This month we have been visiting small businesses in lots of different industries – retail, tourism, technology, law, and construction – across Queensland, including Gladstone, Somerset, Noosa and the Hills District. Time and time again we hear about business owners committing to their communities and giving their time and resources to supporting their local areas.

No matter how challenging economics become, our small businesses are always the first to band together and assist. Never has this been clearer to me than this month at the Noosa Red Shield Appeal. We met business owners who are passionate about employing disadvantaged youth and creating brighter futures for young people. We were so honored to be part of their business breakfast and to hear Captain Matthew Gulyas speak about the impact small businesses have had on the lives of local families.

At this time of year, it always feels like everyone is running on a treadmill, making sure that their business is in order and ready for tax time. It can feel overwhelming because it's yet another thing that you need to be on top of. If you are a small business owner, make your life easier and head to the ATO website to find out exactly what you can deduct.

Documents and paperwork you should have on hand when gearing up to do your tax are:

• Bank and investment account details
• Tax file number and bank details to receive any refund owing
• Statements from banks showing interest received
• Employment summaries and group certificates
• Multiple transfers and periodic transfer list
• Receipts, gifts, donations, and work-related expenses
• Dividend payments and distributions from managed funds
• Investment gains or losses from selling shares, units, or rental properties
• Rental income earned or paid
• Interest charged on money borrowed for a rental property
• Any other related expenses including expenditure on capital works

Accounting software can make this process much easier and you can prepare and lodge your business tax returns with a few clicks. Remember, it is always a good idea to consult with a qualified accountant or tax professional who will be able to tailor solutions to your unique circumstances and potentially save you money.

If you are an employer, you will also need to report your pay-as-you-go (PAYG) withholding to the ATO every time you pay your employees through Single Touch Payroll (STP). Employers must finalise their employee's STP data by 14 July 2023.

Tax time is also a great time to review your business’ finances, start prioritising your goals, and plan for the new financial year. It’s crucial throughout the year to keep good records. When planning for the new financial year, make sure you develop a business plan and project your business’ spending and sales, and create financial projections that show monthly inflows and outflows for the next 12 months.

The Queensland Government has funded online and in-person places in the University of Sunshine Coast micro-credential course on Business Planning with registrations now open for the upcoming Redlands and Cairns courses.

The key is to use your projections to plan and to be able to assess your financial needs. Make sure you consider contingencies and other unexpected issues which may arise and throw off your projections. The key to managing cash flow and understanding your business is to monitor, monitor, monitor and know your data.

If you would like any help managing your tax, cash flow, or finances – we can connect you to the Small Business Financial Counsellors, or put you in touch with the Griffith Tax Clinic (if you aren’t already represented by an accountant).

If you are new to our newsletter or would like to learn more about our services, resources, initiatives, and projects, visit the QSBC website. If you are ever unsure and are looking for more information, give us a call at 1300 312 344 or submit an enquiry.

The small business lodgment penalty amnesty can help bring your overdue income tax returns, business activity statements (BAS), and fringe benefits tax (FBT) returns up to date.

For lodgments eligible for the amnesty, 'failure to lodge penalties' will be remitted without the need to apply. To be eligible you must meet the following criteria:

• Had an annual turnover of less than $10 million at the time the original lodgment was due
• Have overdue income tax returns, BAS or FBT returns that were due between 1 December 2019 and 28 February 2022,
• You intend to lodge those overdue forms between 1 June and 31 December 2023.

The amnesty does not apply to privately owned groups, or individuals controlling over $5 million of net wealth.

A social media campaign driven by the Mackay Region Chamber of Commerce putting a spotlight on local businesses during Queensland Small Business Month, helped the chamber achieve a 48% increase in reach on Facebook and a 4% increase in reach on Instagram.

Small businesses were asked to nominate themselves by answering a few easy questions. The 15 unique business spotlights were then posted on the chamber's Facebook and shared through a network of social media channels including Mackay Regional Council during the month of May.

In short, the campaign was easy to develop and implement by the chamber. It gave the small business community a moral lift while celebrating some small wins.

Let’s meet Treadwell Tyre Service.

Number of years in business? 15 years

What inspired you to start your own business?

The people of our region and providing them with a dedicated, experienced, and genuine tyre service. Jeff is a local son, born and bred beginning his career in the tyre industry aged 17 with another local tyre and mechanical business.

When that local business great retired from the industry, we were given the opportunity to purchase the retreading part of the business. From those humble beginnings, we have grown to be Treadwell Tyre Service with two locations - Mackay and Sarina.

We are passionate about…

Tyre safety for all is our mission and we do this by providing complimentary services like tyre-changing tutorials and tyre safety checks. We believe in partnering with our customers and clients, communicating, educating, and supporting them through their tyre experiences. We like to give back to our community and enjoy supporting local events and charities.

We love doing business in Mackay because…

We love being part of our region and our community. We are grateful for the support we receive and love getting to know our customers and clients who become part of the Treadwell family. Locals for locals!

Business Launchpad is a free online tool that makes it easier to navigate business regulations in Queensland.

If you create a business profile you can see all the relevant licences, permits and regulations from all levels of government (local, state, and federal) in one place.

You can aso save information, set reminders, and search what is needed for current activities and future planning at any stage of your business journey.

The two most common topics of dispute that our Assistance team receive are security deposit returns and dispute over the responsibility for repairs and maintenance.

In a recent example, the tenant was moving out at the end of the lease term and the landlord did not have a security deposit in place. There were outstanding unpaid invoices from the make-good of the air-conditioning system and there were questions as to whether the system had been maintained by the tenant as required in the lease. The landlord requested mediation through the QSBC in the hope of reaching an agreement.

Through the QSBC process, we help both parties to understand and define the dispute. Generally, it is not just a simple 'bond refund' – many times it's ensuring all make-good work and any associated bills are agreed upon and paid. Where further support is required to negotiate and resolve these outstanding issues, mediation can certainly help.

Of the bond disputes we receive, many are resolved informally through the Assistance team or through our nationally accredited mediation services.

Retail shop lease bond disputes must be mediated through the QSBC before parties can apply to QCAT for direction on the matter.

If you need help to resolve a business dispute relating to a commercial leasing matter, get in touch with us today.

CyberWardens is a free program dedicated to helping to protect small businesses from online threats and to operate in a cyber-safe environment.

A recent social media post testing people's knowledge of malware caught our eye. We did not realise how many types there were!

Malware encompasses a league of sneaky software aiming to invade your device, wreak havoc, and snatch your precious data, all without a trace.

Some common types of malware include:

• Ransomware - Blackmails you
• Spyware - Steals your data
• Adware - Spams you with ads
• Worms - Spreads across computers
• Trojans - Sneaks malware onto your PC
• Botnets - Turns your PC into a zombie.

Queensland Small Business Commissioner

Level 18, 53 Albert St, Brisbane, Queensland, 4000
qsbc.qld.gov.au | 1300 312 344