Running a business in Adelaide can be exciting, but it also comes with its fair share of challenges. Over my 35 years as a chartered accountant, I’ve worked with countless small and medium businesses across the city. One of the most common issues I see is confusion around GST (Goods and Services Tax) and payroll management. Many business owners are experts in their products and services but struggle when it comes to tax compliance and payroll. That’s where a chartered accountant comes in.
In this article, I’ll share insights from my experience, explain the common GST and payroll challenges Adelaide businesses face, and guide you on how to get the right professional help.
Why GST Advice is Important
GST is a tax on most goods and services sold in Australia. For businesses with a turnover above $75,000, GST registration is mandatory. Despite this, I often see business owners making small mistakes that can become costly:
- Incorrectly calculating GST on invoices
- Missing out on eligible GST credits
- Submitting BAS late
- Misclassifying products and services
Even minor mistakes can attract attention from the Australian Tax Office (ATO), leading to fines or audits. This is why getting GST advice from a trusted chartered accountant in Adelaide is essential.
How a Chartered Accountant Helps With GST
A chartered accountant doesn’t just crunch numbers they provide strategic guidance to make your business more efficient and compliant. Here’s what I do for my clients:
1. GST Registration Guidance
Some businesses aren’t sure if they need to register for GST. I review your turnover, business model, and industry to determine if registration is necessary. I also guide you through the registration process, ensuring your records are compliant from the start.
2. BAS Preparation and Lodgment
Lodging Business Activity Statements (BAS) can be daunting. I handle the preparation, calculate GST collected and paid, identify eligible credits, and submit the BAS accurately and on time. This prevents penalties and keeps your business on track.
3. GST Planning and Advice
GST planning isn’t just about compliance it’s about efficiency. I help businesses structure transactions using tools like Xero and QuickBooks to optimize cash flow and reduce unnecessary tax liabilities. Planning ahead with these systems can save thousands of dollars each year.
4. Audit Support
If the ATO ever audits your business, having a chartered accountant who prepared your GST records can make the process smooth. I provide complete support, from documentation to explaining records, reducing stress for business owners.
Payroll: A Key Challenge for Adelaide Businesses
Another area I see businesses struggle with is payroll. Over my 35 years, I’ve noticed payroll mistakes often cause bigger problems than GST errors. Common issues include:
- Fines for unpaid superannuation contributions
- Incorrect PAYG withholding
- Misclassifying employees versus contractors
What I Advise About Payroll
-
Know Your Obligations
Employers are responsible for paying correct wages, superannuation, and tax withholdings. I ensure clients understand their responsibilities and comply with ATO and Fair Work requirements. -
Use Reliable Payroll Software
Many businesses start with spreadsheets, which can be error-prone. I recommend software like Xero Payroll, MYOB, or QuickBooks. These systems simplify calculations and integrate with GST reporting. -
Regular Payroll Audits
Even with software, errors can happen. I perform regular audits to check wages, super contributions, and leave entitlements, ensuring everything is accurate. -
Educate Staff Where Needed
When staff understand how payroll works, confusion decreases. I work with business owners to explain payroll basics, so everyone knows their entitlements.
As a trusted bookkeeping outsourcing company, Globus Prosourcing helps small and medium businesses gain clarity, accuracy, and peace of mind with tailored bookkeeping solutions. Whether you need ongoing support or a full financial cleanup, Globus Prosourcing ensures your books are always in perfect shape saving you time and protecting your profits.
Common GST and Payroll Problems I’ve Seen
Over the decades, some issues keep coming up:
- Late or incorrect BAS filings – Often caused by disorganized records.
- Incorrect tax codes in payroll systems – Leads to wrong PAYG deductions.
- Cash flow issues due to poor GST planning – Businesses pay GST too early or too late.
- Misclassification of employees and contractors – Can result in compliance issues.
Addressing these problems early with professional guidance saves businesses both time and money.
How to Choose the Right Chartered Accountant in Adelaide
Selecting the right professional is crucial. Here’s what I recommend:
- Experience in GST and Payroll – Look for someone who has handled businesses like yours.
- Local Knowledge – A professional familiar with Adelaide regulations is invaluable.
- Professional Accreditation – Ensure they are a Chartered Accountant (CA).
- Technology-Friendly – Modern accounting requires familiarity with cloud-based systems.
- Transparent Fees – Know the costs upfront to avoid surprises.
Many business owners hesitate to hire accountants, thinking it’s expensive. In reality, the right professional pays for themselves by preventing errors and optimizing tax strategy.
Benefits of Working With a Chartered Accountant
Partnering with a chartered accountant provides multiple benefits:
- Accuracy and Compliance – GST and payroll are done correctly.
- Time-Saving – Free up time to focus on your business.
- Strategic Advice – Beyond compliance, accountants can advise on growth, cash flow, and business structure.
- Peace of Mind – Avoid audits, fines, and payroll mistakes.
Real-Life Example
One Adelaide client of mine, a small café, was struggling with late BAS submissions and payroll errors. They weren’t sure which expenses were GST-creditable and manually calculated wages.
After I stepped in:
- BAS submissions became timely and accurate
- Payroll software was implemented, reducing errors by 90%
- GST credits were maximized, saving over $8,000 in one financial year
This shows how proper GST advice and payroll management can have a real impact on a business’s bottom line.
Final Thoughts
GST compliance and payroll management are critical for Adelaide businesses. A chartered accountant provides not only expertise but also peace of mind, helping you avoid costly errors.
Over my 35 years of experience, I’ve seen that businesses who invest in professional advice early are far more successful. GST doesn’t have to be confusing, and payroll doesn’t have to be stressful.
Whether you need help with GST registration, BAS lodgment, payroll, or strategic tax planning, partnering with a trusted chartered accountant in Adelaide ensures your business runs efficiently and stays compliant.
Don’t wait for mistakes to happen. Get expert guidance today and focus on what you do best: growing your business.
0 Comments