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Wistax WISTAX, as your local accountant we will come to you and help you with the business accounting issues

You receive an ATO notice about an overdue BAS while a supplier demands payment for an outstanding invoice. Your busines...
21/10/2026

You receive an ATO notice about an overdue BAS while a supplier demands payment for an outstanding invoice. Your business account can't cover both. Suddenly you have two connected problems: a tax compliance issue and a commercial dispute. 🧩

Running a business or managing an investment property involves more than keeping receipts and lodging returns. Contracts, business structures, ownership arrangements, and ATO obligations can all affect your financial position and when these areas overlap, a decision that seems straightforward today could create an expensive problem later. The key is identifying who owns the asset, who carries the obligation, and which documents determine the outcome.

✅ Business structure matters — sole trader, partnership, company, or trust each affects how you report income and expose personal assets. A lower tax rate alone doesn't make a new structure the best choice.
✅ Contracts can determine GST treatment — if the contract, invoice, and bookkeeping records don't match, explaining the discrepancy during an ATO review becomes difficult.
✅ CGT timing isn't settlement — for a typical property sale, the CGT event generally occurs when the contract is entered into, not at settlement. That can affect which income year includes the gain.
✅ Directors aren't always protected — certain unpaid PAYG withholding and superannuation guarantee charge liabilities can trigger director penalty provisions. A payment plan doesn't automatically resolve every liability.
✅ Transferring assets into a trust isn't a simple admin change — depending on circumstances, it may trigger CGT, stamp duty, and other consequences.

A payment plan with the ATO may help manage repayments but it doesn't automatically resolve every director liability or insolvency concern. If your business cannot pay its debts when they fall due, review the financial position promptly and obtain appropriate tax and legal advice before taking on further obligations or transferring assets. Some situations require both professionals working together.

Running a franchise means following an established business model but that doesn't automatically make your finances easi...
16/10/2026

Running a franchise means following an established business model but that doesn't automatically make your finances easier. Between daily sales, supplier invoices, staff wages, royalty payments, and tax obligations, even a busy franchise can struggle with cash flow. 💼

Unlike independent businesses, franchisees often pay ongoing royalties, marketing levies, and technology fees under a franchise agreement. If your franchise generates $250,000 in annual sales with a 7% royalty and 2% marketing levy, that's $22,500 before you've accounted for rent, wages, and stock. Tracking these separately, not bundling them into one expense category, is how you understand which costs affect your margins most.

✅ Reconcile sales before recording bank deposits — your POS may show one amount while your bank receives another after fees and refunds. Record the difference, not just the net deposit.
✅ Don't assume franchisor statements are correct — compare each charge against your franchise agreement, reported sales, and previous payments. Keep marketing contributions separate from ordinary advertising.
✅ GST records generally five years; company financial records at least seven — organized digital records mean you can retrieve evidence quickly when the ATO or ASIC asks.
✅ Payday Super commences 1 July 2026 — review your payroll and cash-flow processes for the new superannuation payment timing requirements.
✅ Review monthly, not just at BAS time — if revenue is steady but profit drops, a monthly review may reveal higher wages, increased stock costs, or an unexpected franchise charge.

👉 If your bookkeeping has fallen behind or your franchise expenses are hard to track, read the full guide on our blog and review your processes before the next BAS deadline.

Even a profitable business can struggle at tax time if its records are incomplete or an unexpected tax bill catches the ...
14/10/2026

Even a profitable business can struggle at tax time if its records are incomplete or an unexpected tax bill catches the owner off guard. A tradie with receipts in the ute. A café owner who only reviews payroll quarterly. Sound familiar? 🧾

Choosing the right small business tax accountant involves more than finding someone to lodge your annual return. You need a professional who understands your business, helps you meet your obligations, and provides practical advice before financial problems grow. That's the difference between simply lodging a return and protecting your cash flow.

✅ It's not just tax returns, bookkeeping and bank reconciliation, BAS and GST reporting, payroll and superannuation, tax planning, and ATO review support all work together.
✅ Pre-filled information doesn't remove your responsibility, the ATO's expanded pre-fill for Tax Time 2026 means sole traders may see additional data, but you still need to check income is complete and correct.
✅ Payday Super changes from 1 July 2026, review your payroll processes, payment timing, and cash reserves now, not later.
✅ Ask the right questions before engaging—Is the fee clearly explained? Who checks your records before lodgment? Do they understand your industry?
✅ Verify registration through the Tax Practitioners Board, and ask about professional memberships and indemnity insurance.

Good accounting isn't just about meeting deadlines, it helps you understand your financial position, prepare for tax obligations, and make informed decisions with confidence. And remember: an accountant should explain what your numbers mean, not simply send you a report full of figures. Spending on advice before a major decision, selling a business, buying equipment, changing structure, is far cheaper than fixing the tax consequences afterwards.

👉 Before the next deadline arrives, review your current accounting arrangements. Read the full guide on our blog and gather your latest BAS, financial reports, and outstanding questions.

You get a pay rise. Your business increases its prices. You take on extra work. On paper, you're earning more but someho...
09/10/2026

You get a pay rise. Your business increases its prices. You take on extra work. On paper, you're earning more but somehow, your take-home income doesn't feel much better. Why? 📈

It's called bracket creep, and it happens when your income rises while tax thresholds remain fixed, causing more of your income to fall into higher marginal tax brackets. It can increase your average tax rate without the government directly increasing the tax rate. For households already dealing with higher living costs, this can make a pay rise feel less valuable than expected.

✅ Bracket creep isn't the same as a tax increase, no new legislation is needed. Your income simply moves into higher marginal-rate bands as thresholds stay fixed.
✅ Crossing a threshold doesn't tax your entire income at the higher rate, only the portion above the threshold. A rise from $44,000 to $46,200 means only $1,200 sits above the $45,000 threshold.
✅ It's not just income tax—Medicare levy, HELP repayments, income-tested benefits, and PAYG withholding can all change the result.
✅ Small business owners must distinguish: Revenue → Profit → Taxable income → After-tax cash. These figures aren't interchangeable.
✅ Inflation makes it worse, your income is higher in dollar terms, but your purchasing power may not have improved by the same amount.

You can't personally change Australia's tax thresholds but you can control how well you understand your taxable income. Don't simply calculate extra gross income and assume that amount flows into your bank account. Estimate: additional income − additional tax − other obligations = approximate additional cash available. And remember—a deduction isn't free money. Spending $1 just to receive a tax deduction doesn't make financial sense if you didn't need the expense.

👉 Received a pay rise, bonus, or income increase this year? Read the full guide on our blog and review your numbers before the end of the financial year, not after the tax bill arrives.

An ATO letter lands in your inbox and your stomach drops. But here's the thing, an ATO review doesn't automatically mean...
07/10/2026

An ATO letter lands in your inbox and your stomach drops. But here's the thing, an ATO review doesn't automatically mean you've done something wrong. Sometimes they simply want to verify a deduction, check reported income, or understand a transaction that doesn't match their records. 📬

The ATO uses data matching and risk-based compliance to identify returns that may need a closer look, comparing information from employers, financial institutions, businesses, and property records. Understanding your tax return audit risk isn't about avoiding legitimate deductions. It's about making your return accurate, transparent, and supported by proper records before you lodge.

✅ Income must match ATO records — report the full $95,000, then claim eligible deductions separately. Don't net off expenses before declaring.
✅ Deductions need evidence — a claim should reflect actual eligible expenses, not an estimate of what seems reasonable. Fuel receipts alone won't substantiate a $12,000 vehicle claim without business-use records.
✅ BAS must reconcile with your tax return — if quarterly BAS shows $250,000 in sales but annual accounts show $310,000, you need a clear explanation.
✅ Property and CGT need documentation — never assume a property automatically qualifies for a full main-residence exemption. Keep contracts, settlement statements, and rental records.
✅ Separate business and personal expenses — household bills paid through the company account must be classified correctly.

The issue isn't always that expenses were illegitimate, sometimes the available evidence simply can't support the entire amount. Good record-keeping protects the accuracy of your tax return. And don't rush to lodge just to get your refund sooner, check that pre-fill information is available and accurate first.

👉 Want to review your tax position before lodging? Read the full guide on our blog, and speak with Wistax for practical accounting and tax guidance.

An unexpected ATO letter can make any taxpayer nervous. But an ATO review doesn't automatically mean you've done somethi...
02/10/2026

An unexpected ATO letter can make any taxpayer nervous. But an ATO review doesn't automatically mean you've done something wrong, sometimes they simply want to verify a deduction or understand a transaction that doesn't match their records. 📬

The ATO uses data matching and risk-based compliance to identify returns that may need further investigation, comparing information from employers, financial institutions, businesses, and property records. Understanding your tax return audit risk isn't about avoiding legitimate deductions. It's about making sure your return is accurate, consistent, and supported by evidence before you lodge.

✅ Income must match ATO records, report your gross business income, then claim eligible deductions separately. Don't net off expenses before declaring.
✅ Deductions need substantiation, a claim should reflect actual eligible expenses, not an estimate of what seems reasonable.
✅ BAS figures should reconcile with your tax return, if quarterly BAS reports $250,000 in sales but annual accounts show $310,000, you need a clear explanation.
✅ Property and CGT need documentation—never assume a property automatically qualifies for a full main-residence exemption. Keep purchase contracts, settlement statements, and rental records.
✅ Separate business and personal expenses—using a business account for household bills complicates your records and makes transactions harder to explain.

A claim isn't necessarily illegitimate just because the evidence can't support the full amount. Good record-keeping protects the accuracy of your tax return—and digital tools like Xero or MYB let you capture receipts and reconcile transactions throughout the year rather than reconstructing everything at tax time. Don't rush to lodge just to get your refund sooner.

👉 Want to review your tax position before lodging? Read the full guide on our blog and speak with Wistax for practical accounting and tax guidance.

"I have an accountant, so my deadline is May, right?" Not necessarily. 🗓️ The answer isn't always 31 October, and it isn...
30/09/2026

"I have an accountant, so my deadline is May, right?" Not necessarily. 🗓️ The answer isn't always 31 October, and it isn't automatically May either. Your actual ATO due date depends on your circumstances, entity type, compliance history, and agent arrangements.

Australia has different tax return deadlines depending on how you lodge, your taxpayer or entity type, your previous lodgment history, and whether you use a registered tax agent. The ATO's registered agent program can provide later lodgment dates for eligible clients, but those dates are not automatic, and assuming otherwise can be risky.

✅ Self-lodging individuals: the standard deadline is generally 31 October.
✅ Eligible clients using a registered tax agent: 15 May 2027 is a common later date, with a 5 June 2027 concession available in qualifying circumstances but not guaranteed.
✅ An overdue prior-year return can push you into the 31 October stream, even if you've just appointed an accountant.
✅ Don't rely on a generic Google result, confirm the specific due date recorded for you.
✅ Lodgment timing isn't the same as payment timing, you may lodge later but still need to understand when the tax liability becomes payable.

A later lodgment date doesn't necessarily mean a later cash-flow problem. For businesses especially, tax should be included in cash-flow planning alongside GST, BAS, wages, and suppliers. The benefit of using an agent isn't simply "getting an extension", it's having more time to prepare an accurate return and understand what you'll owe.

👉 Unsure about your 2026 tax return deadline? Read the full guide on our blog and confirm the specific lodgment date that applies to you before the deadline becomes urgent.

Your accountant mentions BAS, GST, PAYG, and reporting periods. You nod along but do you actually know what your Busines...
25/09/2026

Your accountant mentions BAS, GST, PAYG, and reporting periods. You nod along but do you actually know what your Business Activity Statement is reporting, and why the ATO requires it? 📋

A BAS is a form businesses use to report certain tax obligations to the ATO and it's not simply about calculating GST. It can include GST on sales, GST credits on purchases, PAYG withholding from wages, and PAYG instalments. For small business owners across the Northern Beaches, understanding your BAS can make tax, cash flow, and compliance much easier to manage.

✅ BAS brings together GST collected, GST credits, PAYG withholding, and PAYG instalments, your accounting records need to support every figure you report.
✅ GST registration is generally compulsory at $75,000 turnover ($150,000 for non-profits), monitor throughout the year, not just at tax time.
✅ No sales doesn't mean no BAS, if you're still registered for GST, you may need to lodge a nil BAS.
✅ Quarterly due dates: 28 October, 28 February, 28 April, 28 July. Set an internal bookkeeping deadline before the actual due date.
✅ The ATO has been moving some small businesses with a history of late or incorrect reporting to monthly GST reporting, poor bookkeeping becomes much harder to manage with less time between periods.

GST collected from customers isn't simply extra business income, a portion may ultimately need to be paid to the ATO. That's why BAS preparation should be part of your cash-flow planning, not a last-minute paperwork exercise. Technology can process numbers. It cannot replace tax judgement.

👉 If your BAS is becoming difficult to manage or your bookkeeping is falling behind, read the full practical guide on our blog before the next deadline.

If you drive your own car for work, those kilometers can potentially become a tax deduction. But before you start adding...
23/09/2026

If you drive your own car for work, those kilometers can potentially become a tax deduction. But before you start adding up every trip on your odometer, there's an important question to answer: how many kilometers can I actually claim? 🚗

For 2026–27, the ATO cents-per-kilometer rate is 91 cents per kilometer, with a maximum of 5,000 work-related kilometers per car under this method, a maximum deduction of $4,550. But the number on your odometer isn't enough. You need to establish that the kilometers were genuinely work-related, choose the appropriate calculation method, and keep records that support your claim.

✅ The rate must match the income year — 2025–26 was 88 cents/km; 2026–27 is 91 cents/km. Don't mix them up.
✅ Ordinary home-to-work commuting is generally private travel, even if you're carrying tools or going directly to a job site. The circumstances of the journey matter.
✅ Cents-per-kilometer is simpler, but you can't claim more than 5,000 km — and you can't add separate fuel, registration, or depreciation on top.
✅ The logbook method calculates the work-related percentage of your actual expenses, worth comparing if your business use is substantial. A valid logbook needs at least 12 continuous weeks.
✅ Keep records as you go: Date | Destination | Work purpose | Kilometers. Reconstructing a year's worth of trips from memory at tax time is risky.

Don't focus only on the maximum. The more important questions are: Was the travel genuinely work-related? Have you kept records to support the kilometers? Are you using the calculation method that fits your circumstances? More kilometers don't automatically mean a larger deduction, the quality of your records and the business-use percentage matter too.

👉 Before tax time becomes a scramble through calendars and old receipts, read the full practical guide on our blog.

Running a small business around Belrose means wearing several hats at once. One day you're serving customers; the next, ...
18/09/2026

Running a small business around Belrose means wearing several hats at once. One day you're serving customers; the next, you're chasing invoices, checking payroll, reconciling the bank account, and wondering whether your BAS figures are actually correct. 🧾

With 90% of local businesses having fewer than five employees, many owners are personally responsible for decisions involving GST, payroll, expenses, cash flow, and tax. That's where Northern Beaches accounting becomes more than simply lodging a tax return, it should make the numbers easier to understand, keep compliance under control, and give you confidence when making your next business decision.

✅ Accounting should work throughout the year, not just at tax time. By then, unreconciled transactions and incorrectly coded GST can already be months old.
✅ Digital accounting isn't "set and forget" — Xero or MYOB records transactions, but your accountant still needs to check GST coding, private-use transactions, and payroll records before a BAS is prepared.
✅ Don't wait until you sell an asset to think about CGT — planning should happen before you sign a contract, not after settlement.
✅ If the ATO contacts you, the worst response is to ignore it — check the notice, deadline, and reporting period, then match it against your records.
✅ Ask before hiring: Who will handle my file? What's included in the fee? Can you assist if the ATO contacts me?

A mistake in the bookkeeping can flow into your BAS and eventually into your tax return. The real value of a local accountant isn't just processing more paperwork—it's creating a reliable financial record you can use throughout the year, identifying issues early, and having someone who can explain what the numbers actually mean.

👉 If your books are behind, your BAS feels confusing, or you're planning a major transaction, read the full guide on our blog before your next deadline.

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Suite 40, Level 2, 23 Narabang Way Belrose
Belrose, NSW
2085

Opening Hours

Tuesday 9:30am - 1pm
Wednesday 9:30am - 5pm
Friday 9:30am - 5pm

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