Winner + Co Bookkeeping Services

Winner + Co Bookkeeping Services Winner + Co Bookkeeping Services offer a range of Bookkeeping and Business solutions for your company
(1)

🖤 We're going to share the single most common bookkeeping mistake we see from small business owners — and it's one of th...
31/07/2026

🖤 We're going to share the single most common bookkeeping mistake we see from small business owners — and it's one of the most fixable.

Mixing personal and business finances in the same bank account.

We see it constantly. A business expense paid from a personal card. A personal bill paid from the business account. Cash sales deposited into a personal savings account. It seems harmless in the moment — but it creates enormous problems when it comes to BAS time, tax time, and any kind of financial planning.

Here's what mixing finances actually costs you:

📌 Your BAS figures become unreliable — you can't easily separate business GST from personal spending.

📌 You lose deductions — business expenses buried in a personal account often get missed entirely.

📌 Your bookkeeper or accountant spends hours untangling transactions — time that comes out of your pocket.

📌 You lose a clear view of actual business profitability — because personal costs are muddying the picture.

📌 It raises red flags if the ATO ever reviews your records.

The fix is simple — but it needs to be done properly:

✅ Open a dedicated business bank account. Use it exclusively for business income and expenses.
✅ Get a separate card for business purchases.
✅ Pay yourself a regular, documented draw or wage — rather than taking money ad hoc.
✅ If you're registered for GST, consider a third account specifically for setting aside your GST.

Starting the new financial year is the perfect time to get this right.

💙 Winner + Co — We help you set the foundation correctly from day one.

🙋 If you're a sole trader, this one's for you.Running your own business as a sole trader means you and the business are ...
29/07/2026

🙋 If you're a sole trader, this one's for you.

Running your own business as a sole trader means you and the business are the same legal entity. That simplicity is appealing — but every tax obligation falls directly on you personally.

Here's what the ATO expects:

📌 Report ALL income — including cash sales, online payments, and any income you receive. There are no cash-in-hand exemptions.

📌 Register for GST if your turnover reaches $75,000 in any 12-month rolling period. Once registered, you lodge a BAS (usually quarterly).

📌 PAYG instalments — once your tax bill exceeds a certain threshold, the ATO will ask you to pay income tax quarterly throughout the year rather than one lump sum at tax time. This can catch sole traders off guard.

📌 Keep records for at least 5 years — all income, all expenses, all receipts and invoices. Working from home? You'll need a record of your hours to claim that deduction correctly.

📌 Your own super — nobody is paying super for you. Personal super contributions are one of the most effective tools available for both retirement savings and reducing your taxable income.

📌 Lodge your individual tax return by 31 October — or by 15 May the following year if you use a registered tax agent (you need to be on their list before 31 October).

Being in business for yourself is empowering. Staying compliant is what keeps it that way.

💙 Winner + Co — We support sole traders at every stage.

📡 Single Touch Payroll — or STP — has been mandatory for all Australian employers for several years now, but we still ge...
27/07/2026

📡 Single Touch Payroll — or STP — has been mandatory for all Australian employers for several years now, but we still get questions about what it actually is and why it matters.

Here's the simple version:

Every time you run a pay cycle, your payroll software automatically reports wages, PAYG withholding, and super information directly to the ATO. In real time.

What that means for your business:

📌 The ATO can see your payroll data as it happens — errors get noticed faster than ever before.

📌 Payment summaries (what used to be called "group certificates") no longer exist as paper documents. Employees access their income statement directly through myGov.

📌 You must "finalise" your STP data each year by 14 July — this tells the ATO your payroll records for the financial year are complete and correct. Missing this deadline can affect your employees' ability to lodge their tax returns.

📌 With Payday Super now law, super information also needs to be accurate and up to date with every single pay run — there's no room for backfilling.

📌 STP Phase 2 has additional reporting requirements including disaggregated income types. If you haven't confirmed your software is Phase 2 compliant, now is the time.

Getting your STP settings right from the very first pay run of the year sets everything else up correctly.

💙 Winner + Co — We manage STP for our payroll clients. Get in touch.

🕯️ Time to bust some bookkeeping myths we hear from small business owners all the time.❌ MYTH: "I only need a bookkeeper...
25/07/2026

🕯️ Time to bust some bookkeeping myths we hear from small business owners all the time.

❌ MYTH: "I only need a bookkeeper at tax time."
✅ REALITY: Leaving your books until tax time means 12 months of transactions to sort through — often under time pressure. Errors are more likely, deductions get missed, and your accountant charges more to fix the mess. Monthly bookkeeping prevents all of that.

❌ MYTH: "My accountant does my books."
✅ REALITY: Your accountant works with the records you provide. If those records are incomplete or inaccurate, they spend their time cleaning up data instead of providing strategic advice. A bookkeeper keeps your records clean and ready.

❌ MYTH: "I'm too small to need a bookkeeper."
✅ REALITY: The ATO doesn't offer exemptions for small businesses. You still need to lodge BAS, manage PAYG, pay super on every payday, keep records for 5 years, and stay compliant. The smaller your team, the less time you have to do all of this properly.

❌ MYTH: "Cloud software does it all automatically."
✅ REALITY: Software is a tool, not a solution. It needs correct setup, correct categorisation, and regular reconciliation to produce accurate results. Garbage in, garbage out.

We'd love to help you start the new financial year on the right foot.

💙 Winner + Co — Reach out anytime.

🧾 Here's something that trips up a lot of small business owners — not all invoices are valid tax invoices for GST purpos...
23/07/2026

🧾 Here's something that trips up a lot of small business owners — not all invoices are valid tax invoices for GST purposes.

If you're registered for GST and you want to claim a GST credit on a purchase, you need a valid tax invoice. A standard receipt often isn't enough. The ATO can deny your GST credit claim if the document doesn't meet the requirements.

For purchases over $82.50 including GST, a valid tax invoice must include:

📌 The words "Tax Invoice" — clearly shown on the document
📌 The seller's name and ABN
📌 The date the invoice was issued
📌 A description of the goods or services supplied
📌 The GST amount — either shown separately, or a statement that the price includes GST
📌 The total price of the sale

For invoices of $1,000 or more, you also need:
📌 The buyer's name and ABN (or address)

Every tax invoice you send to your own customers needs these details too — otherwise they can't claim their GST credits, which affects your professional reputation and client relationships.

For purchases under $82.50 including GST, a simpler receipt is generally acceptable.

Missing invoices and invalid documents are one of the most common reasons BAS claims get rejected or reduced.

💙 Winner + Co — We check this so you don't have to.

🏦 Bank reconciliation. It's a term you might have heard your bookkeeper mention — but what does it actually mean, and wh...
21/07/2026

🏦 Bank reconciliation. It's a term you might have heard your bookkeeper mention — but what does it actually mean, and why does it matter so much?

In simple terms, bank reconciliation is the process of making sure the transactions in your accounting software match exactly what's in your actual bank account. It's done regularly — ideally monthly — and it's one of the most important things a bookkeeper does for your business.

Here's why it matters:

✅ It catches errors — a supplier charged you twice, a payment didn't go through, a transaction was miscategorised. Reconciling finds these things before they become problems.

✅ It prevents fraud — unusual or unexpected transactions show up during reconciliation. If someone's been making unauthorised payments, this is where you find out.

✅ It makes your BAS accurate — the figures you report on your Business Activity Statement need to be correct. If your books don't match your bank, your BAS won't be right either.

✅ It tells you your real financial position — not just what the software shows, but what's actually happening with your money.

✅ It's required — the ATO may request records that show your transactions match what was reported. Reconciled books are compliant books.

At Winner + Co, reconciling our clients' accounts is a core part of what we do every single month. It's the foundation everything else sits on.

💙 Is your reconciliation up to date? Drop us a message anytime.

📊 Cash vs Accrual accounting — it's one of those terms that gets thrown around a lot, but what does it actually mean for...
19/07/2026

📊 Cash vs Accrual accounting — it's one of those terms that gets thrown around a lot, but what does it actually mean for your small business?

The difference comes down to timing: when do you record income and expenses in your books?

💙 CASH BASIS
You record income when you actually receive the money, and expenses when you actually pay them. Simple and easy to align with your bank account.

Best for: sole traders and small businesses with straightforward cash flow. Most small businesses with turnover under $10 million are eligible to use cash basis accounting for GST.

💙 ACCRUAL BASIS
You record income when you issue an invoice (even if unpaid) and expenses when you receive a bill (even if unpaid). This gives a more complete picture of your financial position.

Best for: businesses with significant outstanding invoices or debts, or those required to use accrual for compliance reasons.

Why does it matter? Your accounting method affects:
📌 When you report GST on your BAS
📌 When income is recognised for tax purposes
📌 How your profit and loss statement looks month to month
📌 Your understanding of actual cash flow vs profit

Not sure which method is right for your business? Let's have that conversation.

💙 Winner + Co — here to make the complex simple.

💡 Let's talk about GST — because understanding it properly saves you money and keeps you out of trouble.GST stands for G...
17/07/2026

💡 Let's talk about GST — because understanding it properly saves you money and keeps you out of trouble.

GST stands for Goods and Services Tax. It's a 10% tax added to most goods and services sold in Australia. But here's the key thing many business owners lose sight of: the GST you collect from your customers is never your money. You're holding it on behalf of the ATO until it's time to pay it through your BAS.

Here's how it works in plain English:

📌 You must register for GST once your business turnover reaches $75,000 in any 12-month period ($150,000 for not-for-profits). Some businesses register voluntarily before that.

📌 Once registered, you add 10% GST to your taxable sales and collect it from your customers.

📌 You can also claim GST credits (called input tax credits) on GST you've paid on eligible business purchases — but only if you have a valid tax invoice.

📌 The difference between the GST you've collected and the credits you've claimed is what you report and pay (or receive as a refund) on your BAS.

📌 Not everything attracts GST. Some things are GST-free — fresh food, certain medical services, and exports, for example.

The most common mistake? Treating the GST portion of your income as money you can spend. Set it aside from every sale — it was never yours to begin with.

💙 Winner + Co — Bookkeeping Services

📚 "What exactly does a bookkeeper do?"We get asked this more than you might think — so let us answer it properly.A bookk...
15/07/2026

📚 "What exactly does a bookkeeper do?"

We get asked this more than you might think — so let us answer it properly.

A bookkeeper is responsible for the day-to-day financial record-keeping of your business. Here's what that looks like in practice:

📌 Recording and categorising every transaction — sales, purchases, bank deposits, expenses — so your accounts tell an accurate story.

📌 Reconciling your bank accounts, usually monthly, to make sure your records match your actual bank statements. This catches errors and keeps your BAS figures accurate.

📌 Preparing and lodging your Business Activity Statement (BAS). As registered BAS agents, we're authorised to do this on your behalf — and we can access extended lodgement deadlines through the ATO's agent program.

📌 Managing payroll — making sure employees are paid correctly, PAYG withholding is calculated accurately, and super is paid on time with every payday under Payday Super.

📌 Keeping your records in order so that when tax time comes, your accountant can do their job quickly, accurately, and without having to untangle months of messy data.

📌 Translating the jargon — BAS, PAYG, STP, TPAR, GIC, QE — into plain English so you actually understand what's happening in your business.

A good bookkeeper isn't just a data entry person. We're your financial foundation.

💙 Winner + Co — Reach out if you'd like to chat about how we can support your business.

🤝 One of the most common — and costly — mistakes we see small business owners make is misclassifying workers as contract...
13/07/2026

🤝 One of the most common — and costly — mistakes we see small business owners make is misclassifying workers as contractors when they're actually employees.

The ATO takes this seriously. If the ATO determines you've been treating an employee as a contractor, you could be liable for unpaid super, unpaid PAYG withholding, penalties, and interest. And remember — ATO interest is no longer tax-deductible.

Here's a simple way to think about the difference:

👷 EMPLOYEES:
→ Work regular hours set by you
→ You direct how, where, and when they work
→ You must withhold PAYG from their pay
→ You must pay 12% super on qualifying earnings
→ You report via Single Touch Payroll (STP)
→ They may be entitled to leave

🛠 CONTRACTORS:
→ Set their own hours and methods
→ Use their own tools and equipment
→ Are free to work for others simultaneously
→ Invoice you for their services
→ Generally manage their own tax and super
→ You may need to lodge a TPAR if you're in a relevant industry

The label "contractor" doesn't determine legal status. It's the nature of the working arrangement that counts.

If you're not 100% sure how to classify your workers, please reach out. Getting this right from the start of the financial year protects everyone.

💙 Winner + Co — We're here to help you get the foundations right.

Address

Mackay, QLD
4740

Telephone

+61417768800

Website

Alerts

Be the first to know and let us send you an email when Winner + Co Bookkeeping Services posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Winner + Co Bookkeeping Services:

Shortcuts

Featured

Share

Category