Most salaried individual will have reporting obligations to ATO and pay income tax. In many cases, computing and reporting a person’s tax liability is not that difficult. Similarly, commercial establishments be it a company, partnership or sole traders, also need to report and pay various taxes. It is a well-known fact that the Australian tax laws are complex and this usually presents some difficulties for small and medium-sized business establishments. On one hand, small businesses do not have the financial resources necessary for employing full-time accountants. On the other, if they fail to meet their obligations under Income Tax Act, they could fall foul of the Australian Tax Office.
Activity Statements – An Essential Element of ATO Reporting
Every Australian business needs to register for an Australian Business Number (ABN) and a Tax File Number (TFN) for lodging its annual income tax returns and activity statements. If your business or enterprise has a GST turnover of $75,000 or more you must register for GST. The tax reporting to ATO is through Activity Statements and Income Tax Returns.
There are two types of activity statements that business owners need to complete. These are Instalment Activity Statements (IASs) and Business Activity Statements (BASs). IAS is used to report and pay amounts withheld from employee’s wages and salaries, PAYG Income Tax Instalments and FBT Instalments. BAS is used to report the following:
- – Goods and Services Tax (GST)
- – Pay As You Go (PAYG) income tax instalment
- – PAYG tax withheld
- – Fringe Benefits Tax (FBT) instalment
- – Luxury Car Tax (LCT)
- – Wine Equalisation Tax (WET) and,
- – Fuel tax credits
Business owners will need to complete and lodge the BAS/IAS on a monthly or quarterly basis. Often preparation and lodging you activity statements timely and correctly can be a difficult and confusing process.
DSV Partners – Resolve Your Tax Obligations and Bookkeeping Woes with a Tax Agent in Sydney who has your best interest in mind
You can avoid stress and eliminate risks simply by being confident that your reporting obligations are sorted out and activity statements are lodged correctly.
When you require top-notch accounting services for your small business, you’ll need the services of an expert. This is precisely why many small businesses rely on DSV Partners for their accounting and tax-related requirements. Unlike other accounting firms, we invest a lot of time and effort towards understanding your business and financial goals. Knowing your objectives enables us to navigate the complex tax and regulatory laws that small businesses need to comply with. From maintaining your accounts accurately to providing you with optimised tax planning solutions, we do it all. For more information, call us at 02 9633 4893.
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Cash is king – especially when it comes to start-ups and small enterprises. Bookkeeping services can help you get accurate cash flow forecasts for your business. This will enhance your ability to foresee potential problems that may arise later on and enable you to make sound decisions for growth, progress and prosperity. Like oxygen for a business, cash flow forecasting prepared by an experienced tax accountant in Sydney eliminates the element of chance. Let’s have a look at a few reasons why you should discuss cash flow forecasting with your tax agent in Sydney right now.
- Visualizing your options: Cash flow forecasting will enable you to clearly see all the possible scenarios that could result from your business decisions in 2016. Cash flow forecasting, managed with the help of trusted experts who specialize in bookkeeping services and accounting for small and medium size businesses, can help you make critical decisions including:
- – Product/Service price modelling
- – When to hire more staff
- – The right time for a new project
- – When to change suppliers
- – When change premises, and so on
- Saving time: Cash flow forecasting empowers you to take full financial control of your business. You don’t have to go through endless spreadsheets when a new business idea strikes your mind. With cash flow forecasting in place, all you have to do is test some statistics and equations to know if an idea is profitable. It takes away much of the guesswork!
- Planning growth: Though there are numerous ways you can grow your business, choosing the right one is often confusing. With cash flow forecasting, you can clearly see various feasible growth options and you can easily choose the one that fits your business the best. Furthermore, if you choose a trusted provider of accounting solutions and bookkeeping services, you can choose to do cash-flow forecasting at any stage in your business. If something has changed in your business and you’re not sure whether to continue or not, stop and simply take a closer look at your forecasted options.
It’s important to take an outside perspective and analyse your organisation’s cash flow. This is essential to identify opportunities for growth because you might be too busy to see such opportunities. So, what can you do about it? Take action right now! Call DSV Partners. Trusted accounting and bookkeeping services can deliver beyond your expectations!
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As the season rolls around, it becomes important for one to start focusing on preparing tax returns. When working with an experienced tax agent in Sydney, you can expect a close relationship, where they work to ensure that your tax returns are filed on time, and in the right way!
How the best Accounting and Bookkeeping Services work?
Many of our client’s tell us about the countless hours they spend to collate their receipts and payments for the year. Good bookkeeping services provider can take the stress out of this process. Good records are first step in preparation of tax returns and determining deductions. As a lot of relevant information are available from books of accounts, if properly maintained. Let’s have a look at few practices that trusted accounting companies follow:
- – Starting the process of information gathering early on is better for the company as well as the tax agent. This is because if any changes have to be made or additional information to be gathered, it can easily be done.
- – This process of detailed information collection exists to ensure that all aspects of your business is covered in the tax return, so that you don’t get into any form of trouble later on, especially as your company scales up.
- – This process might take a while- but it is absolutely necessary, as it guarantees the protection of your company at a later stage.
What you can do to help?
The best accounting solutions are those where all the expenses and income can be carefully tracked and claimed. Towards this extent, any tax agent in Sydney would require some documentation from you. Here are some of the things you can provide to your tax agent in Sydney:
- – Receipts of expenditures/expenses
- – Receipts from claims made by employees
- – Previous tax returns
- – Payroll
- – Proof of income/grants/donations, etc.
The tax agent will collect all these, and create your tax returns from the same. This is the process that will be followed every single year, so it is a best practice for your company to make sure that all the transactions are recorded and are supported by invoices/claims.
Speak to DSV Partners (02 9633 4893) to know more about what else you can do to make the most of accounting and bookkeeping services.
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Chanakya (350 BCE – 275 BCE), a great Indian teacher, philosopher and economist, and the author of the ancient Indian political treatise, “Arthashastra”, said that a strong foundation is key to any successful business and listed seven pillars for an organization:
- – The King or the Leader
- – The Minister or the Manager
- – The Country or the Market
- – The Fortified city or Head office
- – The Treasury
- – The Army or your Team
- – The Ally or your “Adviser”
The choices made by the leader will have a profound impact on the business- be it the choice of hiring a manager and team, market to operate in, or what business advisers to work with. Most businesses focus on hiring a good manager and team, but often forget the importance of a good adviser. Experienced advisers are generally well aware of the problems faced by small and medium size businesses, and they should be able to provide you expert guidance to resolve your business problems right away.
Most often, advisers are hired based on the price they quote rather than the value that they can add to the business. By choosing the wrong adviser, a business can face colossal impact on their finances. A recent example would be the case of Commonwealth Bank financial advisers or, in the past, the case of advisers in Enron Energy and Satyam Computers. In all the above cases the advisers/auditors were not acting towards the interests of their clients.
A good adviser should always be:
- Candid – willing to tell their clients “what they need to hear”, and not “what they want to hear”.
- Objective – able to hear the concerns of the business owners.
- Visionary – looking for new ideas to solve unique problems clients may face, rather than providing a “one size fits all” solutions.
- Informed – able to converse about the trends in your industry, latest developments, and share his knowledge for the benefit of your organization.
Remember, most importantly, a business adviser should be like a friend. He is the one whom you can depend on when problems arise. After all, a friend in need is a friend indeed.
DSV Partners is a suburban firm providing accounting solutions for small and medium size business across Sydney. We provide;
If you are looking for a trusted business adviser who is capable of taking holistic view of your business and provide an effective solution, please contact DSV Partners immediately! We eagerly look forward to working with you.
If you need to lodge a tax return, be it individual tax return or company tax return it is always a smart move to take help from a good and reliable tax agent in Sydney. It is an investment, which will provide good returns.
So, why should you think about hiring a tax accountant? Let’s consider the top three reasons.
- – Complexity: Albert Einstein purportedly once said that the hardest thing to understand in the world is income tax. Most of us know nothing about Australian Tax Laws, which is very complex. Though ATO’s E-Tax has made life a bit easier for individual taxpayers who have salary income, but throw in salary sacrifice, employee share schemes, investment property, dividend income, it gets pretty messy. The same goes with business tax returns, when the directors withdraw money from the business, pay dividends, calculation of imputation credits, maintaining franking credit account, fringe benefits, depreciation and so on.
- – Avoid risk of penalties: Tax Laws are changed and amended from time to time and it would be very difficult, if not impossible, for an individual taxpayer or business owner to keep track of those changes and what the tax implications of those changes may have. CPA/CA qualified tax agents are well versed with the tax regulations. The tax agent would be able to identify any tax savings that you may have left out. You will also be entitled to “Safe Harbour” protection from penalties, if you engage a registered tax agent to lodge your tax returns.
- – Save time and money: At times, preparation of individual or company tax returns can be overwhelming. Working with a good tax agent, you can navigate the tax laws and save money. In addition, a good tax accountant will assist you with planning your financial and tax strategies. In the long run, having a good tax accountant will help you save more time and money. Not to forget, the cost of managing your tax affairs when hiring an external tax agent is a deductable expense where you are able to claim. If you do your tax returns by yourself, you may miss out on some deductions or rebates.
If you think that having a tax agent can lift a burden off your shoulders and put some money back in your pocket, get in touch with DSV Partners – the trusted tax agent in Sydney.
With the Federal Budget announced yesterday, we have summarized tax related takeaways for small and medium size business and individuals.
- – The small business threshold of $2 million annual turnover will be increased to $10 million from 1 July 2016. This will apply to accelerated depreciation and access to the lower small business corporate tax rate. The current $2 million turnover threshold is retained for access to the small business CGT concessions. Access to the unincorporated small business tax discount will be limited to entities with turnover of less than $5 million
- – Increase the tax discount for unincorporated small business incrementally over 10 years from 5 per cent to 16 per cent, first increasing to 8 per cent from 1 July 2016
- – Targeted amendments to improve Division 7A (deemed dividends) from 1 July 2018
- – Reducing the corporate tax rate for all companies to 25 per cent over 10 years, commencing with a reduction in the rate for small business companies (with turnover of up to $10 million to 27.5 per cent from 2016-17 income year
- – Tax consolidation – extend application of 2014-15 budget measure regarding securitised assets to non-financial institutions with securitisation arrangement
- – Tax consolidation – remove adjustments relating to deferred tax liabilities from entry and exit calculation, for joining and leaving events under transactions that commence after the amending legislation is introduced into Parliament
- – Tax consolidation – modify the deductible liabilities measure by deferring the start date to 1 July 2016 and to ensure that a group that acquires a subsidiary with deductible liabilities will no longer include those liabilities in the consolidation entry calculation
- – Increase in the threshold at which the 37 per cent marginal tax rate cuts in from $80,001 to $87,001 to address bracket creep
Superannuation: From 1 July 2017:
- – Lowering the threshold at which the additional 15 per cent tax on superannuation contributions of high income earners applies from $300,000 to $250,000
- – Lowering the concessional contributions cap to $25,000
- – Improve flexibility of superannuation by removing restrictions on person aged 65-74 from making contributions
- – Increase access to low income spouse superannuation offset
- – Introduce a $1.6 million transfer balance cap on total amount of accumulated super that an individual can transfer into retirement phase
- – Introduce a $500,000 lifetime cap on non-concessional superannuation contributions
- – Introduce a low income superannuation tax offset
- – Ability to make additional concessional contribution from 1 July 2017 to “catch up” where concessional caps in previous years have not been reached (intended to benefit people that have been in and out of the workforce)
- – Removing the anti-detriment provisions for super funds
- – Remove the tax exemption on earnings of assets supporting transition to retirement income streams
- – Allow individuals up to age 75 to claim tax deductions for personal super contributions regardless of their employment circumstances
We would be happy to discuss this with you should you have any questions. Call us at (02) 9633 4893 or leave us a message on our contact page.
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Juggling various responsibilities at the same time is what many business owners throughout Australia do. It’s tough enough when you have to manage the inflow of supplies and provide timely delivery to your clients. Looking after your employees and promoting your business will typically consume any time that remains. In this scenario, managing your finances can become quite difficult. But, it’s not something you can choose to ignore either. After all, accounts are the lifeblood of any business entity. If you don’t keep your books in perfect order, you won’t be able to tell whether your business is generating profits or running at a loss. And, when you need to prepare your tax returns, you could find yourself tied up in knots without proper financial statements. This is why many small and mid-sized businesses are utilising the services of tax accountants in Sydney.
Why and how to engage best accountants
Some business owners prefer hiring in-house accountants for maintaining their books. However, many small and medium-sized business establishments cannot afford to hire in-house accountants. For these entities, the service provided by accounting firms is nothing less than a boon. This is especially so when you look for quality financial accounts which assists in preparation of company tax returns.
Pick an accounting firm that is reliable and experienced. In particular, ensure that they:
- – Possess the relevant qualifications
- – Have ample experience in working for similar sized businesses to your own
- – Provide value for your Dollar
- – Have a good reputation
- – Have a meticulous eye for detail
- – Can manage all your accounting-related requirements and,
- – Can provide references of existing clients
Do You Need the Services of a Reputed and Cost Effective Tax Agent in Sydney?
When you require personalised and friendly accounting, audit, business advisory and tax services, it’s best to rely on a firm which can cater to all your accounting needs. DSV Partners is among the leading providers of audit, business advisory and tax accountant services in Sydney. We place great emphasis on all details. This helps us to understand the workings of your business perfectly. This meticulousness helps us come up with unique solutions to a myriad of problems. We specialise in preparing financial statement complying with the Australian Accounting Standards and helping our clients minimise their tax liabilities. Unlike other accounting firms’, we focus on becoming a part of the personal and business successes of our clients. Click here for more details on our accounting services.
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Business ventures typically need to keep a proper record of every financial transaction. This involves recording details of every sale, purchase, earning or expense meticulously. But, these records will not come about by themselves. You will need to hire an accountant for maintaining accurate books. Many small business owners do not have the capacity to hire accountants full-time. To get the best value for their money, they will often hire professional agencies for providing accounting services or bookkeeping services. These professional outfits typically offer a myriad of accounting solutions. For instance, they could take care of all your requirements concerning financial accounting, managerial accounting and tax accounting as well.
Why Businesses Typically Require the Services of Tax Accountants in Sydney and Other Cities
Preparing an income tax return can leave many people feeling intimidated. However, it is worth highlighting that the returns of individuals are hardly as complex as those of businesses. As a result, many business owners either spend more time poring over their financial statements and books, without ever feeling assured about the accuracy of their books. Or, they end up neglecting various measures that could reduce their tax liability. This is why many businesses prefer hiring professional tax accountants in Sydney and other cities.
Tax accountants are usually responsible for financial planning, managerial advisories and litigation consulting. In addition, they offer various tax-related services that are invaluable to many business firms across the country. These services could typically include tax planning, tax consulting and tax compliance services. Professional tax agents in Sydney and elsewhere possess ample expertise on tax-related matters. As such, they can scrutinise your financial records and ensure that everything is accurate. In addition, they can compute your tax liability, while ensuring that you maximise your deductions. As a result, you will be able to pay the right amount of tax, while enhancing your profitability as well. Above all though, the peace of mind that these professional agencies provide remains priceless for any business owner.
Are You Looking for the Best Tax Agent in Sydney?
At DSV Partners, we specialise in offering various accounting and bookkeeping services to commercial establishments. We focus on understanding your business and personal financial needs. This enables us to provide services tailored exclusively to your requirements. We can give you high-quality accounts in a timely manner. We can offer you various consulting services across a spectrum of businesses. In terms of audits, we can give you audited financial statements. And, if you need meaningful tax planning solutions, we can help you enhance your profitability too. This is why our clients consider us the most efficient and cost effective firm of Sydney accountants. To view our range of services, click here.
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Commercial establishments operate to generate revenue and profits. However, just as individuals need to pay income tax, commercial establishments need to pay the appropriate taxes as well. For this, they will require accurate and meticulous records of their earnings and expenses. Unfortunately, many small business owners have little time to spend on keeping their books up-to-date. Many business owners have little understanding of accounting as well. Even worse, some businesses do not even employ professional accountants. As a result, when they need to file their tax return, they usually find themselves tied up in knots. The best way for eliminating these issues lies in hiring firms that offer cost effective accounting services.
How Business Enterprises Can Benefit by Hiring Providers of Accounting and Bookkeeping Services
As mentioned earlier, maintaining accurate books is a necessity for any commercial venture. Without this, the business owner will hardly have any idea about how well or poorly the business is faring. Moreover, the lack of proper accounts could trip up the business owner at the time of filing the tax return. This is why businesses need to record all financial transactions such as sales, purchases, income and payments accurately.
Having an in-house accountant could be costly. But, a professional outfit could provide the best bookkeeping services at prices within your budget. In addition, they could offer effective accounting solutions as well. Professional accounting firms are experts when it comes to
- – Understanding your business and keeping your best interests at heart
- – Offering tailored financial accounting solutions that meet your specific requirements
- – Providing expert, friendly and personalised services in all financial matters ranging from accounting to tax-related matters
- – Preparing and maintaining accurate and detailed financial statements concerning your business and,
- – Providing various business advisory and auditing services to keep you compliant
DSV Partners – The Sydney Accountants Who Specialise in Offering Personalised, Accurate and Cost Effective Accounting Services
Whether you need the services of a tax agent in Sydney or assistance during a financial audit, you need the services of a top accountant. This is why it pays to engage a professional accounting firm for managing your accounting requirements. At DSV Partners, we specialise in managing accounts and preparing tax returns for businesses. Our team of experts can keep your accounts accurate and tax efficient. We can deliver the best tax planning solutions for enhancing your profits too. And, if you need audited financial statements, we can assist with this as well. To see how you could benefit by partnering with us, click here.
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