From understanding what the cloud really means, to navigating the challenges of starting a new business, we cover essential areas like the role of a BAS agent, the evolution of superannuation, and strategies for protecting your marketing tools.
You’ll also find guidance on planning and budgeting to help you stay organised and future-focused. Whether you’re looking for clarity, compliance, or confidence, this section is your go-to hub for reliable information and actionable advice.
While not a widely known title, a BAS Agent is a registered professional who is authorised to assist businesses with their GST and Payroll related obligations. They are required to be registered with the Tax Practitioners Board (TPB), and must hold minimum qualifications, professional indemnity insurance and complete ongoing Professional development each year.
The introduction of the Tax Agent Services Act 2009, which required the registration of BAS Agents, set professional and ethical standards governing the Bookkeeping Industry. They ensure services are delivered in accordance with the regulatory framework set by the Tax Practitioners Board (TPB), ensuring full compliance and professional integrity. These regulations ensure that clients receive accurate, compliant and accountable services, and raised the overall standard of the Bookkeeping Industry.
Safe Harbour Provision: The safe harbour provisions administered by the ATO ensure that services provided to the public by Agents are of an appropriate ethical and professional standard. The provision means a Client will not be liable to certain administrative penalties in certain circumstances, only if you engage a registered tax practitioner. However, if you engage an unregistered preparer, you will not be entitled to any ‘safe harbour’ protection.
Of course “A Cloud” is a collection of water vapours! But the modern terminology of ‘The Cloud’ is used to describe an online storage service and/or hosted software.
Simply put, ‘Cloud Storage’ is storing your data on a “Cloud Company’s” servers (large banks of computers, usually replicated over several locations). There are many types of Hosts (or Cloud Server Providers), they may store the files, host websites or they may also provide the software to run the files (as in your Accounting Software Hosts like Xero, MYOB and Reckon). Banks also use data centres for their banking platforms.
Never used a Cloud Provider? Perhaps you have, examples of some Cloud Server providers you may have used are; Photos stored on ICloud, or Webmail (Email) such as Hotmail, Gmail, even Outlook.
Before committing to using a Cloud Service for your Accounting Software or File Storage, you must first consider a few things.
- Firstly, do you have a reliable, strong internet with acceptable data limits? After all, No Internet = No Access.
- Secondly, what do you wish to gain?
- Work from multiple devices, anywhere any time?
- Invoice on the fly?
- The reliability of a secure offsite backup?
- Thirdly, do your research! Which country will your data be stored in, what are their privacy laws? What are the Terms & Conditions of the service provider?
- Check for reviews about the providers. This information can generally be found by searching the Internet.
- Secondly, what do you wish to gain?
When starting a new business many Entrepreneurs have a great idea and a business plan, but fail to consider some of the other important aspects of owning a business. For example:
- STRUCTURE: Your Accountant can advise you which structure is most suited to your financial position. Ie. Sole Trader/Partnership/Company or Trust.
- CASH OR ACCRUAL: What will be most suitable reporting obligations for you Business (Cash or Accrual)?
- Cashed Based Reporting: You pay your GST on your Sales and claim your GST Credits on Purchases in the period that you receive or pay the money.
- Accrual Reporting: You pay your GST and claim your GST credits in the period that you make the Sale or the Purchase.
- BAS LIABILITY: How do you intend to meet your BAS obligations at the end of the quarter? For example, if you are starting a Restaurant or Takeaway business you might want to consider that most stock purchases will be GST free while most sales will include GST, therefore your BAS obligation maybe higher in percentage than some other industries.
- PAYG & SUPERANNUATION: If you intend to employ staff, don’t forget that you need to withhold the appropriate amounts of tax from their pay to forwarded to the ATO with your BAS, and that you will also be required to meet your industries Superannuation Guarantee obligations.
- WORKCOVER: You will also need to ensure you have the appropriate amount of WorkCover (Insurance).
- INSURANCE: Have you considered if you require Public Liability Insurance or even Professional Indemnity Insurance.
- INSURANCE FOR THE BUSINESS OWNER: It should also be noted that the Business Owner, or Director are not covered by WorkCover. Thus, depending upon your personal circumstances you might like to consider a policy that covers yourself.
Large Business’s will be required to report on an Accrual Basis, while Small Business, those with a turnover of less than $10 million can choose to report on a Cash Basis.
Many Small Business will report on a Cash Basis as this method better aligns with their cashflow.
The Queensland Government have some great information on Starting a Business.
Some sites of interest might be: