Dealing with supply chains and sales can consume almost all of the time that a small business owner has. In many cases, these entrepreneurs have to deal with almost every little detail pertaining to their business. So, from trying to find new clients to maintaining their accounting books, these individuals often find themselves hard pressed for time. It is evident that these individuals will hardly have the time for dealing with the applicable tax laws. In addition, these entrepreneurs might not even be aware of the concessions that are available for small businesses. As a result, they might end up paying more tax than is necessary and miss out on the grants available for small businesses. To avoid such instances, these individuals should consider hiring Sydney accountants or tax professionals such as DSV Partners.
Small Business Owners Rely on Sydney Accountants to Capitalise on Various Tax Concessions
Small businesses can access a range of concessions including payment and reporting options. This applies to sole traders, partnerships, companies or trusts. To qualify for these concessions, you will need to confirm your business is a “small business entity” for the year. In general, your aggregate turnover must be less that $2 million.
The tax concessions that these business entities could capitalise on include:
- – Simplified trading stock rules by estimating the value of your trading stock at the end of the fiscal year
- – Immediate deductions for prepaid expenses
- – A two-year amendment period for reviewing an assessment
- – Capital Gains Tax (CGT) concessions
- – GST and excise concessions
- – PAYG instalment concessions and,
- – Fringe Benefit Tax (FBT) concessions
- – Small business income tax offset
Other Grants and Assistance
Apart from tax concessions provided by ATO, there are over 100 different grants and assistance available for small businesses. These grants and assistance are available through various Government departments. Some of the available grants and assistance are:
- – Small Business Grant of up to $2,000 for hiring a full time or casual employee
- – Incubator support a funding to improve prospects of Australian start-ups in International markets
- – Research and Development (R&D) Tax Incentive
- – Small Biz Connect, providing free or low-cost advice, information and support for small businesses in New South Wales
- – Tradex Scheme provides an upfront exemption from customs duty and GST on eligible goods imported and then exported within one year or other approved period
- – Disabled Australian Apprentice Wage Support, payments for employers who employ an Australian apprentice with a disability
Obtain Reliable and Cost Effective Accounting Services for Your Small or Medium-Sized Business
Not all Sydney accountants are equal. This is because many of these accounting firms do not take the time to discern your business and financial goals. As a result, they might help you prepare your books and tax returns. But, they might not help you capitalise on the various concessions that are available for small businesses. In contrast, DSV Partners collaborates with you as a business partner. DSV Partners have contacts not only with ATO but with other Government agencies, such as Office of State Revenue, and have organised talks and by these agencies for the benefit of our clients. Our accounting and tax professionals will help you meet your business and personal financial needs. We specialise in providing highly efficient and personalised accounting solutions. With us, you’ll find it easy to meet all your tax and accounting responsibilities. For more details, call us at 02 9633 4893.
Image Source: KERBSTONE/pixabay