Frequently Asked Questions

You must register for GST if your business has an annual turnover of $75,000 or more (or $150,000 for non-profit organizations). Additionally, taxi and ride-sharing drivers must register for GST, regardless of income. We can assist with GST registration and compliance to ensure you meet your obligations.

Bookkeeping is the foundation of your business’s financial records. Accurate and consistent bookkeeping helps track income and expenses, ensures compliance with tax regulations, and provides essential data for making informed financial decisions. It also makes tax preparation smoother and more accurate.

A BAS is used by businesses to report and pay GST, PAYG withholding, and other tax obligations. An IAS is for businesses not registered for GST but still required to report PAYG installments and other taxes. We help businesses prepare and lodge both BAS and IAS accurately and on time.

You need to keep records of all income, expenses, assets, and liabilities related to your business. This includes receipts, invoices, bank statements, and payroll records. Keeping accurate records not only ensures compliance but also helps maximize your tax deductions. We offer comprehensive bookkeeping services to keep your records organized.

Outsourcing bookkeeping and payroll saves you time, reduces errors, ensures compliance with tax and employment laws, and provides expert financial management without the cost of hiring full-time staff. This allows you to focus on growing your business while we manage the financial details.

Legal strategies for reducing tax liability include claiming all eligible deductions, utilizing tax credits, income splitting, deferring income, managing capital gains, and contributing to superannuation. Our tax planning services are designed to align these strategies with your financial goals while ensuring compliance with tax laws.

An SMSF is a private super fund that you control. The benefits of an SMSF include greater control over your investments, tax planning flexibility, and potential cost savings in retirement. However, managing an SMSF comes with significant regulatory responsibilities. We offer expert SMSF accounting and compliance services to help you manage your fund efficiently.

Key indicators of financial health include positive cash flow, consistent profitability, manageable debt levels, and up-to-date financial statements. Regularly reviewing financial reports and key performance indicators (KPIs) can give you insights into your business’s performance. Our accounting services include detailed financial analysis and reporting to keep you informed.

Missing a tax deadline or underpaying taxes can lead to penalties, interest charges, and potential audits by the tax authorities. If you’re facing issues with overdue taxes or penalties, we can help you navigate these challenges, negotiate with the ATO on your behalf, and implement strategies to avoid similar issues in the future.