Business Tax & Accounting
Let us handle all of your business tax and accounting so you can get back to doing what you do best.
Business tax returns
Grow your business faster by minimising your tax and maximising your return.
Why do you need a business accountant?
One of the biggest mistakes businesses typically make is attempting to try do their own accounting. Although you might want to keep close control of every aspect of your business, doing your own accounting carries a high level of risk. Filing tax returns for your business can be challenging. There are many different taxes, deductions, and allowances, meaning it is easy to make mistakes and be penalised by the ATO. You can avoid these issues, however, by ensuring your business tax returns are completed by a professional business accountant.
How can we help with your business tax returns?
Whether your business is set up as a sole trader, partnership, company or trust, we can help you to grow faster by minimising your tax and maximising your business tax returns. With a lifetime of business tax and accounting experience in Melbourne, and up to date expertise and knowledge, we can make sure that you claim and receive all of the tax deductions, allowances and concessions your business is entitled to, thereby maximising your tax return. Get in touch with us today to talk about how we can help with your business tax returns.
Set up your business structure and register your business.
Business structure and registrations
When you are first registering your business, the business structure you choose will have implications for your taxation, accounting and bookkeeping practices. Thinking about how your business will be set up prior to registration, and choosing the correct structure by planning ahead, will make managing your business a lot easier. Whether you choose a sole trader, partnership, company or trust business structure, business registrations can be complicated, and there is a lot to think about when registering your business with ASIC, the ATO and other government agencies. For this reason, it is always best to work with a professional business accountant who will do this for you.
How can we help with business registrations?
Prior to registration, we take some time to get to know both you and your business, your goals and future vision. We then use this information to advise you on the optimal business structure for your short and long term business requirements. Getting this right will impact how you do your business tax, accounting and bookkeeping, the deductions, allowances and concessions your business is entitled to, and the types of tax reporting your business is required to undertake. We then go through the entire registration process for you, which includes registering your business name, TFN, ABN, GST, PAYG, FTC and WorkCover.
Business tax reporting
Let us take care of all your ongoing and annual business reporting.
What are your business tax reporting requirements?
Regardless of your business structure or size, every registered business in Victoria must adhere to a strict set of reporting and compliance requirements. This involves both ongoing and annual reporting to the ATO, ASIC, and several other government agencies.
As a business, it can be challenging to stay on top of all of these reporting requirements yourself, and with stringent deadlines imposed on submitting reports, it is easy to fall behind and be penalised for late submission. With lots happening, it is also very easy to make mistakes in your bookkeeping, resulting in missed deductions, allowances and concessions, or even worse, mistakes than can result in fines imposed by various government agencies.
To ensure you stay on top of all of your business reporting, you need a professional business accountant to complete your ongoing quarterly and annual business tax reporting and compliance.
How can we help with your business reporting?
We offer a full suite of business tax reporting services so you can rest assured that both your interim (quarterly) and annual (end of financial year) reporting is always taken care of with the highest levels of accuracy, integrity and timeliness. Our range of business tax reporting services can be tailored to your need, and typically include:
- Business Activity Statement (BAS)
- Goods and Service Tax (GST)
- Wages (PAYG)
- Instalment Activity Statement (IAS)
- Taxable payment annual report for subcontractors (TPAR)
Business tax planning
Ensure that your business is always positioned for the best tax outcomes.
How does an accountant help you plan ahead?
As a business, achieving your goals is closely linked with how well you plan ahead. In term of your taxes, each new financial year comes with new taxes and levies, changes to current tax rates and exemptions. Keeping up with these constant changes and running a business at the same time is difficult for business owners. This can often result in a failure to capitalise on opportunities to claim deductions, allowances and concessions, or error and mistakes resulting in penalties from government agencies. The best way to stay on top of these changes is to consult with a professional accountant who will act as a long term and trusted advisor for your business.
How can we help with your business tax planning?
Because we are always up to date with the latest developments, and what else is coming up in the future, we can help you to plan ahead, so you can claim all of the deductions, allowances and concessions you are entitled to. In addition, we can advise you whether changes in business structure could benefit you in future, when and how to make specific purchases, how to allocate budgets, advise you on the potential sale of your business, as well as provide general advice.
Government agency contact
We can communicate with the ATO and other government agencies on your behalf.
Communicating with the ATO and other agencies
As a business owner, there may be situations where you need to communicate with the ATO, ASIC and other government agencies in regard to your tax reporting and compliance, late lodgement, auditing or in a situation where you have had fines or penalties imposed. With so many government agencies, and the complicated nature of these communications, it is always best to consult with an accountant who can communicate with these agencies on your behalf.
We can communicate with the ATO and others for you
As a registered Tax Agent, with your consent, we can communicate with the ATO, ASIC and other government agencies on your behalf. We continue to consult with you regarding the issue, and work to resolve the issue with the government agency for you. This takes all of the hassle out of dealing with these agencies, allows you to focus on running your business and ensures that you get the best possible outcomes for your business.