Specialising in Small Businesses and Community Organisations
At Walsh Accounting, it's not just a numbers game – it's about people. If you're in business, we want to be in business with you. Our success is seeing you succeed. If you have a problem, we love finding solutions. We take the time to build strong relationships with you from the very beginning and really understand your needs.
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Walsh Accounting understands the importance of establishing a strong future for your family and community. With over 40 years of experience working together as a family, we know what it takes to start, grow and manage a family business. We love being part of our clients' business - sharing the workload and being a part of your success.
We have been solving client problems since 1980
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Our team can assist your community organisation with their financial reporting and auditing needs.
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Walsh Accounting Blog
Artificial Intelligence (AI). The Good, The Bad and The Ugly. There was a little girl, Who had a little curl, Right in the middle of her forehead. When she was good, She was very, very good, But when she was bad she was horrid. In no way am I inferring that AI is a girl, but otherwise the cap fits. if you define AI as information produced by a machine, it has been around for decades. The Ugly Between 2000 and 2015, the UK Post Office wrongfully prosecuted more than 700 sub-postmasters and postmistresses for theft, false accounting or fraud. Many of the accused were financially ruined, wrongfully imprisoned, lost their homes and reputations and suffered mental health issues. Some committed suicide. They were innocent. A flawed accounting system was incorrectly reporting shortfalls in takings. The UK Post Office believed the system and not the victims. To this day many of the victims have not been compensated. The full story is heart-breaking. Do yourself a favour and research it, or you might be able to find a four-part 2024 ITV drama titled “Mr Bates vs the Post Office”. Was AI or IT the problem? No. The software was flawed, but humans were the problem. This is the most horrific example you will ever find of how not to use AI. In Australia, you might remember the Robodebt Scheme, which the Royal Commission condemned as “crude and cruel” and “neither fair nor legal.” The Bad Firstly, do not give AI any information you do not want to be in the public domain (or in the hands of the baddies). Secondly, AI does consume enormous amounts of electricity worldwide, although currently not as much as cryptocurrency. Thirdly, AI “hallucinates” which is the term used for getting it wrong. You need to verify. If you press the wrong buttons on a calculator you get the wrong answer. You own the problem. If you blindly believe AI, you own the problem. The Good When it is good it is very, very good. Try it. Choose your most difficult problem, one that might take days to research. Then ask AI. I can almost guarantee that it will provide you with an answer within four seconds. It is next level and then some. Of course, you must verify, but overall it is a massive time-saver. I do not think anybody knows the future of AI, but it will certainly change the nature of many jobs. I am hopeful that it will be for the common good because I cannot envision a time when humans will not be needed. When calculators first came on the scene, the general opinion was that this would cause problems because people would not know how to add up anymore. When computers arrived, there was fear that many jobs would be lost. Now everyone embraces calculators and computers as useful and in fact essential, and the number of jobs has proliferated. I am hopeful that it will be the same with AI. One thing is certain. Ignore AI and you will be left behind.
Rise in the minimum wage: the impact for your business On 3 June 2025, the Fair Work Commission’s Expert Panel announced the National Minimum Wage and award wages will increase by 3.5% from 1 July 2025. This wage increase follows on from the 2024-25 Annual Wage Review and its recommendations. This increase in basic pay is great news for Australian workers, especially with the country facing an ongoing cost-of-living crisis. But how will an increased wages burden affect your small business? What’s the new minimum wage? The 3.5% increase will mean that the National Minimum Wage will increase by: $0.85 to $24.95 per hour $32.10 to $948.00 per 38-hour week $1,669.20 to $49,296.00 per year. How will the wage increase impact your payroll costs? If your workforce includes a large percentage of employees that are currently on the minimum wage of $24.10, that jump of 85 cents per hour will put extra pressure on your cashflow. For example, if you’re currently employing 20 people on the minimum wage, and pay them every two weeks, the salary component of your payroll will jump from $36,636 to $37,920. That’s an extra $1,284 on your payroll bill every fortnight – and that’s before you factor in super contributions and other benefits. Talk to us about preparing for the wage increase If you’re concerned about the cashflow impact of an increase to the minimum wage, please do come and talk to the team.
Your BAS refunds are under scrutiny after ATO extends notification period The Australian Taxation Office (ATO) is now allowed additional time to notify taxpayers when their business activity statement (BAS) refunds are withheld for verification of information. From 1 April 2025, the notification period for the Commissioner has extended from 14 days to 30 days, allowing more time for ATO to assess high risk BASs and to align with the notification period for refunds arising from income tax returns. The Commissioner may retain a refund if it would be reasonable to require verification of information relating to the refund amount under s 8AAZLGA(3)(a) of the Tax Administration Act 1953. If the Commissioner does not notify the taxpayer that the refund is being retained before the end of 30 days (previously 14 days), the refund must be released to the taxpayer. Factors determining retention of refunds The factors the Commissioner considers in deciding whether to retain a refund are: the likely accuracy of the information — for example, unusually high or low claim amounts the likelihood that the information was affected by fraud, evasion or intentional disregard of a taxation law the impact of retaining the amount on the entity’s financial position — for example, solvency needs the complexity that would be involved in verifying the information, and whether the information provided by the taxpayer is consistent with information previously provided. Risk mitigation steps If you are lodging a BAS with a large refund, note that the refund may be delayed as the ATO may scrutinise that BAS and identify it as high risk. It is important in all cases to have the necessary records on file to justify the information in the BAS. Any legitimate refunds retained for over 14 days would result in the ATO paying interest to you (as is currently the case). If you have any queries in relation to this measure, please feel free to contact our office.
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