As a DevOps engineer who also worked part-time as an office admin in an accounting firm, I gained valuable insights into the financial landscape in Australia. Here are some essential takeaways that can help anyone navigating this world.

📝 GST Reporting

• Quarterly Reporting:

• July — September

• October — December

• January — March

• April — June

• ⏰ Deadline: 45 days after each quarter (e.g., complete July-September by October 15).

🧾 Who Needs to Register for GST?

• ABN Holders: Register if earning over $70,000.

• TFN Users: File tax return once a year — simple and straightforward!

🏢 Business Structures

• Companies:

• Best for individual owners.

• Minimum tax rate: 25% on profits.

• Trusts:

• Ideal for families to distribute profits and reduce taxes.

📚 Key Financial Terms

• Activity Statement: Another name for GST reporting.

• Tax Return: Annual income and expense form.

💼 Importance of Financial Statements

• Essential for Loans: Track balance sheets, profit/loss, and cash flow to secure funding.

📊 Managing GST Effectively

• Bookkeeping: Keep accounts updated to avoid penalties and ensure compliance.

⚖️ Understanding Liabilities

• ABN: You’re liable for profits and taxes.

• TFN: Income is post-tax, simplifying tax returns.

🚀 Sole Traders and GST

• Earnings Below $70,000: No need to register for GST.

• Special Cases: Industries like NDIS and taxis must register, regardless of income.

💡 Final Thoughts

Navigating finance in Australia can be complex, but understanding these basics can help you succeed! What’s your experience? Share your thoughts below! 👇