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Taxation

Growth-friendly Federal Budget aims to stimulate SMEs

Treasurer Scott Morrison’s 2016-17 Federal Budget once more demonstrated the Australian... read more

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Naomi Lynn Senior Marketing & Client Relations Executive at BDO in Australia
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Taxation

Your 2 minute guide to the tax and super changes that affect you and your business.

Below is a summary of the key tax and superannuation changes that were announced in this year's... read more

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Shaun Farrugia Director at Optimised Accounting
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Questions

What can i do now to prepare my business for tax return?

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Tim HoopmannOwner at Cornerstone Group
Hi Ananda, It’s great to see that you are planning ahead – you are already setting your business up for success! In terms of ensuring you are prepared for tax-time, you basically need to make sure that your bookkeeping is up to date.In terms of managing your books, the easiest way to do this is via a cloud accounting platform such as Xero or Intuit QBO as it is the accounting platform that contains all of that data relevant to your business. A cloud platform such as this will allow for you to:Maintain all your business financial records in one locationInvoice quicker so that you can get paid fasterEliminate the need for manual data entry as all of your transactions are pulled directly from your bank every dayIntegrate with cloud add-ons such as Receipt Bank that help to simplify your business processHave real-time access to accurate dataBy ensuring that you keep up to date with your bookkeeping you will have the complete story for you accountant in one location. This means you will be prepared well in advance and remain ATO compliant.Please contact me if you require any further information and I hope this has helped.
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Questions

How much do accountants charge to complete tax return for a small business?

Hi Justin,As a biz owner you should be able to view your accountant as an investment rather than a fee. Many accountants will give you a fixed price too. There is a great report talking about it on the link. Hope this helps, Cheers, Lisa. http://accountantsadelaidesa.com.au/
Hitesh MohanlalDirector at WOW! Advisors & Business Accountants
Hi Justin.It is actually a difficult question to answer. To a point I agree with Dionne but it really does depend on a lot of things. There is no magic formula. The type of business, the industry, the number of transactions, the quality of the bookkeeping. It also depends what you classify as small. A business with a turnover of $1m is small. So is one that generates $10,000. But the fee is likely to be very different. However, I also advise that the fee is only one part of the equation. The other side is the value you are getting. I rarely quote on just doing the return. We are always looking to make cost or tax savings for our client because there is value there. So if you received a quote for doing tax returns and one is $1,250 and the other is $2,500 on the face of it the $2,500 is much more expensive. But you might find that if you spend $2,500 they spend more time on your affairs and they might find you savings of $5,000. It then makes sense to spend the $2,500. At the end of the day it depends what you want too. Cheap fee or a service that gives value. My advise would be speak to a number of tax agents and see what they can offer and see if it is what you want
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Taxation

Be Honest and Stay Out of Jail

Attached is "Stay Out Of Jail Card" There are some days (very few) in my life when I hate what I... read more

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Hitesh Mohanlal Director at WOW! Advisors & Business Accountants
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Jef LippiattOwner at Startup Chucktown
I can't relate specifically to Australian tax law as I don't live or operate there. What I can say is that keeping track of tax here in the United States isn't much easier. I'm great at complex math, but not at staying on top of tax law changes or what needs filed where. I'm looking into getting a bookkeeper myself.
Taxation

Tax Trouble? Avoid These 9 Common -- and Costly -- Mistakes.

Entrepreneur.com Latest Top 50 How To Lists SUBSCRIBE$1 an issue...read more

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Taxation

Understanding Business Activity Statement (BAS) - The Complete Guide

The business activity statement (BAS) is a tax reporting requirement for businesses issued by the... read more

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Craig Pisani Director at 542 Partners
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Taxation

8 Types of Business Taxes in Australia

When starting a business in Australia -- whether big or small, you need to make sure that you have... read more

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Taxation

Do I Need to Register For GST?

Do I need to register for GST? This is a question I am often asked by potential clients. So what... read more

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Michael Prior Principal at PB Advisory Group
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Taxation

ATO Audit – what to do and how to avoid them

As a Tax Agent, this is usually the first thing a client says to me when I tell them I have... read more

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Hitesh Mohanlal Director at WOW! Advisors & Business Accountants
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Greg TomkinsOwner at Top Left Designs
Actually it is very easy for the tax office to identify any business that is operating outside the "norms" as they have all the data they need to statistically identify deviations and the computer systems just sit there scanning all the BAS and annual returns and as soon as they spot a suspect the red light flashes and alarm bells ring. Anyone thinking they can hide anything can pretty well forget it as far as small business is concerned. It was interesting looking at the benchmark data and it is probably a good idea for anyone in the listed business categories to take a quick look... just go to http://www.ato.gov.au/Business/Small-business-benchmarks/In-detail/Benchmarks-A-Z/
Hitesh MohanlalDirector at WOW! Advisors & Business Accountants
Thanks Michael. Your comments are valid. It is frightening how much the ATO know before they start a detailed audit. Audit Insurance is great way to ensure you do not get a big bill for dealing with a tax audit
Taxation

Why should you use a registered tax agent?

There are a number of reasons for appointing an Accountant and/or Tax Agent to assist you with... read more

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Michael Prior Principal at PB Advisory Group
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Taxation

How to Protect Your Business From the Tax Man

It’s that time of year again... whether it’s out in the real world or online in cyberspace,... read more

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Taxation

What the heck is an ato directors penalty notice – help!!

When a director gets one of these it can be really scary. So what are they and how can you avoid... read more

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Hitesh Mohanlal Director at WOW! Advisors & Business Accountants
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Taxation

Australian smb's get tax break write-off

For medium to small businesses, having a tax break for their business operations would mean a lot... read more

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Chris Pentago Marketing Consultant
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Samson PatrickPrincipal at The Diligent Group - Small Business Specialists in Accounting, Taxation, Planning, Legal & Marketing
Well done Chris; SMEs can certainly do with all the breaks they can get!
Taxation

The True Cost Of Christmas: Santa's Tax Bill

Wanted: Santa Claus (Photo credit: kevin dooley) It’s Christmas Eve and this year, as always, at my...read more

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Taxation

7 Simple Year-End Tax Tips That Can Save You Money

As year’s end approaches I thought I would share seven tax tips that can benefit entrepreneurs: 1....read more

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Taxation

Tax Geek Tuesday: Profits Intersts, Capital Interests, And Restricted Property

[Ed note: Reminder -- today is Tax Geek Tuesday. What follows is an in-depth look at the tax law,...read more

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Taxation

Year-End Tax Strategies, What Else?

I don’t know if this is the best of all possible worlds, but it’s certainly the most expensive...read more

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Taxation

How do you know if your bookkeeper is minimising tax?

For some reason historically, bookkeepers write up a business’s books during the year and an... read more

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Hitesh Mohanlal Director at WOW! Advisors & Business Accountants
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Hitesh MohanlalDirector at WOW! Advisors & Business Accountants
Hi all. Apologies for not coming back sooner but i have been taking an Xmas break. The article was written in a slightly controversial way. The market for bookkeeping and tax advise has changed enormously in the last 5 years. Most business owners do not really understand the difference. The problem is that with new bookkeeping software such as Xero and character recognition it is becoming easier for a tax accountant to do work traditionally done by bookkeepers. In 10 years time invoices will be scanned and almost posted to the bookkeeping system and the major part of imputing data will be automated. Many accountancy practices have set up bookkeeping divisions and tell clients it is easy to keep everything 'under one roof'. Many now offer fixed price bookkeeping and with the books kept in house the accountant should know what is happening and give advise almost instantaneously. Hugh you are right - a good accountant should be meeting clients at least quarterly, and many proactive accountants are now doing that. Furthermore with their extensive tax knowledge they could quite easily say that they could save tax if they did the bookkeeping - and most business owners would believe them. Hence my point about a guarantee. There are some practices that feel they can do this simply because they have not only the the tax knowledge behind them but they are authorised to give the advise too. Cassandra - i do not think i implied that business should break the law and not pay tax but i do know that i have not met many business people who are willing to pay more tax then they need to. That is why they structure their businesses in they way they do. Business owners are also looking for more - and we have found that tax minimisation is on the minds of many.
Hugh BowmanBAS Agent / Bookkeeper at Bowman Coastwide Bookkeeping
Hi HItesh, interesting article but your argument seems to be that BAS Agents and Bookkeepers are prohibited from providing TAX advise but you should be asking them for a guarantee to save you tax? I know my insurance will not cover me if I give "advise", I can of course suggest that a client explores one option or another and discuss it with their tax adviser. Any accountant who is not sitting down with their clients in the March April period and reviewing their tax planning is rubbish in my opinion and if your accountant is not in contact 2-3 times a year then you need a new accountant.
Taxation

Your 2013 Small Business tax may be reduced by extra depreciation deductions

Whilst there have been a number of changes to the tax system affecting small business in the 2013... read more

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Samson Patrick Principal at The Diligent Group - Small Business Specialists in Accounting, Taxation, Planning, Legal & Marketing
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