Can you believe that it is September already! It’s only 15 weeks until Christmas!
That means that it’s likely to be a busy next couple of months. As we head into the final quarter of 2025, it’s the perfect time to review your business and personal financial goals. With the holiday season fast approaching, many of our clients are focusing on getting things under control so that they’re managing their business and not the other way around. It’s kind of like a spring clean for your business.
We’ve started our scheduled September work and are closing out any remaining August work as well. If you don’t know which month you’re work is scheduled or you know of something come up that might mean you need your accounts earlier, please just get in touch with us.
What are you looking achieve between now and December? Connect with us on social and let us know what you’re looking to do. We’d love to hear about it.
Small Business Changes
There’s a number of things that we covered in the July newsletter that will really impact small business owners. Because of their importance we thought we’d rehash some of the key points.
If you didn’t see these ones before and you’d like to go through those please check out our previous blog which can be found here on the July Newsletter.
This covered topics like:
- Lodgement of the returns is as important as payment. If you don’t think you can lodge on time, you can always apply for a deferral – the request just has to be made *before* the due date.
- Changes to employment law – including the Right to Disconnect Laws among many other new laws.
- Superannuation Contribution Caps
You should have already lodged your annual workcover wages declaration – if you haven’t, then please be sure to get in touch with Workcover Queensland.
Quick Tip: Start collecting your July-September quarter receipts and documentation now – it makes the BAS lodgment process much smoother.
Karbon Client Portal
We have a big commitment to cyber security for our firm and for our clients so we’d like to tell you about big changes that have happened with Karbon.
We’ve used Karbon for a number of years and they’ve just released their new Client Portal.
This should make it easier to connect and collaborate in relation to work and communication. We’re rolling this out as the annual tax returns are scheduled, so keep an eye out for an invite for this when we prepare your year end returns. The invite will look like this:
If you’d like to see a video of Karbon in action, you can see it here on our Vimeo site: https://vimeo.com/880075247
Due Dates for September 2025
The due dates for the month of July are:
7 – Monthly Payroll Tax Lodgement (State Tax)
21 – Monthly Activity Statement Lodgements
Upcoming Next Month
7 October – Monthly Payroll Tax Lodgement (State Tax)
21 October – Monthly Activity Statement Lodgement
28 October – Superannuation Guarantee contributions for September 2025 Quarter to funds by this date. (Software submissions generally have a cut off around the 21/10/25)
Individual Tax Returns
We’ve changed our approach and now use a data collection form to gather all information related to the return. For security purposes you will need to register to use this, but once that is done you can save your progress and access any other relevant forms as well.
You will start with the Individual Tax Return Questionnaire and then depending upon your answers to questions about Rental Properties, Capital Gains Tax and Motor Vehicle costs you may have other Questionnaires to complete as well.
You can upload documents, ask questions and make comments. We use all of this information to streamline the preparation of your year end return.
You can register to access here: https://forms.thebeegroup.com.au/registration
SMSF Asset Valuations – Why They Matter …
Every year, we need to value the assets in your self-managed super fund. While this might seem like just another compliance task, it’s actually a crucial part of managing your retirement savings effectively.
The ATO outlines the reasoning for why this is needed as “It is expected that the investment decisions you make are designed to protect and increase member benefits for retirement. Therefore, you should know the value of the assets in your fund to ensure this occurs.” The ATO Guidelines can be found here: Link to the ATO Guidelines for Valuation of SMSF Assets
So, let’s break down why these valuations matter and what they mean for your fund.
The Purpose Behind Annual Valuations
Your SMSF is likely one of your most significant financial assets, and knowing its true value is essential for making informed decisions about your retirement. These valuations help ensure your fund is operating within the rules, paying the correct amount of tax, and providing accurate information about your retirement savings.
What Needs to Be Valued
All assets in your fund need current market valuations. This includes properties, shares, term deposits, and any other investments your fund holds. For some assets like listed shares, the valuation is straightforward using market prices. For others, like property or unusual investments, we might need additional documentation or professional valuations.
Why the Tax Office Takes This Seriously
The ATO requires these valuations because they affect several important aspects of your fund. They impact how much tax your fund pays, ensure pension payments are calculated correctly, and help verify that contribution caps aren’t exceeded. They’re also crucial when members join or leave the fund, or when starting a pension.
Key Times When Valuations Are Critical
While annual valuations are mandatory, they become particularly important in certain situations. These include starting a pension, accepting new members, paying out benefits, or when members are planning their contributions. Having accurate valuations helps avoid problems down the track and ensures everyone in the fund is treated fairly.
Making the Process Manageable
You don’t always need expensive professional valuations. Often, we can use practical approaches like real estate appraisals, market listings, or recent sales of similar assets. The key is ensuring the valuations are reasonable and backed by reliable supporting evidence. This is outlined in the ATO Guidelines on valuation.
What We Need From You
To help manage this process, we just need you to keep us informed about any changes to your fund’s assets during the year. This includes new purchases, sales, or significant changes in asset conditions. The more information we have, the better we can ensure your valuations are accurate and compliant.
Looking After Your Retirement Savings
Remember, these valuations aren’t just about meeting obligations – they’re about protecting your retirement savings and ensuring your fund remains compliant. They help you make informed decisions about your retirement planning and ensure your fund continues to serve its purpose effectively.
If you have questions about how we value specific assets in your fund or need clarification about the valuation process, please reach out to us. We’re here to help make managing your SMSF as straightforward as possible.
Service M8 Tips
ServiceM8 is a trades and services software that a lot of our clients use. For that reason, we have partnered with Koren of Clear Business Solutions to help you out. Here’s her tip of the month:
If your ServiceM8 Pay isn’t set up correctly, it can cause a real headache when payments sync to Xero. Here’s a few signs that something might not be quite right:
• Duplicate payments showing up
• A clearing account balance that keeps growing
The first thing to check is your Invoicing Preferences. You can access that from the Online Dashboard, clicking on ‘Settings’, selecting ‘Preferences’ and then choosing ‘Invoicing’ from the list. Here’s some of the key ones to look at:
Bank Account for Payouts → set to the correct revenue account
Expense Account for Transaction Fees → set to your merchant fee/Stripe fees account
Default Income Account Code for Deposits → set to a Pre-Payments account in Xero if you take online payments
A few small tweaks here can save you hours of frustration later.
If you need a hand getting your ServiceM8 Pay or other account settings right then call Koren on 0432 157 794 or get in touch with her via her website at Clear Business Solutions.
What’s happening here at the Bee Group?
Sophie is getting MARRIED! If you call in to chat please be sure to say congratulations. She hasn’t been with us long but she’s definately making her mark. If you’ve called in then you’ve most likely spoken with her.
Wanting more?
Many successful business owners face a common frustration—their businesses bring in good money, yet they have little personal wealth to show for it. This gap doesn’t close by working longer hours or pushing harder.
The solution comes from deliberately channeling business profits into personal wealth-building strategies that work even when you don’t.
We have lots of free resources! Check them out by clicking here.
Thanks for reading.
As always, please reach out to us if you have any questions or queries. We look forward to hearing from you.
Have a fabulous September!
Sheree & the Team at Bee Group Accountants
We have been working hard at improving our systems and building up our team. This means that we are now able to start accepting new clients. If you have someone that you know who is looking for an accountant – please ask them to get in contact with our office via phone, email or through our website.
If there is anything that you think we can improve on too, please be sure to let us know. We are working hard to improve your experience in working with us as well!
We truly appreciate the opportunity to help and welcome any recommendations.
Closing Quote:
“The secret of change is to focus all of your energy not on fighting the old but on building the new” – Socrates
