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Prepare and submit tax returns including meeting tax obligations such as payroll, GST, FBT, etc.
Tax implications when buying or selling assets such as capital gains tax (CGT).
Annual or periodic forecast and budgeting in your business.
Meeting corporate secretarial standards including ASIC requirements.
Review your financial affairs and assess associated business risks.
Review financial statements of businesses you'd like to buy to determine their value and negotiate a price.
All business owners need to have a relationship with an accountant and a bookkeeper to ensure that they are compliant with regulation come tax time. Some businesses choose to utilise bookkeepers throughout the financial year and only involve their accountant when it comes to lodgement, but other businesses see significant value in keeping their accountants closer. Your accountant can assist you in streamlining your financial processes, minimising your tax exposure and growing your business wealth. An accountant will also be essential if you are under audit.
What can an accountant do for you?
Different accounting services will be necessary depending on the size and nature of your business. In your initial consultation with an accountant they will review your financial position and your industry regulations to determine which services are necessary for you.
The most common accounting services include:
How can you minimise your accounting expenses?
Accountants are not cheap, so it is important to keep good accounting practices to minimise the amount of time your accountant needs to spend to keep your business financially healthy and compliant. The most important things you can do to are: