Simply Tax Solutions

Simply Tax Solutions We are a small accounting firm based in the Redlands, delivering personalised service to clients across Australia for the last 15 years.

How much does it cost to change your business structure? Most business owners start by focusing on the upfront cost, but...
24/06/2026

How much does it cost to change your business structure? Most business owners start by focusing on the upfront cost, but that is often only one part of the decision.

A Brisbane business owner had operated under the same structure for years because changing it seemed like an unnecessary expense. The business was growing, profits were increasing, and new opportunities were appearing, but the structure had never been reviewed since the day it was set up.

The discussion changed when they stopped asking what the change would cost and started asking what it might be costing to stay where they were. Different structures can affect tax outcomes, asset protection considerations, compliance requirements, and how future growth is managed.

Changing a business structure may involve accounting, legal, registration, and administrative costs depending on the complexity of the business. The amount varies widely because no two businesses are in exactly the same position.

Choosing a business structure is like choosing the frame of a building. The cheapest option is not always the one that supports the next stage of growth most effectively.

If your structure was chosen years ago for a much smaller business, it may be worth considering whether the cost of reviewing it is smaller than the cost of leaving it unchanged.

https://www.simplytax.net.au/

What are the tax benefits of a family trust for a business? Many business owners first hear about family trusts after so...
22/06/2026

What are the tax benefits of a family trust for a business? Many business owners first hear about family trusts after someone tells them they can save tax, but the real value often comes from flexibility rather than a single tax outcome.

One Brisbane business owner had been operating successfully for years and assumed their existing structure was doing everything it needed to do. As profits increased and family members became more involved in the business, questions started emerging about how income was being distributed and whether the structure still suited the business.

A family trust can provide flexibility in how income is distributed among eligible beneficiaries. Depending on the circumstances, that flexibility may create opportunities to manage tax outcomes more effectively than a structure with fewer distribution options.

The important point is that a family trust is not automatically better than every other structure. Like any business structure, its value depends on the people involved, the level of profit being generated, and the long-term goals of the business.

Choosing a structure is a bit like choosing the frame of a building. The best option depends on what you are trying to support, not simply what worked for someone else.

If the last time you reviewed your business structure was when the business was much smaller, it may be worth looking at whether it still fits where the business is today.

https://www.simplytax.net.au/

When is the right time to move from sole trader to a company? For many business owners, the question does not come up wh...
19/06/2026

When is the right time to move from sole trader to a company? For many business owners, the question does not come up when they start. It appears a few years later when the business looks very different from the one they originally set up.

A Brisbane business owner started as a sole trader because it was simple and suited the size of the operation. Over time, revenue increased, staff were hired, and larger contracts became a regular part of the business.

Nothing was wrong with the original structure. The challenge was that the business had outgrown the assumptions behind it. The risks were different, the profits were different, and the opportunities available to the business had changed as well.

Your business structure is a bit like the frame of a building. The frame that works for a small shed may not be the one you would choose for a larger commercial project. The structure is not bad, it just may no longer fit what is being built.

The right time to review moving to a company is often when growth starts creating new responsibilities, risks, or tax planning considerations that did not exist before.

If your business is significantly larger than it was when you first registered your ABN, it may be worth asking whether your structure has kept pace with that growth.

https://www.simplytax.net.au/

Should I be a sole trader or a company in Australia? Many business owners make that decision when they first start and t...
17/06/2026

Should I be a sole trader or a company in Australia? Many business owners make that decision when they first start and then never revisit it as the business grows.

One Brisbane business owner began as a sole trader because it was simple, inexpensive, and suited the size of the operation at the time. A few years later, revenue had increased, staff had been hired, and larger contracts were becoming the norm.

The structure itself was not wrong. The question was whether it still matched the business that existed today rather than the one that existed on day one. What works for a new business may not be the best fit once profits, responsibilities, and risk levels begin to change.

Choosing a business structure is a bit like choosing the frame of a building. It supports everything else that sits on top of it, and the right choice often depends on what you plan to build in the years ahead.

The best structure is not always the simplest one, and it is not always the most complex one either. It is the one that fits the stage and direction of the business.

If your structure has not been reviewed since you registered your ABN, it may be worth asking whether it still suits the business you are running today.

https://www.simplytax.net.au/

Why moving GST to a separate account changes everything often becomes clear the moment a BAS is due and the money is alr...
15/06/2026

Why moving GST to a separate account changes everything often becomes clear the moment a BAS is due and the money is already sitting there waiting.

A Brisbane business owner spent years treating every dollar in the main account as available cash. The business was profitable, work was steady, and yet every BAS period seemed to arrive with unnecessary stress.

Nothing was wrong with the numbers. The problem was that GST collected from customers stayed mixed in with wages, supplier payments, and everyday operating expenses. By the time the lodgement date arrived, it was difficult to tell what belonged to the business and what belonged to the ATO.

The change was simple. Each time an invoice was paid, the GST portion was moved into a separate account and left untouched. The bank balance immediately became a more accurate picture of what was actually available to spend.

GST is like holding someone else's mail. It may pass through your hands, but it was never addressed to you.

If BAS time always feels tighter than it should, it may be worth looking at where your GST sits between lodgements, not just when the due date arrives.

https://www.simplytax.net.au/

What counts as a GST free expense for a small business? Many business owners assume every purchase includes GST, only to...
12/06/2026

What counts as a GST free expense for a small business? Many business owners assume every purchase includes GST, only to discover later that some expenses are treated differently.

A business owner reviewing their records before lodging a BAS noticed that certain expenses did not show any GST to claim. At first it looked like something had been entered incorrectly, but the transactions were actually recorded as intended.

Some goods and services in Australia are GST-free, including certain health services, education-related expenses, and basic food items. Because no GST was charged on those purchases, there is no GST available to claim back through the BAS.

This is where confusion often starts. Business owners focus on whether an expense is deductible, while GST reporting focuses on whether GST was included in the purchase price in the first place.

Understanding the difference helps avoid incorrect BAS claims and keeps reporting more accurate throughout the year.

If an expense seems unusual when reviewing your GST records, it is often worth checking whether the item was GST-free rather than assuming a mistake was made.
https://www.simplytax.net.au/

Common BAS mistakes small business owners make often have nothing to do with complicated tax rules. They usually start w...
10/06/2026

Common BAS mistakes small business owners make often have nothing to do with complicated tax rules. They usually start with everyday business decisions that seem harmless at the time.

One of the most common mistakes is treating GST collected from customers as part of the business's available cash. The money sits in the account, bills need paying, and before long the next BAS arrives with an amount that feels much larger than expected.

Another frequent issue is poor record keeping. A missing receipt, an incorrectly coded expense, or a transaction that never makes it into the accounting software can create reporting problems that are difficult to spot later.

Many business owners also leave BAS preparation until the due date is approaching. That reduces the time available to identify mistakes, plan for the payment, or deal with unexpected issues before lodgement.

The businesses that handle BAS periods with the least stress are not usually the ones with the simplest finances. They are often the ones reviewing their records regularly and treating GST as money that was never theirs to spend.

If BAS time always feels rushed or unpredictable, the cause is often found in the habits built during the quarter rather than in the lodgement itself.
https://www.simplytax.net.au/

How to fix a BAS error after you already lodged it? Most business owners discover the mistake weeks later while reviewin...
08/06/2026

How to fix a BAS error after you already lodged it? Most business owners discover the mistake weeks later while reviewing transactions, reconciling accounts, or preparing for the next BAS period.

The first reaction is usually concern that the entire lodgement needs to be redone. In many cases, that is not what happens. The correction process often depends on the type of error and the amount involved.

A missed invoice, an incorrectly coded expense, or a GST reporting mistake does not automatically turn into a major problem. Many BAS errors can be adjusted through a later lodgement when handled correctly, rather than reopening the original BAS.

The important lesson is that finding the mistake is usually a better outcome than never finding it at all. Small errors have a habit of becoming larger issues when they carry forward quarter after quarter without being addressed.

Most business owners worry when they spot an error after lodging. The more useful question is not whether a mistake was made, but how quickly it was identified and corrected.

If something in your records does not look right, it is usually worth investigating now rather than hoping it balances itself later.
https://www.simplytax.net.au/

Is GST on my invoices actually my money to spend? A Brisbane business owner asked that question after a strong quarter e...
05/06/2026

Is GST on my invoices actually my money to spend? A Brisbane business owner asked that question after a strong quarter ended with a BAS bill that felt much larger than expected.

The work had been completed, invoices had been paid, and the account balance looked healthy. New equipment was purchased, supplier bills were cleared, and staff costs were covered without much concern.

The problem was not the BAS itself. The GST collected from customers had stayed in the main account and gradually been spent alongside the business's operating cash. By the time the lodgement arrived, a significant portion of it was gone.

GST is a bit like holding someone else's mail. It passes through your hands and sits in your account for a while, but it was always intended for someone else. Treating it as available cash can make a profitable quarter feel surprisingly tight when BAS time arrives.

The businesses that rarely get caught out by GST are usually the ones moving it to a separate account as soon as payments are received, rather than waiting until the lodgement date is approaching.

If all the money in your account currently feels available to spend, it may be worth asking how much of it is actually yours.
https://www.simplytax.net.au/

Do I need to register for GST if I earn under $75,000? In many cases the answer is no, but some Brisbane business owners...
03/06/2026

Do I need to register for GST if I earn under $75,000? In many cases the answer is no, but some Brisbane business owners choose to register earlier because it changes how they claim GST credits and how larger clients view the business.

One contractor delayed registration because turnover was still sitting below the threshold, but most of the work involved buying materials, fuel, and equipment where GST was already being paid on every purchase. Over time, the missed GST credits started becoming more noticeable as the business grew.

GST registration is not only about hitting a number. It also changes how cash flow works, how pricing is handled, and how the business interacts with suppliers and customers.

The important part is understanding whether remaining unregistered still fits the way the business operates now, not just the way it operated when revenue was smaller.

If your turnover is getting close to the threshold, it is usually better to review the decision before growth forces the change unexpectedly.

https://www.simplytax.net.au/

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