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If the ATO holds your BAS refund for review, it doesnโ€™t automatically mean youโ€™re in trouble! ๐Ÿ˜ฐโ  โ  Your BAS (Business Activity Statement) tracks the GST you earn/pay while doing business ๐Ÿ’ธ If you paid more GST on inventory than you earned in sales, you could get a refund in GST credits. โ  โ  Most refunds get processed without any issues ๐Ÿ’ž But every year, the ATO selects a small number to hold back while they double-check all the details. This might be because:โ  ๐Ÿค” The refund is larger than usualโ  ๐Ÿ‘€ You changed the way you report/track GSTโ  ๐Ÿค– The data-matching robot flagged it automaticallyโ  โ  While checking your refund total, the ATO may ask for supporting documentation like receipts, bank statements, or tax invoices ๐Ÿงพ They get a lot of GST fraud, so itโ€™s just due diligence โœ… โ  โ  If your BAS refund gets held up, as of 1 July 2025, the ATO must notify you within 30 days (and pay interest on legitimate refunds held for more than 14 days). Talk to a bookkeeper, accountant, or tax advisor if you have concerns about your held refund.โ  โ  Link in bio for how to lodge your BAS ๐Ÿ”— โœจ
๐Ÿ‘๏ธ๐Ÿ‘„๐Ÿ‘๏ธ I did a bookkeep
Shop small โค๏ธ (But also plan ahead)โ  โ  Buying holiday gifts from small businesses is a fantastic way to support them ๐Ÿ’ธ But the holiday season is busy for them, too! And they donโ€™t have the same luxuries as big businesses, like extra staff or huge piles of stock. โ  โ  So plan ahead with your holiday shopping ๐Ÿซถ Itโ€™ll save you (and them!) a bunch of stress, and you can relax knowing you gave your business to someone who truly values it! โœจ
Shop small this holiday season ๐Ÿซถ โœจโ  โ  Small businesses make up 97% of all businesses in Australia โ€” yet most money gets spent with massive companies ๐Ÿ˜ฑ (We wonโ€™t name names, but you know who they are ๐Ÿ˜ณ)โ  โ  So instead of going to a big chain store or ordering online, shop small ๐Ÿ›๏ธ Advantages can include: โ  ๐Ÿ™Œ Handmade products built to LASTโ  ๐Ÿ˜ฏ Custom goods or services designed for YOUโ  ๐Ÿ’ธ Way better VALUEโ  ๐ŸŒฟ Smaller carbon footprint on the ENVIRONMENTโ  ๐Ÿฅฐ Gratitude from someone who actually VALUES your business!โ  โ  Not all small businesses are created equal, but thereโ€™s something out there for everyone. Happy shopping ๐Ÿ˜Š
Setting your own hours DOES NOT mean every dayโ€™s a holiday ๐Ÿ’€ ๐Ÿ’€ ๐Ÿ’€โ  โ  Freelancers have a lot to juggle ๐Ÿ˜ฉ Thatโ€™s because sole traders are still *businesses*. And that means itโ€™s up to them to:โ  ๐Ÿฆ File their taxes correctly and on timeโ  ๐Ÿ’ธ Find reliable sources of income (customers, projects, etc.)โ  ๐Ÿ—“๏ธ Work enough hours while balancing life commitmentsโ  โœ… Stay compliant for things like GST and BAS lodgementsโ  ๐Ÿง“ Contribute to their own superannuation fundsโ  ๐Ÿ“ฃ Market themselves wellโ  ๐Ÿƒ Compete with bigger businesses that have WAY MORE resourcesโ  โšฐ๏ธ So much moreโ  โ  Thatโ€™s a lot! Some tools, like accounting or invoicing software, make it easier to handle, and consultants such as bookkeepers or tax advisors can help ๐Ÿค But give the freelancer in your life more credit! Theyโ€™re secretly a badass. โ  โ  Link in bio for sole trader tips ๐Ÿ”— โœจ
Enter our photo contest for a chance to win $300 ๐Ÿค‘โ  โ  We're all for small, and small business owners have some of the coolest jobs in the world ๐Ÿ˜Žโ  โ  From running your own cafe to doing your payroll in a digger, we wanna see it! So tag us in a photo of you running your small business for a chance to win the grand prize ๐Ÿ’ฐ๏ธโ  โ  DEADLINE: Midnight 27th November AEST ๐Ÿ—“๏ธโ  โ  FULL RULES in the link in our bio ๐Ÿ”— Post questions below! Runners-up announced on the 27th Nov, winner announced Friday 28th Nov ๐ŸŽ‰

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