Flawless Figures Bookkeeping

COSBOA Small Business Perspectives Report 2026

Thu, 17 Sep 2026 06:04:00 GMT

COSBOA Small Business Perspectives Report 2026

Challenges Facing Regional Small Business

The COSBOA Small Business Perspectives Report 2026 has been released, providing a detailed snapshot of the issues affecting regional, rural and remote small businesses across Australia. Drawing on responses from 572 businesses, the report examines the challenges shaping business confidence, profitability and future growth. While the research focuses on regional Australia, many of the findings will resonate with small business owners across the country and the Bookkeepers who support them.

Reports such as this are important because they help small business concerns be heard in conversations with government. Many business owners experience these pressures in isolation, but when hundreds of businesses report similar challenges, the evidence becomes harder to overlook. By documenting the experiences of regional small businesses, COSBOA is helping ensure policy decisions are informed by the realities of running and sustaining a small business.

The Cost of Doing Business

The report paints a picture of businesses continuing to operate under significant pressure. Almost nine in ten regional small businesses reported higher operating costs during the past year, while nearly three-quarters said profitability had declined. Business confidence also remains subdued, with only 18% expecting profits to improve over the next 12 months.

While rising costs remain the most immediate concern, the report makes it clear that the pressures facing regional businesses extend well beyond day-to-day expenses. Workforce shortages continue to limit business growth, with many employers struggling to attract and retain skilled staff.

Housing availability has become a business issue as well as a community issue, making it more difficult for businesses to recruit employees willing to relocate. Fuel costs, rising insurance premiums, access to healthcare and childcare, unreliable digital connectivity and an increasing compliance burden all add to the challenges of operating a business outside metropolitan areas.

The report also identifies the growing regulatory and compliance burden as a significant concern for small businesses. Business owners reported that keeping up with changing regulations and meeting compliance obligations requires considerable time and resources, reducing their capacity to focus on running and growing their businesses.

The findings reinforce that supporting small business requires more than addressing individual costs. It also requires practical policies that recognise the broader operating environment in which businesses are working, including the combined effect of cost pressures, workforce shortages, service gaps and compliance obligations.

The Human Impact

While the report examines the financial and operational pressures facing regional businesses, it also recognises the impact these challenges have on business owners themselves. More than three-quarters of respondents reported experiencing stress or anxiety related to their business during the previous 12 months, with many also reporting burnout, disrupted sleep and difficulty switching off from work.

These findings highlight the personal toll that prolonged financial uncertainty and ongoing operational pressures can have on small business owners. They also reinforce the importance of seeking support early, before stress and business pressures become harder to manage.

Resilience Under Pressure

Despite the significant challenges identified throughout the report, the outlook is not entirely pessimistic. The COSBOA Small Business Perspectives Report 2026 also highlights the resilience of regional small businesses and their determination to adapt to changing conditions rather than stand still.

Many businesses reported introducing more flexible working arrangements to attract and retain staff, increasing wages where possible to remain competitive, reviewing energy providers, investing in energy efficiency and exploring new opportunities through service diversification, domestic tourism and the selective adoption of AI. These responses show that small business owners are continuing to make practical decisions to protect their businesses and adapt to changing conditions, even while economic pressure remains high.

Importantly, the report cautions that resilience should not be mistaken for a solution. As COSBOA CEO Skye Cappuccio notes in the foreword, “resilience is not a policy setting.” Resilience and determination have helped many small businesses navigate difficult conditions, but they should not be expected to overcome every challenge alone. The report argues that practical policy reforms are needed to reduce unnecessary barriers and create an environment where small businesses can employ local people, invest with confidence and continue supporting the communities they serve.

Supporting Small Business Across Australia

The COSBOA Small Business Perspectives Report 2026 is more than a collection of statistics. It gives COSBOA credible evidence to advocate for the practical policy reforms small businesses need, while also giving business owners a useful prompt to review the pressures affecting their own operations. This may include checking whether pricing still reflects current costs, reviewing supplier and insurance arrangements, assessing staffing risks, monitoring cash flow closely and seeking advice before pressure builds. Reliable business records and regular conversations with your Bookkeeper can also help identify issues early and support better decisions about what needs attention now and what can be planned for over time.

Changes to Default Super Funds in Awards

Mon, 30 Mar 2026 03:05:00 GMT

The Fair Work Commission has updated 125 modern awards to reflect changes in the superannuation industry.

Over time, some awards have included super funds that have merged, closed, or changed names. This created inconsistencies between the award wording and the funds that actually operate today.

This review was carried out to ensure the default fund lists in awards remain accurate and up to date.

Old fund names were removed: Some default funds listed in awards no longer exist in their original form. These names have now been removed.

Current fund names were added: Awards now list the correct, active super funds that employees can be paid into if they do not nominate their own.

The default fund lists are now consistent: This helps reduce confusion for payroll teams and employers when setting up new employees.

No change to super obligations: There has been no change to Super Guarantee rates, employer obligations, or payment timing. This update only affects fund names.

Nothing else in the superannuation clauses of awards was altered as part of this process.

For most businesses, this change will not affect how super is calculated or paid. It simply means the default super fund listed in some awards may now appear under an updated or different name.

If an employee does not choose their own fund, the employer must still use the default fund listed in the relevant award. Because some fund names have been updated, it is a good time to check that your onboarding documents, employment contracts, and payroll software reflect the current fund names used in the award.

Your bookkeeper can help review payroll settings, confirm that the correct award default fund is being used, and ensure any outdated fund names are updated in your records. This helps avoid confusion when setting up new employees and ensures super contributions are directed to the correct, active fund.

Source: Changes to default super funds in awards – Fair Work Ombudsman

The post Changes to Default Super Funds in Awards appeared first on Flawless Figures Bookkeeping .

Award Super Funds Updated

What Has Changed

What This Means for Business Owners

Instant Asset Write-off – Now Law 2026

Fri, 27 Feb 2026 07:01:00 GMT

The $20,000 instant asset write-off is now law. Small businesses with an annual turnover of less than $10 million can immediately deduct the business portion of eligible assets that cost under $20,000.

Assets can be new or second-hand. They must be first used or installed, and ready for business use, between 1st July 2025 and 30th June 2026 .

The $20,000 threshold applies per asset, so you can claim multiple assets if each one is below the limit.

Normal deduction rules still apply, and you’ll need records to support your claim.

For more information visit, Instant asset write-off for eligible businesses | Australian Taxation Office

The instant asset write-off allows an immediate deduction of the full cost of eligible assets, rather than depreciating them over several years. Businesses can write off multiple assets, provided each asset is under the $20,000 threshold.

The deduction applies only to the portion of the asset used for business purposes, and proper records must be maintained to substantiate the purchase and business use. This write-off provides immediate tax relief and can help reduce taxable income for eligible businesses.

Your Bookkeeper keeps track of asset purchases and installations so they are recorded correctly, with the right dates and amounts.

In most cases, assets should be coded to a fixed asset account, even if they cost less than $20,000. The instant asset write-off is a tax decision made by your accountant, not a bookkeeping one. Your bookkeeper may follow written instructions from your accountant about how specific purchases should be treated during the year.

At the end of the financial year, your bookkeeper will flag all relevant asset purchases for your accountant so that any eligible deductions can be assessed and applied correctly in your tax return.

Source: ATO – Instant asset write-off for eligible businesses (QC61417)

$20,000 Instant Asset Write-off For 2025–26

What is Instant Asset Write-off

The Role of Your Bookkeeper

Compliance Activity is Stepping Up | Flawless Figures Bookkeeping

Tue, 27 Jan 2026 22:44:00 GMT

Operation Topaz has drawn fresh attention to how closely compliance activity is being carried out across regional and seasonal industries. The coordinated effort, led by the Australian Taxation Office, the Fair Work Ombudsman and Home Affairs immigration compliance officers, focused on labour hire and agriculture businesses in the Gatton region of Queensland.

The operation brought together checks on payroll accuracy, tax reporting, employee records and work-rights obligations. While many businesses were able to demonstrate compliant practices, others faced significant liabilities, back payments and penalties. Some matters remain under review.

The combined findings point to familiar pressure points that often appear when systems haven’t kept up with growth or seasonal demands. Issues included:

Incorrect or outdated pay rates.
Unpaid overtime and public holiday rates.
Payslips missing required details or not issued on time.
Employee records incomplete or poorly maintained.
Super and tax errors that resulted in large liabilities.
Workers starting before proper work-rights checks were completed.

Even though agriculture and labour hire were the focus this time, these issues can arise in any business using casual, temporary or high-turnover staff.

Operation Topaz is part of a wider shift. Agencies are working together more frequently, and their combined reviews are identifying gaps in payroll, record-keeping, and tax compliance much faster than before.

This confirms what many small business owners have already seen over the last year:

Compliance expectations are rising.
Errors that used to go unnoticed are now being flagged quickly.
Good systems are the strongest protection for both the business and its workers.

Businesses that are organised and consistent tend to move through reviews smoothly. Those with missing or outdated processes face extra work, financial impact and longer follow-ups.

Operation Topaz is a timely reminder to check the basics:

Are pay classifications correct for every worker?
Are payslips complete and provided on time?
Are employee records up to date and easy to access?
Is super paid correctly and within required timeframes?
Are work-rights checks completed before hiring?

These basics make a measurable difference. When a compliance review occurs, strong records and clear processes usually mean less disruption and faster resolution.

Bookkeepers sit at the centre of this picture. They see the payroll changes, the staffing updates, and the patterns that can signal when something isn’t aligning. Their work helps prevent the exact problems Operation Topaz revealed.

By keeping systems accurate and guiding clients when issues arise, bookkeepers help businesses avoid stress, back payments, and unnecessary penalties. The findings from Operation Topaz reinforce just how valuable that oversight is.

Operation Topaz isn’t expected to be the last joint operation of its kind. Similar work is already happening in other regions and industries. For many businesses, the message is simple: now is a good time to review your payroll, records and processes.

Compliance activity is increasing, but businesses with good systems are in a strong position. With the support of skilled bookkeepers, issues can be identified early and corrected long before they become a problem.

Source: Operation Topaz raises $25 million in liabilities in Gatton region – Fair Work Ombudsman

The lessons from Operation Topaz show how much hinges on getting things right from the very beginning of employment. Most payroll and compliance problems start early, often because key documents weren’t collected, pay classifications weren’t confirmed, or records weren’t set up properly. When employers follow a clear process at the point of hiring, everything that follows is easier to maintain and far less likely to be challenged in a review.

Before a new employee starts, employers need to make sure the core requirements are in place. This includes issuing the correct documents, confirming the award or contract, collecting the necessary payroll and super details, and maintaining records that meet Fair Work and ATO standards. These early steps form the foundation of compliant employment and support accurate payroll over the long term.

In simple terms, employers need to:

Provide the required onboarding documents, including the TFN declaration, Super Choice form and Fair Work Information Statement.

Confirm the correct award, classification, pay rate and entitlements for the role.
Collect all essential employee details so payroll, tax and super can be set up correctly.
Put employment agreements, job descriptions and workplace policies in place.
Keep records that meet legal obligations and can be produced quickly if asked.

These are the essentials that protect a business from the common issues highlighted in Operation Topaz. Employers need to confirm pay classifications for every worker, issue complete payslips on time, and keep employee records accurate and easy to access.

Super must be calculated correctly and paid within the required timeframes, noting that Payday Super begins on 1st July 2026. Before hiring, employers should also complete a work-rights check and retain the record with the employee’s onboarding documents. With these steps in place, employers and bookkeepers can work with more confidence, knowing the foundations are solid.

As an employer, if you have any questions or uncertainties about what Operation Topaz means for you, why not discuss this with your Bookkeeper at the next opportunity that presents.

Operation Topaz: Joint Compliance Operations

A Closer Look at What Was Uncovered

Why This Matters

What Business Owners Can Take From This

The Role Your Bookkeeper Plays

What’s Ahead

Strengthening Your Foundations: A Practical Guide for Bringing New Staff Onboard

New Year, Clear Goals: Set Your Business Up for a Prosperous 2026

Wed, 24 Dec 2025 01:43:00 GMT

A new year always brings a fresh sense of possibility, a chance to reset, refocus, and do business with a little more clarity and confidence.

As business owners, it’s easy to roll straight into January without stopping to plan. But taking a short pause now to set some clear goals can make all the difference to how 2026 feels, not just financially, but mentally too.

At Flawless Figures Bookkeeping, we see it all the time: stress often comes from uncertainty, not from lack of effort. When your goals are clear and your numbers are under control, decisions become easier and business feels lighter.

That’s what we mean by:
Alleviate the stress with flawless bookkeeping.

You don’t need a complicated business plan or lofty resolutions. Prosperity is built from a few simple, intentional goals that focus on what really matters.

We recommend thinking about your goals in three key areas:

These aren’t just about making more money, they’re about feeling in control.

Improving cash flow
Increasing profit (not just revenue)
Paying yourself consistently

Ask yourself:
If I could change one thing about my business finances this year, what would it be?

Your time is valuable and often stretched.

Less time on admin
Better systems and automation
Outsource tasks that don’t need to be done by you
More time for family, rest, or growth

Ask yourself:
What’s one task I don’t want to be doing this time next year?

Happy New Year!

Prosperity Starts with Clarity

Financial Goals

Time & Efficiency Goals

Confidence & Growth Goals

These are the goals that change how business feels.

Feeling calm instead of reactive
Making decisions using real numbers
Growing sustainably
Sleeping better knowing things are under control

Ask yourself:
What would a “good year” actually look like by the end of 2026?

When your numbers are in order and your plans are set, everything just clicks. And if you ever need a hand along the way, we’ve got you covered.

Here’s to a calm, confident and prosperous 2026!
Alleviate the stress with flawless bookkeeping.