Kirsty Fox profile image

Kirsty Fox
Top 10% Taxation

Principal at Spitfire Accounting Solutions

Member Since November 2013

Gymea Bay, NSW, 2227

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29 FOLLOWERS

I'm a chartered accountant known as The Tradies Accounting Toolshed and The Tradies Tax Terminator. Helping tradies and their businesses to the best they can be is my passion. Aside from core tax, accounting and GST skills, I help business people manage their businesses. Good at problem solving, I enjoy a challenge. I'm married to a tradie so have a unique understanding of the industry.

Qualified skills

Taxation
Accounting
Bookkeeping
Business Consulting

Kirsty Fox answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Bookkeeping

Who can help you prepare and lodge a BAS statement?

Technically, you can prepare your BAS yourself, going through all your invoices and receipts and tallying the GST that you have received/paid, and the total income that you have received (this is the Simpler BAS). If you are a small business, you generally do this on a cash basis (ie when the money has been banked/spent).An accountant or bookkeeper is advisable. A BAS agent is someone registered with the Tax Practitioners Board to be able to complete BAS and charge for their services, a Tax agent does what a BAS agent does, but also tax returns. It is very important that whomever you are using is registered, and you should check with the Tax Practitioners Board that they are. You can search the Board here:https://www.tpb.gov.au/registrations_searchIn terms of cost, that is up to the accountant or bookkeeper, and generally depends on how much work they have to do.

Kirsty Fox answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Taxation

Should you do your own company tax return?

No. Tax legislation is complicated, and if you get it wrong, the excuse of "I didn't know" doesn't cut it.  There are many variables that have to be considered, just like Ian has mentioned, and I would add the following -Have you taken money out of the company and not declared it as wages?Do you owe your company money?Both of these questions have ramifications on how those funds are treated.Also, are you trading whilst insolvent?It's just not worth the risk of preparing the company tax return yourself.

Kirsty Fox answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Accounting

Which is the easiest to use and master: Xero, MYOB, Quickbooks, Reckon or Saasu?

You really have to try them all to work out which one suits. Some people love Xero, others hate it and love MYOB, and others adore quickbooks/Reckon. Saasu is probably the least known of them all, but again, it comes down to what you are comfortable with.Sign up for the free trial they all offer, get some help from your accountant/bookkeeper as to how to use it, and try and process everything you would do using the demo company to see what happens. BUT be aware - don't try and set your data up yourself, get your accountant/bookkeeper to do it. It will save a LOT of hassle down the track.

Kirsty Fox answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Accounting

Would hiring virtual accountant work well for small business?

The short answer is yes, you can still get the most out of your accountant without actually meeting them. With the advent of online accounting packages like Xero or MYOB, etc, and online meeting applications like Zoom and Go To Meeting, you don't actually need to meet physically face to face. I can look at your figures and tell you how you're tracking, and answer your questions and/or walk you through a solution.I hope that helps.Kirsty

Kirsty Fox answered this question

How to find the right accountant?

Have a chat with them to start with, and see if you feel comfortable with them and what they offer. Generally you'll be speaking with the principal or a partner, but they won't be doing the work, their staff will.A couple of things to think about -- are they a CA (Chartered Accountant) or CPA? They are the 2 major industry bodies that require completion of a course plus continual professional learning. If they are doing BAS or tax, they need to be a Registered BAS Agent or a Registered Tax Agent. You can also check this on the Tax Practitioners Board website www.tpb.gov.au. It will also tell you how long they have been registered for.- do they charge by the hour or give you a fixed price for an agreed upon amount (scope) of work. - what do they require from you? How much work do you have to do (or are willing to do), and what systems do they have I'm place to make things easy for you?At the end of the day, it comes down to who you feel comfortable with to do what you want/need, and (hopefully) that extra step for you.

Kirsty Fox answered this question

Does Anyone Have A Sample Partnership Agreement And Can Share?

Hi Kellie,I don't, and I would still suggest you see a solicitor/lawyer to work out the nuts and bolts.Good luck!

Kirsty Fox answered this question

Should I Take Receipts Copy As Proof For Taxation Departments?

Yes. If you are audited the ATO can ask for proof of your expenditure. There are a number of apps where you can take a photo of it to store it, or you can scan them and keep an electronic copy. It's fine if you want to put several together for one A4 page photocopy as well.

Kirsty Fox answered this question

How do you ask for payment from a client before the work's done?

in your contract with them which outlines the scope of work, have a paragraph the says fees - x% ($ amount) up front, x% ($ amount) whenever (if applicable ), and balance on completion of the job. If they don't pay, (and this is the hardest bit), you have to stick to your guns and not start the job until you've been paid.If it's the type of job that requires payment in full in advance, then say that it's your policy to not start until you've been paid (I'm thinking this is something along the lines of cakes, etc).Good luck!

Kirsty Fox answered this question

If you use your home as your office, can you claim on tax?

As John said, talk to your accountant. The tax office has specific rules regarding home offices.

Kirsty Fox answered this question

What are the key questions you have when starting a business?

Getting your structure right. It's really important from a tax and asset protection perspective. You also need to know your books - talk to an accountant first.

Kirsty Fox answered this question

Hazel Theocharous
Hazel Theocharous, Small Business Support Specialist at Expert VA

Business Growth

What is one thing every business should outsource to an expert?

You have to talk to some experts first. If you get it wrong setting up your business from the start, it can be extremely hard to correct it later. Talk to the experts for those areas that are a MUST to get right, then outsource what you don't like doing - think of it this way: If it takes you all weekend to do your bookkeeping, when you charge (for example) $100 per hour for your business, it has cost you $1,600. When you compare that with how much a bookkeeper/accountant charges you for that work, is it really costing you money? Your time is valuable too.

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Kirsty Fox answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Bookkeeping

Who can help you prepare and lodge a BAS statement?

Technically, you can prepare your BAS yourself, going through all your invoices and receipts and tallying the GST that you have received/paid, and the total income that you have received (this is the Simpler BAS). If you are a small business, you generally do this on a cash basis (ie when the money has been banked/spent).An accountant or bookkeeper is advisable. A BAS agent is someone registered with the Tax Practitioners Board to be able to complete BAS and charge for their services, a Tax agent does what a BAS agent does, but also tax returns. It is very important that whomever you are using is registered, and you should check with the Tax Practitioners Board that they are. You can search the Board here:https://www.tpb.gov.au/registrations_searchIn terms of cost, that is up to the accountant or bookkeeper, and generally depends on how much work they have to do.

Kirsty Fox answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Taxation

Should you do your own company tax return?

No. Tax legislation is complicated, and if you get it wrong, the excuse of "I didn't know" doesn't cut it.  There are many variables that have to be considered, just like Ian has mentioned, and I would add the following -Have you taken money out of the company and not declared it as wages?Do you owe your company money?Both of these questions have ramifications on how those funds are treated.Also, are you trading whilst insolvent?It's just not worth the risk of preparing the company tax return yourself.

Kirsty Fox answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Accounting

Which is the easiest to use and master: Xero, MYOB, Quickbooks, Reckon or Saasu?

You really have to try them all to work out which one suits. Some people love Xero, others hate it and love MYOB, and others adore quickbooks/Reckon. Saasu is probably the least known of them all, but again, it comes down to what you are comfortable with.Sign up for the free trial they all offer, get some help from your accountant/bookkeeper as to how to use it, and try and process everything you would do using the demo company to see what happens. BUT be aware - don't try and set your data up yourself, get your accountant/bookkeeper to do it. It will save a LOT of hassle down the track.

Kirsty Fox answered this question

Official FAQ
Official FAQ, Inquisitor at SavvySME

Accounting

Would hiring virtual accountant work well for small business?

The short answer is yes, you can still get the most out of your accountant without actually meeting them. With the advent of online accounting packages like Xero or MYOB, etc, and online meeting applications like Zoom and Go To Meeting, you don't actually need to meet physically face to face. I can look at your figures and tell you how you're tracking, and answer your questions and/or walk you through a solution.I hope that helps.Kirsty

Kirsty Fox answered this question

How to find the right accountant?

Have a chat with them to start with, and see if you feel comfortable with them and what they offer. Generally you'll be speaking with the principal or a partner, but they won't be doing the work, their staff will.A couple of things to think about -- are they a CA (Chartered Accountant) or CPA? They are the 2 major industry bodies that require completion of a course plus continual professional learning. If they are doing BAS or tax, they need to be a Registered BAS Agent or a Registered Tax Agent. You can also check this on the Tax Practitioners Board website www.tpb.gov.au. It will also tell you how long they have been registered for.- do they charge by the hour or give you a fixed price for an agreed upon amount (scope) of work. - what do they require from you? How much work do you have to do (or are willing to do), and what systems do they have I'm place to make things easy for you?At the end of the day, it comes down to who you feel comfortable with to do what you want/need, and (hopefully) that extra step for you.

Kirsty Fox answered this question

Does Anyone Have A Sample Partnership Agreement And Can Share?

Hi Kellie,I don't, and I would still suggest you see a solicitor/lawyer to work out the nuts and bolts.Good luck!

Kirsty Fox answered this question

Should I Take Receipts Copy As Proof For Taxation Departments?

Yes. If you are audited the ATO can ask for proof of your expenditure. There are a number of apps where you can take a photo of it to store it, or you can scan them and keep an electronic copy. It's fine if you want to put several together for one A4 page photocopy as well.

Kirsty Fox answered this question

How do you ask for payment from a client before the work's done?

in your contract with them which outlines the scope of work, have a paragraph the says fees - x% ($ amount) up front, x% ($ amount) whenever (if applicable ), and balance on completion of the job. If they don't pay, (and this is the hardest bit), you have to stick to your guns and not start the job until you've been paid.If it's the type of job that requires payment in full in advance, then say that it's your policy to not start until you've been paid (I'm thinking this is something along the lines of cakes, etc).Good luck!

Kirsty Fox answered this question

If you use your home as your office, can you claim on tax?

As John said, talk to your accountant. The tax office has specific rules regarding home offices.

Kirsty Fox answered this question

What are the key questions you have when starting a business?

Getting your structure right. It's really important from a tax and asset protection perspective. You also need to know your books - talk to an accountant first.

Kirsty Fox answered this question

Hazel Theocharous
Hazel Theocharous, Small Business Support Specialist at Expert VA

Business Growth

What is one thing every business should outsource to an expert?

You have to talk to some experts first. If you get it wrong setting up your business from the start, it can be extremely hard to correct it later. Talk to the experts for those areas that are a MUST to get right, then outsource what you don't like doing - think of it this way: If it takes you all weekend to do your bookkeeping, when you charge (for example) $100 per hour for your business, it has cost you $1,600. When you compare that with how much a bookkeeper/accountant charges you for that work, is it really costing you money? Your time is valuable too.

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