truetally is your trusted partner for complete financial management solutions. We specialize in bookkeeping services, accounting services, payroll outsourcing services, cash flow management services and tax services that help businesses stay organized and financially strong. Our expert team ensures accurate records, streamlined payroll processing and effective tax planning so you can focus on growing your business. At Truetally Bookkeeping, we believe in providing reliable, transparent and efficient financial support tailored to your business needs. Whether you are running a startup or an established company, Truly offers smart financial solutions that help your business stay on track and thrive. Website: https://truetally.com.au/ 2. Jacoby Cameron & Co Taking care of your complete financial well-being. Jacoby Cameron & Co. At , we focus on giving your business the right advice when you need it, not just when you ask. We guide you through every part of your business, and because we build a personal connection with each client, our advice is specifically tailored to your business needs. Website: https://www.jaccam.com.au/ 3. Business Turnaround Services We are the only consultancy firm in Australia focused on building and implementing operational and strategic systems that help struggling businesses become stable, successful and profitable. We specialise in turning serious financial challenges into sustained, long-term profits for companies with annual revenues between $3 million and $20 million. Our business turnaround services are supported by a full team of professionals including bookkeepers, management accountants, IT automation specialists, managed IT specialists and digital marketing professionals. Website: https://businessturnaround.services/ 4. RippleBytes Ripplebytes is an innovative technology company dedicated to reshaping the digital world. We build smart, scalable solutions that accelerate efficiency and growth in today’s fast-paced digital age. From cutting-edge fintech systems to tailor-made software solutions, we combine modern technology with user-centric design to keep our clients ahead. At Ripplebytes, every project is a step towards creating meaningful digital experiences – one byte at a time, making waves across industries and shaping the future. Website: https://ripplebytes.com/ 5. CCS Partners – Chartered Accountants Established in 1992, CCS Partners is a trusted accounting firm with offices in Sydney CBD and Hurstville CBD. As an experienced and well-established firm, CCS Partners has built a strong reputation for providing expert professional advice and highly personalised services. We work hand in hand with our clients to provide taxation, accounting, audit and assurance, SMSF solutions and succession and estate planning support. Website: https://www.ccspartners.com.au/ 6. Aero Accounting Group – Tax Accountants We pride ourselves on delivering superior results for our clients, helping them move forward to achieve their dreams and ambitions. The way people interact with financial products and services is changing, and we are excited to be a part of this transformation. We aim to be your trusted partner in all things money, serving as a true ‘enabler’ on your journey to wealth growth and financial success. Are you ready to enhance your financial experience? We are always ready. Website: https://aerogroup.com.au/ 7. Operacy Staffing Operacy Staffing is a company that supports small businesses in Australia by helping them outsource specific tasks and duties to remote professionals from the Philippines. These remote workers are experienced in a variety of fields and can assist with tasks such as customer service, data entry, scheduling, and other business operations. By connecting small businesses with skilled and reliable remote staff, Operacy Staffing helps them increase their efficiency and productivity. It also provides businesses with a cost-effective way to handle a variety of responsibilities while maintaining quality and smooth workflow. Website: https://www.operacy.com.au/ Outsourced Bookkeeping Functions Offered by Sydney Firms Bookkeeping outsourcing companies in Sydney offer a full range of financial management services, including general ledger maintenance, accounts payable and receivable handling, financial reporting, tax filing, expense tracking and bank reconciliation. Below is a breakdown of the main virtual bookkeeping services available in Sydney and how they work together to provide better financial control and clarity: General Ledger Management: When Sydney businesses outsource general ledger management, they eliminate messy books and receive streamlined, accurate and ATO-compliant financial records that are always audit-ready. Accounts Payable: Accounts Payable outsourcing ensures that all invoices are managed correctly, GST credits are recorded correctly, and supplier payments are processed on time without errors or delays. Accounts Receivable: By delegating receivables management, companies maintain consistent cash flow, reduce overdue payments, and strengthen their working capital position through stable collections. Bank Reconciliation: A skilled remote bookkeeper reviews bank transactions daily, allowing businesses to always have a clear view of their actual cash balances, helping them make smart and timely financial decisions. Payroll Management: Outsourced payroll services manage superannuation, PAYG, STP submissions, award rates, holiday entitlements, and NSW payroll tax. This keeps your business in compliance with Fair Work and ensures that employees are paid accurately and on time. Financial Reporting: Professional outsourced bookkeepers prepare customized financial statements and provide insights to accelerate growth while meeting Australian compliance and reporting standards. Accounting Automation: Virtual bookkeeping teams use accounting automation tools to streamline processes, reduce manual work and increase accuracy by lowering overall operational costs. Tax Preparation: Outsourced tax specialists manage BAS, GST, and year-end tax liabilities, ensuring full compliance and helping businesses secure every eligible tax benefit. Conclusion In 2025, outsourcing bookkeeping services in Sydney

Capital Gains Tax in Australia: How To Calculate Capital Gains Tax
Accounting, GST, Managing a Business

Capital Gains Tax in Australia: How To Calculate Capital Gains Tax

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Capital gains tax (CGT) applies to the profit you make from the sale or disposal of property. Any sale or disposal of property can trigger what is known as a CGT event. If you sell a property for more than your purchase price, the difference is your capital gain, and this amount is subject to tax. At the end of the financial year, you can use this guide to help you prepare your tax return or to have an informed discussion with a tax advisor. We strongly recommend seeking professional guidance for your individual tax situation. CGT Property Not all property is subject to capital gains tax. The most common exemption is a family home. The Australian Taxation Office (ATO) maintains a list of properties that are subject to and exempt from CGT. Common examples of properties that can give rise to capital gains or losses include: Investment properties Shares Collectibles What Are Capital Gains And CGT? Capital gains are profits made on the sale of investments. For example, if you buy an investment property for $450,000 and sell it five years later for $520,000, your capital gain would be $70,000. The property you live in is usually exempt from CGT, as it is not considered an investment. Capital gains tax is a tax paid on profits from investments. It is important to note that CGT is not a separate tax. Instead, any capital gains are included in your regular income tax. These gains are added to your assessable income in the year you sell the property, just like the property. This means that your capital gains are taxed at your marginal tax rate, rather than a separate CGT rate. How Much Is Your Capital Gains Tax? Many factors affect your remaining CGT, including the length of ownership, your marginal tax rate and whether the transaction results in a profit. To calculate capital gains or losses, subtract the original purchase price and associated costs – such as stamp duty, conveyancing fees, valuation reports and building inspections – from the sale price. The result is your capital gain or loss. Length of ownership is important because if you have held the property for more than 12 months, you are eligible for a 50% CGT discount. If you have owned the property for less than 12 months, you pay full CGT on any gains. The Australian Taxation Office (ATO) levies this tax. It is advisable to consult an accountant to estimate your capital gains tax before selling an investment property. How Is The Capital Gains Tax Rate Calculated? CGT is triggered by a CGT ‘occurrence’. This usually happens when you sell an asset, but can also happen if the asset is gifted, destroyed, lost, or when you cease to be an Australian resident. CGT applies by taxing the increase in value from the time you acquired or created the asset. Capital gains are calculated in the year in which the contract for the sale of the asset is signed. If there is no contract, it is determined from the date the asset changes ownership. The taxable amount changes, but the resulting capital gain is included in your income and taxed at your applicable marginal rate. This additional amount to your assessable income is called the ‘net capital gain’. Your capital gain is calculated as follows: Step 1 Subtract the cost basis from the sale proceeds. The cost basis includes the purchase price of the property, any costs involved in buying or selling it and other incidental expenses. This gives the total capital gain. Step 2 Deduct any eligible capital losses. Step 3 Apply any applicable discounts. Resident individuals can claim a 50% discount, while superannuation fund holders get a 33 1/3% discount. The property must have been held for more than 12 months to qualify. Companies are not eligible for this discount. Step 4 The resulting figure after deductions and discounts is your net capital gain. Key Points The capital gains tax calculator helps you estimate the CGT liability for a property sold by taking into account the purchase cost, sale proceeds and taxable income. The CGT payable depends on the period of ownership, the type of entity and your marginal tax rate. You can manage CGT through exemptions, concessions or strategic planning, particularly for primary residences, but accurate record-keeping is essential. Given the complexity of the CGT rules, it is highly recommended to seek advice from a qualified tax professional. Further Reading: Sole Trader vs Limited Company in Australia: Key Differences & Which Is Better Frequently Asked Questions Q1. How much CGT will I pay? The CGT you pay depends on your property, your marginal tax rate and how much capital loss you can claim. Your marginal tax rate is important because it is the capital gains that are added to your assessable income in the financial year. Holding a property for more than 12 months allows eligible individuals to claim a 50% discount on capital gains. Q2. What is a CGT event? A CGT event occurs when you sell or transfer an asset, such as shares or investment property. It marks the point at which you make a capital gain or capital loss. Other events include the distribution of capital gains from managed funds. More details are available on the ATO website. Q3. What happens if I make a capital loss? A capital loss occurs when you sell an asset for less than its cost. You can only offset a capital loss against other capital gains; it cannot reduce tax on other types of income. Excess capital losses can usually be carried forward to offset gains in future years.

Sole Trader vs Limited Company in Australia: Key Differences & Which Is Better
Accounting, Cash Flow Essentials, GST, Managing a Business, Uncategorized

Sole Trader vs Limited Company in Australia: Key Differences & Which Is Better

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Are you interested in the exchange? Choosing between a sole trader and a company structure can be overwhelming because each option has its own advantages and disadvantages. Every business has unique goals and financial priorities that influence the best choice. Many entrepreneurs start out as a sole trader because it is easier and cheaper. However, as their income grows and their tax liabilities increase, they often begin to reconsider whether switching to a company structure will provide better financial and legal benefits. The most important difference between the two structures is how taxes are applied, specifically the company tax rate. In this article, we will explore the key differences between operating as a sole trader and forming a company. Understanding these issues will help you decide which structure is best for your business’s current situation and long-term plans. What Is a Sole Trader? A sole trader is someone who independently owns and operates their business. They manage everything from day-to-day operations to strategic decision-making – giving them complete control and flexibility over how the business runs. This structure is straightforward and cost-effective, making it ideal for individuals starting out with a small business. However, it also carries more personal risk because there is no legal separation between the business and the owner. As a result, any debts, financial liabilities or legal issues that the business incurs are the personal responsibility of the owner. If the business suffers losses or is sued, the owner’s personal assets – such as their home, car or savings – can be used to pay off those debts. What Is a Pty Ltd Company? A Proprietorship Limited Company (Pty Ltd) is one of the most common business structures in Australia. It offers key advantages compared to running a business as a sole trader. In a Pty Ltd setup, the company is treated as a separate legal entity from the individuals who manage it. This means that it can enter into contracts, own property and even face legal action in its own name. The biggest advantage is that if the business owes money, the owners are not personally liable for those debts. Their personal belongings, such as their car, home or savings, remain safe. A Pty Ltd company offers stronger personal protection and tax savings opportunities than operating as a sole trader, although it involves higher costs and stricter regulations. Setting up this type of business requires registration fees, regular paperwork and compliance with legal obligations. Despite the additional costs, many business owners choose this model because it attracts investors and allows for long-term financial planning. Sole Proprietorship vs Company in Australia: Key Differences When starting a business, choosing the right structure is one of your first and most important steps. In Australia, the two most common options are operating as a sole proprietorship or registering as a company. Aspect Sole Trader Company (Pty Ltd) 1. Initial Setup Costs Setting up as a sole trader is simple and inexpensive. You don’t need an ACN or ASIC registration. Getting an ABN is free, and a separate bank account is optional though useful. Starting a company costs more — around $474–$597. You must register with ASIC and obtain an ACN. Opening a dedicated business bank account is required and may include maintenance fees. 2. Record-Keeping Requirements Managing records is easier with less compliance. You include business income in your personal tax return. Keep financial records for a minimum of five years. Update your business details within 28 days when changes occur. Record-keeping is more detailed and regulated. You must file a separate company tax return. Maintain tax documents for 5 years and financial records for 7 years. Companies must complete ASIC’s annual review and document major meetings. 3. Ease of Starting You can register quickly with just an ABN. A business name is needed only if you don’t use your personal name. Having a separate bank account is recommended for financial tracking. A company requires ACN registration with ASIC. You’ll also need an ABN and possibly a registered business name. A dedicated business account is mandatory. You must register for GST if turnover exceeds $75,000. 4. Business Revenue Handling All profits go directly to you as personal income. You can claim business expenses to reduce taxable income. Withdraw funds freely as personal drawings. The company owns the revenue, not individuals. Directors receive payments through salaries or dividends. The company files its own tax return. Company and personal funds must remain separate. 5. Setup & Operating Costs An ABN is free to obtain. Registering a business name costs $44 yearly or $102 for three years. You can use your personal bank account, though separate accounts are ideal. Name reservation costs around $61. Company registration ranges between $474–$576. A separate bank account is mandatory. Expect higher setup and ongoing compliance costs. 6. Liability for Business Debts You carry full personal liability for all business debts. Creditors may claim your personal assets like your car or house. Liability is limited to the company’s assets. Directors aren’t personally liable unless duties are breached. The company may liquidate assets to cover debts. 7. Control vs Liability You make every decision and have complete control. You also take on all financial and legal risks. Directors and shareholders share control. Company laws and governance rules must be followed. Personal assets are generally protected from company debts. 8. Taxation Business profits are taxed at your personal tax rate. The rate increases as your income grows. You report business income on your personal tax return. The company pays corporate tax at a fixed rate (25–30%). Directors and shareholders pay personal tax on income they receive. Can be more tax-efficient if profits are high. 9. Insurance Needs You must arrange your own insurance. Workers’ compensation isn’t automatic. Consider public liability and income protection coverage. Companies must provide workers’ compensation for staff. Directors can take additional coverage for liability protection. The company handles employee claims through its insurance. 10. Access to Bank Funds You can use business funds anytime

Non-Commercial Losses: What Are & How to Defer Them? (A Guide)
GST, Managing a Business

Non-Commercial Losses: What Are & How to Defer Them? (A Guide)

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Running a business as a sole trader in Australia brings both excitement and challenges. A key hurdle that many business owners face is managing non-trading losses. These losses occur when a business activity – often not your main source of income – records a financial loss that you cannot immediately deduct from your other taxable income. The Australian Taxation Office (ATO) has strict rules on this, which is why it is important to know how you can defer such losses until your business becomes profitable. The non-trading loss rules exist to prevent individuals from offsetting losses from activities that do not have a genuine commercial purpose against income from other ventures or sources (refer to the ATO’s detailed guidance). The positive aspect is that if you operate as a sole trader, you can defer these losses and apply them to future years when your business makes a profit. What Are Non-Trading Losses? Non-commercial business losses occur when you, as a sole trader or partner, suffer a financial loss from a business activity that is not related to your primary source of income. To qualify, your activity must exhibit business-like characteristics and have a commercial purpose. These losses cannot be offset against other taxable income in the same year unless certain exceptions apply or the business makes a profit. If you cannot deduct your business losses in the current year, you can carry them forward and claim them once your business becomes profitable. This rule applies whether the losses are from an Australian or overseas source. Understanding The Non-Commercial Loss Rules According to the ATO, losses from activities that do not meet the requirements of a business cannot reduce your taxable income in the same year. Unless your business activity meets certain conditions, you must defer the losses and carry them forward to future years. This process is known as non-trading loss carryforward. These rules ensure that only activities carried out with the intention of generating a profit can claim an immediate loss deduction, which is not used solely as a tax offset. For many sole traders, understanding these rules is essential – not only to manage current tax liabilities but also to guide future business planning and growth strategies. Deferred Non-Commercial Losses If you are unable to claim your business losses in the current financial year, you may have the option to carry them forward for future use. When your business makes a profit in the next year, you can apply some or all of your deferred non-commercial losses against that profit up to the amount of the profit. You can also claim deferred losses against other income in a later year if: You meet the ATO’s non-commercial loss criteria, and The Commissioner allows you to apply the losses. Carry Losses Forward Indefinitely There is no set time limit on how long you can carry your losses forward. You can carry forward losses indefinitely as long as one of these conditions applies: Your business makes a profit, allowing you to offset the losses carried forward against those profits, You meet the conditions for non-commercial losses, or The Commissioner authorises the losses to be offset. Advantages And Challenges of Carrying Forward Non-Commercial Losses There are both advantages and disadvantages to carrying back non-commercial losses. On the positive side, it allows you to carry forward losses indefinitely until your business becomes profitable, providing potential tax relief in future years. This approach can be beneficial when your business generates enough profit to absorb those accumulated losses. However, it also poses some challenges. It can be difficult to meet the ATO’s strict requirements, and claims can be rejected if your business is not truly commercial. It is essential to keep detailed financial records and a clear, profit-focused business plan to demonstrate the purpose of your business. Additionally, if you receive income from other sources or have other tax losses, combining these with deferred non-business losses can complicate your tax situation. This makes regular tax planning and professional guidance important for proper compliance and management. Read Next: Company vs Trust: Which Business Structure is Right for You? Four Non-Business Loss Tests Meeting the income and business activity requirements alone does not automatically qualify you for non-business loss reimbursement. You must also meet at least one of the four non-business loss tests: Assessable Income Test: Your business must have earned at least $20,000 in assessable income, including gross earnings and capital gains. If your business has been in operation for less than a year, you can make a reasonable estimate of income for the entire year. Profit Test: If your business has been in operation for more than five years, it must have reported a profit in at least three of those years, including the current one. Real Estate Test: You meet this test if your business uses real estate worth $500,000 or more. This includes land, leasehold interests, and fixed buildings, but does not include private residences and fixtures owned by tenants. Other Asset Test: If you have at least $100,000 worth of business assets (excluding real estate and vehicles) that are used in your business on an ongoing basis, you are eligible. This may include plant and equipment, trademarks, inventory or leased assets. Key Points A non-trading loss is when your business incurs losses that cannot be immediately offset against other income. As a sole proprietor, you can defer these losses indefinitely until your business makes a profit. To use a deferred loss, you must either make a profit, comply with the non-trading loss rules, or seek the Commissioner’s discretion. Keeping accurate financial records, evaluating your business strategy and seeking advice from tax experts can help you optimise the management of deferred losses. Stay informed through government platforms such as the ATO and ASIC for current tax laws and compliance updates. Continue Reading: What Is The Tax Free Threshold in Australia: What You Should Know Frequently Asked Questions Q1. Who decides whether my business qualifies for deferred non-trading loss deductions? The Australian Taxation

ATO Directors' Fees: What Are & How To Pay Them (Everything You Need to Know)
Accounting, Cash Flow Essentials, GST, Managing a Business

ATO Directors’ Fees: What Are & How To Pay Them (Everything You Need to Know)

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Paying directors’ fees can often seem complicated, especially when you’re trying to get your business fully compliant with ATO requirements. Many business owners have similar concerns: should directors be paid? And if so, what’s the right way to handle those payments? It’s important to get this right because directors’ fees can be claimed as a tax deduction, helping you to reduce your business’s overall tax burden. However, paying directors’ fees isn’t as simple as just transferring money. There are a few steps you need to follow, and the ATO has specific tax rules for how to report and claim these fees. If you skip these steps, you could miss out on valuable deductions or run into compliance issues. In this guide, we’ll explain the rules around directors’ fees, how they should be paid, and the right way to claim them for your business. What Are Directors’ Fees? Before diving into the rules and procedures, it is important to understand how directors can receive payment. Typically, directors are compensated in one of the following ways: Salary Directors’ fees Dividends Each method rewards directors for their work but involves different tax implications and compliance requirements. Why Do Companies Pay Directors’ Fees? Companies pay directors’ fees to ensure that board members are appropriately compensated for their leadership, insight and strategic decision-making. This remuneration structure ensures transparent and balanced compensation for directors’ valuable input while providing flexibility in both financial management and tax planning. It also helps companies avoid the stringent rules of Section 7A of the Income Tax Assessment Act, which creates a more tax-efficient way for directors to earn income. Essentially, directors’ fees help align the company’s financial goals in a way that is consistent with and beneficial to the directors’ legitimate access to the company’s funds. How Are Directors’ Fees Structured And Paid Under Australian Law? Executive Directors In Australia, the structure of directors’ fees is based on the director’s level of involvement in the company. For executive directors involved in day-to-day business, fees are often paid in addition to their regular salary and must include mandatory superannuation contributions. This setup ensures fair compensation for both their executive duties and board responsibilities. Non-Executive Directors Non-executive or non-executive directors, who focus on strategic oversight rather than day-to-day management, usually receive only a director’s fee. However, these fees must also include superannuation contributions in accordance with the Superannuation Guarantee (SG) requirements set out in Australian law. All payments made to directors – whether executive or non-executive – must comply with corporate governance rules and Australian tax laws. This includes the correct calculation and payment of Pay As You Go (PAYG) withholding tax and reporting to the Australian Taxation Office (ATO) via Single Touch Payroll (STP). In addition, the company’s board must formally approve all director fees and record them in meeting minutes, ensuring that the remuneration is consistent with the company’s constitution and shareholder agreements. By following these rules, companies maintain transparency when remunerating their directors, meet legal obligations and adhere to strong corporate governance standards. Director Fees And Salaries: What’s The Difference? Many business owners often confuse director fees and director salaries or wages. It is important to understand this distinction because each is treated differently when it comes to taxes, legal obligations and retirement. Director Fees: These are payments made solely for their role as a director on the board. Directors may not have any other day-to-day work or management duties in the company. This is especially common for non-executive or independent directors who focus solely on governance, not performance. Director Salary or Wages: When a director also serves in an executive or operational position (such as CEO, managing director or other senior role), they receive a regular salary or wage for those duties. These payments are processed in the same way as any other employee’s salary. Sometimes, directors may receive both types of payments – a director’s fee for board work and a salary for management responsibilities. For example, a managing director in a private company often earns both. Always record these separately in your company’s accounts to keep things clear and consistent. Continue Reading: How Far Back Can the ATO Audit You? Can They Be Avoided? How Are Director Fees Determined? The process for determining director fees depends on the structure, size, composition of your company and whether it is privately held or publicly listed. Private And Small Companies: In small or private businesses, the board usually determines the amount and how it is paid. This may also be set out in the shareholders’ agreement or company constitution. Directors can set their own fees, provided they are consistent with these governing documents. Public Companies (e.g. ASX-listed): For listed companies, shareholders must approve the total pool of director fees during the AGM, as required by the Corporations Act and the company’s constitution. It is important to ensure that director remuneration is consistent with company policies, market standards and is clearly disclosed to shareholders (and sometimes the public). A transparent and consistent process helps prevent conflicts and supports long-term governance integrity. Formalising this framework in your constitution or shareholders’ agreement is not only best practice – it also protects your board from future disputes as the company expands or new directors join. How to Pay Director Fees: A Practical Guide When paying director fees – whether for yourself as a founder or for non-executive directors – it’s important to follow the correct legal and tax steps. Get Approval: Review your constitution or shareholders’ agreement to confirm the appropriate approval process. Then, pass the necessary board or shareholder resolutions. Set The Amount: Decide the amount of the fee and how often it will be paid. Process Through Payroll: All director fees should be passed through Payroll, even for owner-directors of the business. Register for PAYG withholding if not already done. Report to The ATO: Include director fees in your Single Touch Payroll (STP) reporting and issue an income statement or PAYG payment summary. Think About Superannuation: If super applies, make contributions

What Is The Tax Free Threshold in Australia: What You Should Know
Accounting, GST, Managing a Business

What Is The Tax Free Threshold in Australia: What You Should Know

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The tax-free threshold determines how much income you can earn in a financial year before you start paying tax. For Australian residents, the current tax-free threshold is $18,200, which means you don’t pay tax on the first $18,200 of your income. Any income earned above this limit is taxed at a progressive rate. This forms the basis of Australia’s progressive tax system, where higher income attracts higher tax rates. What Is The Tax-Free Threshold? If you are an Australian resident for tax purposes for the whole financial year, you will not pay any tax on the first $18,200 you earn. This amount is known as the tax-free threshold. Adjusted Tax-Free Threshold If you become an Australian resident for tax purposes during part of the financial year, your tax-free threshold will be adjusted accordingly. In this case, your threshold will be lower than the full amount available to residents for the whole year. Your adjusted tax-free limit is divided into two parts: A fixed base amount of $13,464 An additional $4,736, which is divided proportionally based on how many months you were in Australia during the income year, including any months you visited. The Australian income year runs from 1 July to 30 June of the following year. To calculate your adjusted limit, count the months from the date you became a resident to 30 June. How The Tax-Free Limit Works Australia operates a progressive tax system, which means that your tax rate increases as your income increases. The tax-free limit forms the starting point of this system. Here’s how it works: Any income over $18,200 is taxed at progressively higher rates. You pay no tax on your first $18,200 of income. For example, if you earn $30,000 in a year, the first $18,200 is tax-free, and you only have to pay tax on the remaining $11,800. This system ensures that people with lower incomes keep a larger share of their earnings, while those with higher incomes contribute a larger share of the country’s tax revenue. Eligibility For The Tax-Free Threshold To claim the full tax-free threshold you must be an Australian resident for tax purposes throughout the financial year. If you become or cease to be a resident during the year, you are eligible for a pro-rata tax-free threshold. For part-year residents, your threshold is calculated as follows: A flat amount of $13,464 Plus up to $4,736, adjusted for the number of months you were an Australian resident. This proportional system ensures that people who live in Australia for part of the year still receive a fair share of tax-free benefits. How to Claim Your income can come from one or more sources, such as an employer, a government agency, or work done under an Australian business number. If you are an Australian resident for tax purposes, you can claim the tax-free threshold each financial year. You can decide whether to claim the tax-free threshold on the Tax File Number (TFN) declaration you provide to your payer (including Centrelink). If you choose to claim it: Your payer will withhold tax when your income exceeds $18,200. You won’t pay tax on income up to $18,200 Find out what to do if you have multiple jobs or change jobs during the financial year. You may also like: Non-Commercial Losses: What Are & How to Defer Them? (A Guide) If You Are an Australian Resident For Part of The Year If you are an Australian resident for part of the financial year, you can claim the part-year tax-free threshold. The part-year tax-free threshold has two components: A flat rate of $13,464 An additional amount of up to $4,736, which is calculated pro-rata based on how many months you were in Australia during the financial year, including the months you were in. If you are a non-resident for the whole financial year, you cannot claim the tax-free threshold. This means you pay tax on all income you earn in Australia. Find out more about the tax-free threshold for newcomers to Australia. Your Income And The Tax-Free Threshold You can have income from multiple payers at the same time. Payers can include employers, government agencies, or work done as a sole trader. You can choose whether or not to claim the tax-free threshold ($18,200) on your earnings. If you claim the tax-free threshold: You won’t pay tax on income up to $18,200 Your payer will withhold tax when you earn more than $363 per week, $726 per fortnight, or $1,573 per month. When to Claim The Tax-Free Threshold If you have more than one payer, you usually claim the tax-free threshold from only one payer. Typically, you claim it from the payer that pays you the highest salary or wages. You can claim income from two or more payers if you: Have a second or multiple jobs Work part-time and also receive a taxable pension or government allowance Operate under an ABN as a contractor, sole trader or other business structure. Tax Is Withheld From All Sources of Your Income When you file your tax return, we review all earned income and the tax withheld. Sometimes, the total tax withheld may be different from your year-end tax liability if: Your income is $18,200 or less, so you can claim the tax-free limit If you had too little tax withheld, you may owe a balance. If you had too much tax withheld, you may get a refund Depending on your situation, you can request a change to the tax withheld from your income. This helps align it more closely with your year-end tax liability. Conclusion Understanding and claiming your tax-free allowance can have a big impact on your tax liabilities and the money you take home. By following the right steps and constantly reviewing your finances, you can avoid unexpected tax problems, maximize your take-home pay, and reduce the likelihood of paying a tax bill at the end of the year. For advice customized to your individual circumstances, consider consulting a registered tax agent or

What Is GST in Australia? A Complete Guide for Small Businesses
GST

What Is GST in Australia? A Complete Guide for Small Businesses

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The Goods and Services Tax (GST) is a 10% levy that is included in the price of most consumer products, and businesses must ensure that it is included in their prices. Simply put, the Goods and Services Tax (GST) is a broad-based 10% tax that applies to most goods and services sold or consumed in Australia. The revenue from this tax is shared across Australian states to fund essential public services such as hospitals and public transport. This tax affects both consumers and business owners. If you run a business, it is important to understand the GST as you may need to register for it and adjust your pricing to include the tax. What Is GST? As mentioned earlier, GST is a consumption-based tax that applies to the things we use or consume. This doesn’t just include food and drinks – it covers almost all products and services that can be consumed or deducted. GST is a flat tax, unlike income tax, which follows a progressive system. This means that the GST rate remains fixed at 10%, regardless of your income, what you buy or how much you spend. (Unless the item or service you sell is GST-exempt – we’ll discuss that shortly.) If your business makes $75,000 or more a year, you’ll need to register for and charge GST. You’ll need to add 10% to your normal prices, record the tax collected and pay it to the government when you file your Business Activity Statement (BAS). When purchasing goods or services that already include GST for your business, you can claim a credit for the GST you paid against the GST you paid to the government. If your GST credit is more than you collected, you may be eligible for a GST refund (we’ll explain that shortly). However, not all products or services are subject to the 10% GST rate. The Australian Government exempts some items, including residential rent, certain food items, medical services, some medicines and precious metals. GST-exempt goods and services are taxed at 0%. To find a full list of GST-exempt items, visit the Australian Taxation Office (ATO) website. Understanding The Goods And Services Tax (GST) in Australia The Goods and Services Tax (GST) is a key part of Australia’s tax structure, applying a 10% charge to most goods, services and certain transactions. This coherent tax system was designed to simplify tax collection and replace the old, more complex sales tax. Under the GST model, businesses act as intermediaries for the government, adding GST to the prices of their products and services throughout the supply chain and then paying that amount to the Australian Taxation Office (ATO). GST registration becomes mandatory for businesses with an annual turnover of $75,000 or more, while not-for-profit organisations must register once they reach $150,000. Businesses need a clear understanding of their GST obligations, which include issuing valid tax invoices, filing regular activity statements and maintaining accurate financial records to support GST credits and claims. How GST Affects Australian Businesses GST affects businesses by imposing a 10% tax on most goods and services, requiring them to regularly manage tax collections and submit Business Activity Statements (BAS). Any Australian business earning $75,000 or more per year is required to register for GST and include it in their prices. This tax structure promotes fair competition and easy compliance with government tax laws. However, it also affects cash flow as businesses have to pay the collected GST to the ATO – usually every quarter. This requires accurate accounting and detailed record management. When Should You Register for GST in Australia? What Is The GST Registration Threshold? Business turnover: $75,000+ per year Not-for-profit organisations: $150,000+ per year Fuel tax credit claims: GST registration required Ride-share/taxi drivers: Must register immediately Important: You must register within 21 days of crossing this threshold. Benefits of Registering For GST To claim fuel tax credits or taxi travel expenses for your business, you must register for GST. If your GST turnover is below the required threshold, registration remains optional. However, it is often smart business practice to register early—especially if you expect your new venture to exceed the $75,000 turnover mark in its first year of operation. How To Register Once your business is established and you have an Australian Business Number (ABN), you can easily register for GST online, over the phone, via a written form or through your BAS or tax agent. Simply visit the ATO’s online business portal at https://bp.ato.gov.au Or contact the ATO directly on 13 28 66 for assistance. Further Reading: What Can Teachers Claim on Tax? Teacher Tax Deductions Conclusion: Optimising GST Management Effective GST management in Australia depends on understanding how the Goods and Services Tax affects your pricing structure, cash flow and compliance obligations. For entrepreneurs and high-income earners in Toowoomba, integrating this understanding into daily business operations is critical for financial strength and sustainable growth. Firstly, GST plays a key role in pricing strategy. Adopting GST-inclusive pricing allows you to remain competitive without reducing your profit margins. It also provides transparency by showing customers the full price upfront, which builds confidence in your pricing system. At the same time, ensure that all GST credits and charges are recorded correctly in your books to avoid any mismatches with the Australian Taxation Office (ATO). Secondly, GST has a direct impact on cash flow, so planning ahead is essential. Whether you pay GST quarterly or annually, each option affects your available funds differently. Assess whether your GST reporting schedule fits into your cash flow pattern. Using a cash flow forecast helps predict GST liabilities and keeps your finances stable throughout the year. Finally, compliance cannot be ignored. Meeting GST registration and payment deadlines is important to avoid penalties. Create automatic alerts for BAS lodging and perform regular account reconciliations to catch errors early. Keeping accurate records is key to simplifying GST compliance and saving time as tax deadlines approach. Working with skilled accountants or tax professionals like Truetally adds real value. They provide

How to Use a Weekly Tax Table for Your Business (2025 Guide)
GST, Managing a Business

How to Use a Weekly Tax Table for Your Business (2025 Guide)

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As a business owner in Australia, you’re already handling a lot of tasks, like managing staff, tracking accounts and keeping everything on schedule. A key part of running a business smoothly is knowing how the ATO weekly tax table works and how it affects your payroll. The weekly tax table is based on current income tax rates, which determine how much tax you have to withhold from an employee’s wages. Understanding this makes it easier to manage payments and comply with tax rules. The Australian Taxation Office (ATO) collects income tax from individuals each financial year. In Australia, the financial year starts on 1 July and ends on 30 June of the following year. Right now, we’re in the 2025-26 financial year, which runs from 1 July 2025 to 30 June 2026. Below you’ll find the income tax brackets and rates for Australian residents for this year and previous years. What Is a Tax Table? This tax table is a guide published by the ATO that shows how much income tax employers need to deduct from employees’ wages. They follow progressive tax rates for Australian residents, ranging from no tax on income up to $18,200 a year to 45% on income over $190,000. For small and medium-sized businesses, using these tables correctly can help avoid problems. If employers withhold too little, they could face penalties. If they withhold too much, it could reduce an employee’s cash flow. These tables cover regular payments such as salaries, wages, allowances and holiday loading. They do not apply to lump sum payments or contractor payments under voluntary agreements, which have their own rules. You can also use the ATO’s tax withholding calculator on their website to work out the correct amount. What Is The 2025 Weekly Tax Table? The Australian Taxation Office (ATO) issues weekly tax tables that show how much tax employers need to deduct from their staff’s weekly wages. The ATO also produces tax tables for other pay periods, including fortnightly and monthly payments. In addition, the ATO offers specific tax tables for different types of payments and employee situations. By using the right table, you can ensure that the correct amount is deducted from wages each pay period. The PAYG Withholding Tax Table guides employers in finding the right amount to deduct, helping businesses stay on track with their tax obligations. How To Use The Weekly Tax Table First, analyse your employee’s total weekly pay and taxable income. This includes any allowances, overtime or bonus amounts in addition to their normal wage. Next, check whether your employee has chosen a tax-free threshold. This is the part of their income that can be earned before any tax is applied. For the 2024-25 financial year, the tax-free threshold is $18,200. Then, use the weekly tax table to match your employee’s income and threshold choice so you can find the correct amount of tax to withhold. For example, if your employee earns $1,500 a week and claims the tax-free threshold, the ATO’s weekly tax table for 2024-25 shows that you should withhold $192 from their weekly pay. Weekly Earnings Tax-Free Threshold Claimed Tax Withheld $1,500 Yes $192 The weekly tax table is used for various payments, including parental leave and compensation. The ATO also provides separate tax tables for overseas residents and working holidaymakers. Read Next: MYOB vs QuickBooks vs Xero (Which One Is Better) 2025 Use This Tax Table This tax table is for payments made from 1 July 2024. Use this table if you make any of the following weekly payments: Directors’ fees Paid parental leave Salaries, wages, allowances and holiday loading for employees Payments to religious workers Payments to salaried workers Government education or training payments Salaries and allowances to public officials (such as members of parliament, statutory office holders, defence force personnel and police officers) Compensation, sickness or accident payments paid regularly because a person is unable to work (unless the payment is being made to the policyholder under an insurance policy) Also apply this table to payments made to overseas residents. If you make payments to shearers, horticultural workers, artists or workers employed on a daily or casual basis, a different tax table may apply. If you employ workers under a Working Holiday Maker visa, use Schedule 15 – Tax Table for Working Holiday Makers for all their payments, including any unit payments. Frequently Asked Questions Q1. What happens if I don’t withhold the correct amount of tax from my employees’ wages? If you don’t withhold the correct amount of tax from your employee’s wages, the ATO may levy penalties. This may include interest on the tax paid and administrative penalties for non-compliance. In some cases, the ATO may consider it intentional and impose criminal penalties. To avoid problems, use the correct tax table and calculate the cash correctly. If you make a mistake, contact the ATO quickly to correct it and reduce any penalties. Q2. What should I do if my employee’s circumstances change and affect their cash? If your employee’s circumstances change, such as starting or stopping at the tax-free threshold, you must adjust their withholding. The employee must complete a new Tax File Number (TFN Declaration) form with the updated details. Once you have received your new TFN declaration, calculate the correct withholding amount using the appropriate tax table. Keep a record of all TFN declarations and employee status updates. Q3. Can I use the same weekly tax table for all my employees? No. The weekly tax table depends on the employee’s circumstances, such as residence status and whether they claim the tax-free threshold. The ATO provides separate tables for: Residents not claiming the tax-free threshold Residents claiming the tax-free threshold Holidaymakers Foreign residents Use the correct table for each employee to ensure the correct tax withholding. Recommended To Read: Buying a Car Through Your Business Australia (A Complete Guide)

What Can Teachers Claim on Tax? Teacher Tax Deductions
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What Can Teachers Claim on Tax? Teacher Tax Deductions

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When it comes to tax time, it’s important for teachers to know what they can claim. Many teachers spend their own money on work-related items, and these expenses can be claimed to reduce their taxable income and increase their refund. In Australia, teachers can claim a variety of deductions covering areas such as travel, classroom items and home office use. Knowing which expenses are allowed can make a big difference in getting the most out of your tax return. We focus on helping teachers and education professionals handle tax returns with ease. Our team understands the rules and works to ensure you don’t miss out on the deductions you’re entitled to. Whether you’re new to filing or have been teaching for years, our goal is to help you claim the right expenses and get the most out of your tax refund. What Can Teachers Claim on Tax? Many teachers and education professionals can claim special teacher tax deductions that are directly related to their jobs. If you want to make the most of this deduction, it’s important to know what common expenses you can claim. This teacher tax deduction can help reduce your tax bill and boost your return, so it’s wise to understand the rules shared by the ATO. So, how do you know if you’re eligible for the teacher tax deduction? What items are allowed, and what items can’t you include? We’ve created this handy guide to teacher tax deductions to help you get the best results on your annual return. With tax time fast approaching, this guide provides Australian teachers with practical tax tips to help you be prepared and maximise your deductions. Keeping receipts and filing your tax returns on time is key to a smooth end to the financial year. Check Also: What Is GST in Australia? A Complete Guide for Small Businesses Can Teachers Claim Taxes Without Receipts? Teachers can claim some work-related expenses on their tax return, even if they don’t have receipts, but certain rules and limitations apply. Laundry Expenses Teachers can claim laundry expenses of up to $150 per year without receipts when they relate to work clothing. This includes protective clothing, job-specific clothing, or items that are part of a registered uniform. They must show how they made the claim, as it is not an automatic deduction. Minor Expenses Teachers can claim minor expenses, up to a total of $200 for the year, without receipts. They need to keep records, such as diary notes, to show proof of these purchases. Overtime Meal Expenses Teachers can claim meal expenses without receipts if they receive an overtime meal allowance and the claim is within the ‘reasonable amount’ set by the ATO. For 2023-24, the limit per overtime meal is $35.65. Expenses up to this amount are allowable as a deduction if all ATO conditions are met. What Records Do I Need to Keep? Keeping clear and accurate records is very important at tax time, so if you want to claim the best tax refund, you should stay organized with your receipts. It’s a good idea to set up a simple and reliable system to manage this throughout the year. You don’t need to keep paper receipts, as digital copies (such as a photo or email receipt) are also accepted, as long as they show: Name of supplier Date of receipt Date of payment Total amount spent How much goods or services were purchased You don’t need to keep expenses for items under $10 (unless they total more than $200) or for which you don’t have a receipt. In such cases, you should keep an expense diary. FAQs: People Also Ask Q1. Can teachers claim tax on classroom supplies? Yes, teachers can claim money spent on pens, paper, books and other teaching supplies purchased for their students or the classroom. Q2. Are professional development expenses tax-deductible for teachers? Yes! Costs for training, workshops, and conferences related to your teaching work are generally considered tax-deductible. Q3. Can teachers claim work-related travel expenses? Teachers can claim travel expenses for work purposes, such as going to conferences or moving between schools. However, daily travel from home to school does not count. Q4. Is home office equipment tax-deductible for teachers? If teachers use part of their home for work, they can claim some expenses for internet, electricity, or office furniture used for lesson planning or grading. Q5. Can teachers claim uniform expenses? Yes, if the uniform is required, has a school logo, or provides protection such as lab coats. You can also claim laundry expenses for these uniforms. Also Read: What Is BAS & BAS Due Dates in Australia (2025 Guide)

What Is BAS & BAS Due Dates in Australia (2025 Guide)
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What Is BAS & BAS Due Dates in Australia (2025 Guide)

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You can submit your Business Activity Statement (BAS) in several ways. Online submission is quick, convenient and secure. Most business owners who submit their BAS choose to submit it digitally. You can also use a registered tax or BAS agent to submit it on your behalf. Always pay your BAS on time and in full to avoid interest charges. For all payment options, see the “How to pay” section. GST Reporting Cycle Your GST reporting and payment schedule will fall under one of these options: Quarterly Reporting If your GST turnover is less than $20 million and we have not recommended monthly reporting, you will need to report quarterly. Monthly reporting If your GST turnover reaches $20 million or more, you will need to collect and pay GST every month and submit your BAS online. Even if your turnover is less than $20 million, you can still choose to report monthly. Benefits include: Smaller, more manageable payments that improve cash flow and keep payments on track. Better integration with other business processes, which helps you keep track of your records. The deadline for submitting and paying your monthly BAS is the 21st of the following month. For example, your July BAS is due on August 21st. Annual Reporting If you voluntarily register for GST and your turnover is less than $75,000 (or $150,000 for not-for-profit organisations), you can choose to submit and pay an annual GST return. The deadline for submitting and paying your annual GST return is October 31. If you are not required to submit a tax return, it is February 28 after the end of the tax period. When using a registered tax or BAS agent, you may have different submission dates. Due dates for submitting your Business Activity Statement (BAS) for 2025 in Australia In Australia, the due dates for submitting your 2025 Business Activity Statement (BAS) vary depending on your reporting cycle. The quarterly BAS deadlines are 28 October 2025, 28 February 2026, 28 April 2026 and 28 July 2026. Monthly BAS must be submitted by the 21st of the following month. The annual BAS for the 2025-26 financial year must be submitted by 31 October 2026 or, if applicable, with your tax return. If you submit through a registered BAS or tax agent, you may face additional deadlines. To operate a business in Australia, you must submit your Business Activity Statement on time and comply with all tax obligations. It is important to keep track of your BAS deadlines in 2025, as late submissions can result in hefty ATO penalties, disrupt cash flow and impact your compliance status. Failure to meet the deadlines can result in penalties that can reduce your income and damage your record with the Australian Taxation Office (ATO). What Is a Business Activity Statement (BAS)? The Business Activity Statement (BAS) is the ATO’s main reporting document for businesses. When you follow your BAS schedule, you must report and pay other taxes such as Goods and Services Tax (GST), Pay As You Go (PAYG) instalments, PAYG withholding and, in some cases, other taxes such as Wine Equalisation Tax, Fuel Tax Credits and Luxury Car Tax. By submitting your BAS correctly and on time, you keep your business tax-compliant. The ATO reviews the data in your BAS to calculate your liabilities and ensure that you meet your tax obligations. If you are unsure about filing, you can work with a registered BAS or tax agent who will handle compliance tasks and guide you through the complex tax requirements. Annual BAS submission dates 2025-2026 If you report annually, your BAS for 2025-2026 is due by 31 October 2026, unless you submit it with your tax return, in which case the due date for your return will apply. Filing an annual BAS is suitable for businesses with simple finances as it reduces reporting and compliance steps. Submitting And Paying Your BAS You can choose from a number of methods to submit your BAS: ATO Online Services – You can use the Business Portal, MyGov (for sole traders), or Standard Business Reporting (SBR) software for a quick, digital submission. Registered BAS or tax agent – Professionals can submit on your behalf, ensuring you remain accurate and compliant. Mail – This option is still available, but it is slower and can cause delays in the process. BAS Due Dates And Submission Guide Clients often ask us: When do I need to submit my BAS (Business Activity Statement)? To make it easier, we’ve created this guide. It explains not only the important due dates, but also your BAS obligations and how to submit them. By following these steps, you’ll comply with Australian Taxation Office rules, charge the correct GST on your services and avoid late submission penalties. If you choose to submit online, the process is quick and easy. If you don’t want to submit electronically, you can still use the post to send your form and payment. Choose the option that’s most convenient for you – the important thing is to keep the process stress-free and submit on time. There are many benefits to working with a registered tax agent. They help you complete your BAS correctly, and in many cases, you can get more due dates than if you submitted it yourself (subject to eligibility). Continue Reading: How Long to Keep Financial Records in Australia (A Complete Guide) BAS Reporting Options Annual BAS Reporting Some businesses can report annually. This applies to those who have voluntarily registered for the GST and whose income is less than $75,000 (or $150,000 for not-for-profit organisations). In this case, your BAS is due when you submit your tax return. If you are not required to file a tax return, the deadline after the end of the annual tax period is 28 February. Frequently Asked Questions Q1. What happens if I submit my BAS late? If you miss the BAS deadline, the ATO may charge late fees and interest. However, if you submit through a registered tax agent, you