First Class Accounts - Wanneroo

EOFY Tip: Don’t Be Afraid to Claim Legitimate Business Expenses 💡

One thing we see all the time at tax time?
Small business owners under-claiming out of fear.

They worry about “doing the wrong thing,” so they avoid claiming expenses they’re actually entitled to.

Here’s the simple rule:
If it’s genuinely used for your business, there’s a good chance it may be claimable.

That can include things like:
✔️ Tools & equipment
✔️ Software subscriptions
✔️ Work-related travel
✔️ Phones & internet
✔️ Vehicle expenses
✔️ Home office costs
✔️ Training & education related to your business

The problem is, too many business owners either:
👉 Forget to track these expenses properly
👉 Lose receipts and records
👉 Or avoid claiming altogether because they’re unsure

And over time, that can mean paying more tax than necessary.

That doesn’t mean “claim everything.”
It means understanding what’s legitimately connected to running your business and keeping proper records to support it.

EOFY is the perfect time to review your expenses properly and make sure you’re not leaving money on the table.

Because smart tax planning isn’t about being aggressive.
It’s about being organised, accurate, and informed.

📩 If you’re unsure what you can and can’t claim, we can help you get clarity before EOFY.

Bookkeeping software isn’t just about “keeping records.”

When it’s set up and used properly, it gives you more visibility, better control, and far less stress when it comes to running your business.

Here’s why more small businesses are moving away from spreadsheets and paper trails 👇

📄 Less paperwork
No more digging through piles of receipts or trying to remember where invoices were saved. Cloud-based software keeps everything organised and accessible in one place.

💰 Better cashflow visibility
One of the biggest advantages is being able to see what’s coming in, what’s going out, and where your business actually stands in real time.
That means fewer surprises and better financial decisions.

✅ Helps keep you compliant
From BAS and GST tracking to payroll and reporting, bookkeeping software helps reduce errors and keeps important financial information up to date.

The goal isn’t just to “do bookkeeping.”
It’s to create systems that make running your business easier, more accurate, and more sustainable long term.

Because when your numbers are organised, your business decisions become a whole lot clearer.

📩 If you’re still relying on spreadsheets or manual processes, we can help you get set up with a system that works for your business.

One of the most common (and expensive) mistakes small businesses make is getting the difference between an employee and a contractor wrong.

A lot of business owners assume:
“They invoice me, so they must be a contractor.”

But unfortunately, it’s not that simple.

The ATO looks at things like:
👉 Who controls the work being done
👉 Whether they work mainly for your business
👉 Who supplies tools and equipment
👉 Whether they can subcontract the work
👉 How they’re paid and managed

And if someone is incorrectly classified, it can create bigger issues down the track involving:

💰 Super obligations
🧾 PAYG withholding
📄 Workers compensation and insurance
⚠️ Potential penalties, back payments, and compliance problems

This is especially important if you’ve hired new team members this financial year or your business has grown quickly.

What starts as “just helping out casually” can sometimes legally look more like employment than contracting.

The good news?
Catching it early is usually far easier (and cheaper) than fixing it later.

A quick review now can save a lot of stress at tax time and beyond.

📩 If you’re unsure whether your workers are set up correctly, we can help you review things properly before it becomes a problem.

EOFY Tax Tip: Check Your Super Obligations Now

Super isn’t something you want to ignore or “sort out later.”

Because if it’s late or unpaid, it’s not just a small mistake…
it can turn into penalties, extra charges, and paperwork that’s a lot harder to fix after the fact.

Here’s what a lot of business owners don’t realise:
👉 Late super payments aren’t tax deductible
👉 You may have to pay the Super Guarantee Charge (SGC)
👉 There can be additional admin fees and interest on top

So what feels like “I’ll just pay it next week”…
can end up costing you significantly more.

Before EOFY, it’s worth taking a few minutes to check:
✔️ Have all employee super payments been made and cleared?
✔️ Are you paying the correct amounts?
✔️ Are your payment systems set up properly so nothing gets missed?

This isn’t just about compliance it’s about protecting your cashflow and avoiding unnecessary costs.

Fixing it now is simple.
Fixing it later? Not so much.

📩 If you’re unsure where you stand or want to make sure everything’s sorted before EOFY, reach out, we’ll help you get it right.

Most people try to save whatever’s left over.

The problem?
There’s usually nothing left.

This quote flips that thinking completely pay yourself (or your future) first, then build your spending around what remains.

Because if saving is an afterthought, it becomes optional.
And optional habits don’t build strong businesses or personal finances.

This applies to business owners just as much as personal life:
👉 Set aside money for tax before you spend it
👉 Build buffers before you upgrade or invest
👉 Prioritise profit, not just revenue

It’s not about restriction,it’s about control.

When you decide where your money goes first,
you stop wondering where it went later.

Late BAS lodgement doesn’t just mean a bit of added stress… it can lead to penalties, rushed decisions, and numbers you’re not 100% confident in.

And the truth is most of the time it’s not because business owners don’t care.

It’s because BAS gets pushed to the bottom of the list while you’re busy running everything else.

But leaving it to the last minute usually means:
👉 You’re rushing to pull everything together
👉 Things get missed or misreported
👉 You’re not fully clear on what you actually owe
👉 And you lose the chance to fix issues before lodgement

That’s where having the right systems (and support) makes all the difference.

We help our clients stay ahead by:
✔️ Lodging on time- or better yet, early- so there’s no last-minute panic
✔️ Keeping accounts clean and up to date year-round, not just at BAS time
✔️ Reviewing the numbers properly to catch errors before they turn into bigger (and more expensive) problems
✔️ Giving you clarity on your position, so there are no surprises

🚨 BAS Reminder: Due 26th May

This is one of those deadlines that’s easy to push back…
until it turns into penalties, stress, and a last-minute scramble.

If your BAS is already sorted then perfect 👌
You’re ahead of the game.

If it’s sitting in the “I’ll get to it” pile…
now’s the time to deal with it before it becomes a bigger problem.

Because rushing it last minute usually means:
👉 Mistakes
👉 Missed claims
👉 Or not really knowing what you’re submitting

And that’s where things can get expensive.

Getting your BAS done properly isn’t just about ticking a box, it’s about making sure your numbers are accurate and your business stays on track.

Mixing business and personal money is one of those things that feels harmless… until it isn’t.

A coffee here. Fuel there. A quick transfer to cover something.

Next thing you know your accounts are a mess and nothing makes sense.
Here’s what that actually leads to:
👉 You don’t know what your business is really spending
👉 You miss deductions (aka leave money on the table)
👉 Your books take longer = higher accounting costs
👉 Tax time becomes confusing, stressful, and way harder than it needs to be

And the worst part? It kills clarity.

Because if everything’s mixed together… how do you know if your business is actually profitable?

Separating your accounts isn’t just about being “organised”- it’s about giving yourself a clear, honest view of your business.
✅ One business account
✅ One system for tracking expenses
✅ Clear separation between what’s yours and what’s the business

Simple. But powerful.

Clean accounts = clean books = fewer headaches. And honestly… a lot less stress when tax time rolls around.

If your accounts are a bit of a mix right now, don’t stress. Fixing it sooner rather than later will save you time, money, and a whole lot of frustration.

📩 If you want help getting things set up properly, reach out-we’ve got you.

DIY bookkeeping sounds like a good idea… until it quietly starts costing you.

Not in one big, obvious way, but in small mistakes that stack up over time.

❌ Missed transactions.
❌ Wrong categories.
❌ Cashflow gaps you didn’t see coming.

And suddenly…
your numbers don’t add up, tax time gets stressful, and you’re left trying to fix months of work in a rush.

Here’s the thing most people don’t realise:
It’s not about effort. Most business owners are trying their best, It’s about consistency and accuracy.

Because even small errors can lead to:
👉 Missed tax deductions (you’re paying more than you need to)
👉 Poor financial decisions (based on incorrect data)
👉 Cashflow issues that catch you off guard
👉 Penalties or stress from missed deadlines

And the big one…
👉 No real clarity on how your business is actually performing

Good bookkeeping isn’t just admin, it’s what gives you control.
It tells you what’s working, what’s not, and where your money is really going.

Most business owners don’t have a tax problem…
they have a visibility problem with their numbers.

“Yeah, we’re doing alright.”
“Cashflow’s been decent lately.”
“I think we made a profit this quarter…”

That’s not strategy, that’s guessing.

And guessing is exactly how people get blindsided at tax time.

Because here’s the reality:
If you don’t know your numbers, you don’t know your business.

👉 You don’t know if you’re actually profitable
👉 You don’t know if you can afford to hire
👉 You don’t know if that new ute or tool is a smart move… or a risky one
👉 And you definitely don’t know what your tax bill is going to look like

So what happens?
EOFY rolls around, your accountant does the numbers…
and suddenly you’re hit with a bill you weren’t prepared for.

Not because you did anything wrong, but because you were flying blind.

The businesses that stay in control don’t wait for tax time to find out how they’re doing.
They’re checking in regularly, understanding their cashflow, and making decisions based on real data.

Even something as simple as reviewing your numbers monthly can completely change how you operate:
• Spot problems early (before they get expensive)
• See what’s actually working in your business
• Make confident decisions instead of reactive ones
• Plan ahead for tax instead of scrambling

Clarity creates control.
And control is what turns a stressful tax season into just another part of running a solid business.

If you’ve ever felt like you’re just “hoping it all works out” when it comes to your finances…
that’s your sign to get a clearer picture.

📩 Reach out if you want help understanding your numbers properly