VES Insights, your go-to newsletter for the latest in bookkeeping, automation, AI, Xero tips, and essential ATO updates to keep you informed and on track. From simplifying your bookkeeping to harnessing the power of automation and AI, our newsletter is packed with valuable tools and reminders to help you stay ahead.
Understanding GST, PAYG Withholding (PAYGW), and PAYG Instalments (PAYGI) on the BAS
GST, PAYG Withholding, and PAYG Instalments are key parts of your BAS, tracking the tax your business collects, withholds, and prepays. From GST on sales and expenses to employee tax and quarterly instalments, staying on top of these ensures smooth cash flow and avoids last-minute stress.
Avoid the ATO Crackdown on GST Fraud
The ATO is tightening its grip on fraudulent GST claims, and businesses caught in non-compliance are facing serious consequences—including hefty fines and prison time. In a recent case, a businessman and tax accountant were both sentenced to over five years in prison for a $4 million GST fraud scheme.
Big Changes Ahead for Buy Now, Pay Later (BNPL) Services
From 10 June 2025, BNPL providers must comply with stricter regulations, including licensing, responsible lending obligations, and consumer protection standards. These changes aim to enhance transparency and financial security for consumers but may impact approval rates, marketing strategies, and payment options for businesses.
Disclaimer: This newsletter is intended to provide general guidance and is not specific advice. We encourage you to seek tailored advice for your circumstances.
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