Sunshine Coast Region, Queensland
Business Accountant in Buderim
A business changing hands, and a payroll year closed on time
GST, payroll compliance and business tax for Buderim business owners, from setup to succession.
Buderim's mountain has a long working history: Tom Petrie's party cut the first cedar there in 1862. Joseph Dixon built his own sugar mill around 1876, by 1911 Buderim was the largest coffee-growing area in Queensland, and a ginger factory that opened in 1942 grew into the largest of its kind in the Southern Hemisphere before moving near Yandina in 1980. The 2021 Census counted 31,430 people in the suburb, with a median age of 46.
The mountain town
Buderim in brief.
The town sits on a mountain about 180 metres high, 7 km south-west of Maroochydore. Its name is an Aboriginal word for honeysuckle or red soil, or may come from the Yugambeh budherahm, meaning sacred or spiritual. The post office opened on 1 June 1884, and Pioneer Cottage, Buderim House and the Palmwoods-Buderim Tramway are heritage-listed. Kinetic Sunshine Coast runs a bus transfer station at Buderim Market Place.
Buying, selling and closing the year: three questions
Selling the business as a going concern
Why it happens
An owner sells a cafe, shop, practice or service business with its equipment, stock, staff and premises arrangements.
Why it matters
The sale of a going concern is GST-free if it is for consideration, the buyer is registered or required to be registered for GST, and buyer and seller agree in writing before the sale that it is a going concern. The seller must carry on the business until the day of sale and hand over everything necessary for it to keep operating.
How we help
Once a direction is chosen, we handle the steps to implement it properly. Have the going concern clause in the contract before it is signed.
When the paperwork isn't enough
Why it happens
A sale is called a going concern in the contract, but the business has stopped trading, a key asset is held back, or the buyer isn't registered for GST.
Why it matters
If the sale isn't actually of a going concern, a written agreement doesn't make it GST-free, and GST applies to the price.
How we help
Confirm the buyer's GST registration on the ABN Lookup before settlement.
Finalising Single Touch Payroll
Why it happens
At the end of each financial year, an employer's payroll records for the year have to be closed off with the ATO.
Why it matters
Employers make a finalisation declaration through Single Touch Payroll by 14 July each year, after which each employee's income statement shows as tax ready. Where an employer also has closely held payees, their deadline is 30 September. If you change payroll software, finalise first.
How we help
Partnership approach: We see ourselves as part of your team, supporting you with proactive advice and clear communication every step of the way.
Frequently asked questions
Is the sale of my Buderim business GST-free?
It can be, as a going concern: the buyer must be registered for GST, you must agree in writing before the sale that it is a going concern, and you must keep trading until the day of sale and hand over everything needed to run it.
What does the contract need to say?
That the supply is of a going concern, agreed in writing by both parties before the sale.
When is the STP finalisation due?
By 14 July for arm's length employees. For closely held payees, where you also have arm's length staff, by 30 September.
Where to next
Have a question?
Before the contract is signed
Lomandra Accounting is a CPA Practice.
Lomandra Accounting is a CPA Practice, registered with the Tax Practitioners Board and an SMSF Specialist. Emma, the Director, is a Certified Practicing Accountant (CPA) with extensive experience in commercial business management, and specialises in Self-Managed Super Funds (SMSFs).
- 07 5234 9201
- admin@lomandraa.com.au
- Sunshine Coast, QLD
- Monday to Friday, 9am to 4:30pm