A supplier emails you a PDF invoice. You download it, open it, then someone on your team keys the line items into your accounting software. They check the ABN. They check the amounts. They chase an approval. Then, finally, the invoice gets processed. Now picture this: the supplier’s software sends structured invoice data directly into…
You finish a $5,000 consulting project on 28 June. You send the invoice that afternoon. Your client pays on 14 July. So which financial year does that $5,000 belong to? Which quarter does it land in for your BAS? And does your business look profitable in June, or does it look like you worked for…
In our free invoicing software guide, where we listed those software, that are not only feature-packed, but also free to use. Though we mentioned the pricing plans for each software, we made sure that every tool in the list at least has a free version. As our software’s friendly users in Australia are ever-growing, we…
If you’re running a business in Australia, you’ve probably heard of the Business Activity Statement, or BAS for short. It’s not just another piece of bureaucratic jargon; it’s a crucial part of managing your finances. BAS is like a financial report card that Aussie businesses must submit regularly to the Australian Taxation Office (ATO). In…
Australia has a rather simple business structure. Unlike the rather complex 11-type business structures of the UAE, Australia only has four main types of companies that can be formed. In this article, we will talk about all four of these business structures, how they operate and what are tax systems surrounding them. So let’s get…
To start a business in Australia, you need to first apply for an Australian Business Number or ABN. This is a basic necessity every Aussie business needs to take care of. Taking care of the legality is the number one priority, and every legal step has guidelines that must be followed. According to recent data,…
Payroll in general refers to the process of managing employee compensation, including calculating wages, deducting taxes, and distributing payments, usually on a regular schedule, like biweekly or monthly. In Australia, there are certain payroll rules and regulations and a special tax asserted by the Australian Taxation Office (ATO). Australia’s thriving economy and welcoming business atmosphere…
As the co-founder of ProfitBooks, I’ve had the privilege of working with countless Australian business owners over the years. Through these relationships, I’ve gained deep insights into the Australian taxation system and its impact on businesses of all sizes. Two taxes that consistently generate questions from our Australian users are Capital Gains Tax (CGT) and…
GST in Australia is calculated at a flat 10% on taxable supplies. That single rate sounds simple, but the calculation changes depending on whether you’re starting with a GST-exclusive or GST-inclusive price, and most of the costly mistakes happen after the maths is done, when the numbers hit your BAS. Here’s the short version before…
If you run a business in Australia, you’ve probably seen “GST” and “VAT” used interchangeably in conversations about tax. But Australia doesn’t use VAT. It uses a Goods and Services Tax, and the distinction matters more than most guides let on. GST is a 10% tax on most goods, services, and other items sold or…