Count The Beans

Most small business owners know they're supposed to keep records. Fewer know exactly what that means in practice.

The ATO requires most business records to be kept for five years from when the record is prepared, obtained, or the transaction is completed — whichever is later. That includes income and expense records, bank statements, payroll records, BAS worksheets and any calculations you've made for tax purposes.

Digital records are fine. The main requirement is that they're legible and accessible if the ATO asks.

Questions are welcome.

Count The Beans — Perth bookkeeping and registered BAS Agent https://countthebeans.com.au
Registered BAS Agent No. 26358963

When a new client starts with me, the first thing I do is get an honest picture of where the books are.

I connect to their Xero file, look at what's been reconciled and what hasn't, check whether the chart of accounts makes sense for the business, and look at anything that's sitting in the suspense or unallocated buckets. I also check whether GST is being coded correctly and whether payroll records are in order.

From there I put together a clear list of what needs to be done to bring things up to date, and we work through it in order of what's most urgent.

It's not a complicated process. It's just methodical — and that's what gets the books into a position where they're actually useful.

Questions are welcome.

https://countthebeans.com.au

I am a registered BAS Agent for Count The Beans Registered BAS Agent No. 26358963

Quick GST check.

If you're registered for GST and your invoices are over $82.50, they must include:

- Your ABN
- The date
- A description of what was supplied
- The GST amount stated clearly

Missing any of those fields means the person paying the invoice can't claim the GST back on their BAS. Which sometimes leads to queries, or just slower payment.

Worth checking your invoice template today — especially if you set it up yourself in Xero or another platform a while back.

https://countthebeans.com.au/contact

Something a lot of small business directors don't know: if your company falls behind on PAYG withholding or super, the ATO can issue a Director Penalty Notice — and that notice can hold you personally liable.

Once issued, you have 21 days to act: pay the debt, go into administration, or begin a small business restructure. If the amounts were never reported when due, there's no 21-day window at all. The liability attaches immediately.

The way to stay out of this situation is the same as always: keep your lodgements current. You don't have to pay everything you owe at once — but you do have to report what you're withholding.

If you're behind on payroll reporting or BAS lodgements, now is the time to sort it.

https://countthebeans.com.au/contact

I am a registered BAS Agent for Count The Beans
Registered BAS Agent No. 26358963

Did you know that the minimum rate went up on 1st July?

If not, you may not be paying your employees enough.

I can help you bring your payroll up to date and compliant, and help take the weight off some of the tasks that may seem easy to you, but easy to miss important updates.

Take some time back for you to run your business, or even give you more family time.

I offer a free 15-minute no obligation consultation.

Visit my website to see just some of the poackages I offer.

https://www.countthebeans.com.au

There are three things that I find in most helath checks I do on my clients accounts.

Most of the time you won't know what these things are, because they will either get fixed and you aren't told where things went wrong.

Even worse, some won't fix the errors and they will follow you down the track.

When I look after your accounts, I will show you where the data entries are, and explain to you the best process to keep them clean moving forward.

Visit my page to see just some of the packages I have available for small businesses and soloprenuers.

I offer a free 15-minute no obligation consultation.

https://www.countthebeans.com.au

Behind on your accounts?

I can help you get back on track, so you can get back to your business.

I offer a free 15-min no obligation consultation.

Visit my webpage to learn about just some of the packages I offer.

https://www.countthebeans.com.au

Do you know how clean your accounts are?

Most owners have never been shown what to look out for, and how to avoid penalties later down the track.

When I clean your accounts, I tell you what went wrong and help you understand the implications of incorrect data entry.

Visit my webpage to see some of the packages I have available to small businesses and soloprenuers.

I offer a free 15-min no obligation consultation to see if I can help your business thrive.

https://www.countthebeans.com.au