Sunshine Coast Region, Queensland
Business Accountant in Coolum Beach
GST counted when the money moves, and a BAS with three labels
Bookkeeping, BAS and business tax for Coolum Beach cafes, restaurants and retailers, from a CPA practice.
Coolum Beach sits in Divisions 8 and 9 of the Sunshine Coast Region, under Mount Coolum, whose shape gave the suburb its name. Cafes and Restaurants was the second largest industry of employment for its residents in the 2021 Census, with 155 residents working in it, behind only hospitals. For a cafe or a shop, the GST method and the way stock is counted decide how much paperwork each quarter brings.
Trading under Mount Coolum
The suburb's working life in the 2021 Census.
The suburb had 9,152 residents in 2021. After hospitals and cafes, the next industries of employment were Primary Education, Aged Care Residential Services and Other Social Assistance Services. In 2002, Coolum hosted the Commonwealth Heads of Government Meeting after it was moved from Brisbane following the September 11 attacks.
Three choices that shape the BAS
Cash or accrual GST
Why it happens
A cafe sells for cash and card every day but pays suppliers on 14 or 30 day terms, so sales and bills land in different periods.
Why it matters
A small business entity, one with aggregated turnover under $10 million, can account for GST on a cash basis. GST is then reported on the BAS for the period in which the business actually receives or makes the payment, not when the invoice is issued.
How we help
Reliable books make better decisions possible. Our work is methodical and designed to reduce rework and correspondence.
Simpler BAS
Why it happens
A business with a small turnover still fills in a quarterly activity statement.
Why it matters
Simpler BAS is the default for small businesses with GST turnover under $10 million. Only three GST labels are reported: G1 Total sales, 1A GST on sales and 1B GST on purchases. Using the cash method doesn't change eligibility.
How we help
With the routine handled, you can focus on running the business with current and dependable numbers.
Counting stock
Why it happens
A cafe or shop holds coffee, packaging, food or retail stock that turns over every week.
Why it matters
Under the simplified trading stock rules, a business with aggregated turnover under $50 million that reasonably estimates its stock value changed by $5,000 or less in the year doesn't need a formal stocktake, and enters closing stock at the opening value. If the change is more than $5,000, the general rules apply.
How we help
We help business owners gain clarity, confidence, and control over their finances so they can make smarter decisions and focus on growth. Make a reasonable estimate of the stock on hand at 30 June and keep a note of how you made it.
Frequently asked questions
Can my Coolum Beach cafe report GST on a cash basis?
Yes, if it is a small business entity with aggregated turnover under $10 million. GST is then reported when payments are received and made.
What is Simpler BAS?
The default BAS for businesses with GST turnover under $10 million, where only G1, 1A and 1B are reported for GST.
Do I need to do a stocktake every year?
Not if you reasonably estimate the value of your stock changed by $5,000 or less over the year. You can still choose to do one, and then you include the change.
Where to next
Main page
Business accountant on the Sunshine Coast
Nearby areas
- Business accountant in Peregian Beach
- Business accountant in Noosa Heads
- Business accountant in Maroochydore
Related services
Get in touch
Have a question?
Simplify the quarter
Local expertise, tailored accounting solutions.
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