Business accounting and tax services

Companies, Business Owners & Sole Traders in Lane Cove and Lower North Shore! Get the Best Tax Services for Low Fees!

Are you tired of paying high fees for tax services? Let us help you with our low fee, best in town tax services. Whether you need help with bookkeeping, tax preparation, or filing, we've got you covered. Don't miss out on this opportunity to save time and money.

Don't overpay for your tax services, choose the best at a fraction of the cost.

Contact us today to discuss how you can be eligible for a Free Annual Tax Return!

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Business Starter

  • Up to 150 transactions/mo
  • 1 staff and sole traders
  • QuarterlyBookkeeping
  • QuarterlyPayroll
  • QuarterlyProfit and loss statements
  • QuarterlyBAS lodgement
  • AnnuallyFinancial statements
  • Annually Company tax return

Business Standard

  • Up to 500 transactions/mo
  • Up to 5 staffs
  • MonthlyBookkeeping
  • MonthlyPayroll
  • QuarterlyProfit and loss statements
  • QuarterlyBAS lodgement
  • AnnuallyFinancial statements
  • Annually Company tax return

Business Ultimate

  • Up to 2000 transactions/mo
  • Up to 10 staffs
  • MonthlyBookkeeping
  • MonthlyPayroll
  • MonthlyProfit and loss statements
  • Monthly/QuarterlyBAS lodgement
  • AnnuallyFinancial statements
  • Annually Company tax return

Business Gold

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  • More than 2000 transactions/mo
  • More than 10 staffs
  • MonthlyBookkeeping
  • Monthly/FortnightlyPayroll
  • MonthlyProfit and loss statements
  • MonthlyBAS lodgement
  • AnnuallyFinancial statements
  • Annually Company tax return

Business Packages Questions & Answers

What online accounting platforms do we support?
Our monthly subscriptions support Xero, MYOB Online and Quickbooks. For Business Gold packages, please contact us for more information. We are able to flexibly adapt to your in-house accounting platforms.
How can i claim my free company or sole trader annual tax return?
Customers who have subscribed or used one of our packages for a minimum of 12 months will receive free annual business tax return services.
What will happen if I exceed my monthly transaction limit?
In the case that a company exceeds the monthly transaction limit, we automatically move the company to a higher plan for the month with no change of subscription fee. For example, a business registered for the Business starter plan accepts a limit of 150 transactions. However, if the business surpasses the limit and for instance has 700 transactions, your business will be charged with the Business Ultimate package for that month.
Do the plans cover my Xero, MYOB Online and Quickbooks software subscriptions?
No, as you are the owner of the accounts with Xero, MYOB Online and Quickbooks, you are required to pay your monthly subscriptions to the accounting platform directly. We do, however, provide advice to help minimise your costs with Xero, MYOB Online and Quickbooks subscription fees.

Business tax return frequently asked questions (FAQ)

Business tax returns are documents that a business is required to file with the government to report its income, expenses, and other financial information. The purpose of these returns is to determine the amount of tax a business owes to the government.

Here's a general overview of the process of filing business tax returns:

1 . Determine the type of business: The type of business you have, whether it's a sole proprietorship, partnership, corporation, or another type of organization, will determine which tax forms you need to file and the tax rates that apply to your business.

2 . Gather financial information: Collect all financial information for the tax year, including income statements, expense reports, and other financial records.

3 . Choose the correct tax form: Select the correct tax form based on your business structure and type of income you received during the tax year. Some common tax forms for businesses include Form 1040 (for sole proprietorships), Form 1120 (for corporations), and Form 1065 (for partnerships).

4 . Complete the tax form: Fill out the tax form with the financial information you have gathered. You may need to calculate your taxable income, deductions, and other items.

5 . File the tax return: File the completed tax form with the appropriate government agency. This is usually done electronically through the Internal Revenue Service (IRS) website or by mail.

6 . Pay any taxes owed: If the amount of tax owed is greater than zero, you will need to pay the owed amount to the government.

7 . Pay taxes: You need to pay taxes on any income generated by your SMSF, including taxes on investment earnings, contributions, and benefits paid to members.

8 . Comply with superannuation laws: You need to comply with the superannuation laws, including laws governing contributions, benefits, and the transfer of benefits between funds.

Please remember, the specific tax rules and regulations for businesses can vary based on the country, state, or jurisdiction in which the business operates. It's a good idea to book as free consultation time with us to consult a tax professional for assistance with preparing and filing your business tax returns.

A sole trader is an individual who runs a business on their own and is personally responsible for its debts. A small business, on the other hand, can be a sole trader, a partnership, or a company.

In Australia, sole traders and small businesses are required to submit an annual tax return to the Australian Taxation Office (ATO) that details their income, expenses, and other financial information. This information is used to calculate the amount of tax they owe or the amount of refund they can receive.

The tax return for a sole trader or small business typically includes the following information:

1 . Business income: This includes all the money you earned from your business during the financial year.

2 . Business expenses: This includes all the expenses you incurred while running your business, such as rent, utilities, and supplies.

3 . Depreciation: If you own any assets that depreciate in value over time, such as equipment or vehicles, you can claim a tax deduction for the amount of depreciation.

4 . Capital allowances: If you have purchased any assets for your business, such as machinery or equipment, you may be able to claim capital allowances.

5 . Taxable income: The taxable income is calculated by subtracting business expenses from business income. This is the amount of income on which you will be taxed.

You need to keep accurate records throughout the year and seek the help of a professional if needed to ensure that your tax return is completed correctly. Late or incorrect tax returns can result in penalties and interest charges, so it is best to ensure they are submitted on time and accurately.

Business income refers to the money that a business earns from its operations. This can include income from the sale of goods or services, rental income, and interest income from investments. It can also include money received from other sources that are related to the business, such as grants, subsidies, and insurance payments.

or tax purposes, business income is considered taxable income and must be reported on the business's tax return. It is important for businesses to keep accurate records of their income in order to properly calculate their tax liability and ensure compliance with tax laws.

It's also worth noting that some types of income may not be considered business income, such as gifts, personal loans, and compensation for personal injury, which are not subject to business taxes.

Business expenses refer to the costs incurred in the operation of a business. These expenses are necessary for running the business and can include a wide range of items, such as:

1 . Rent or lease payments for office or retail space

2 . Salaries and wages for employees

3 . Raw materials, supplies, and inventory

4 . Advertising and marketing expenses

5 . business travel and entertainment expenses

6 . Legal and accounting fees

7 . Equipment and machinery

8 . Insurance

9 . Taxes

10 . Depreciation of assets

The purpose of tracking business expenses is to determine the cost of operating the business, which can be used to calculate the business's profit or loss. Business expenses can be deductible for tax purposes, reducing the amount of income subject to taxation.

Depreciation is a method used in accounting to allocate the cost of a tangible asset, such as property, plant, and equipment, over its useful life. This process helps a business to spread the cost of an asset over the period of time that it is used, rather than recognizing the entire cost in the year the asset was acquired.

Depreciation is used to match the expenses of an asset with the revenue it generates. For example, if a company buys a machine for manufacturing products, the cost of the machine can be spread out over its useful life, aligning the expense with the revenue generated by the machine.

There are several methods for calculating depreciation, including straight-line, declining balance, sum-of-the-years'-digits, and units-of-production. The method used will depend on various factors, such as the type of asset, its expected useful life, and the company's accounting policies.

Please note that depreciation is a non-cash expense, meaning it does not involve an actual outflow of cash. Instead, it is a bookkeeping entry that reduces the value of an asset on a company's balance sheet.

Business taxable income is the portion of a business's income that is subject to corporate income tax. It is calculated by subtracting business expenses from the company's gross revenue.

Business expenses that are considered necessary and ordinary, such as rent, salaries, supplies, and advertising, can be deducted from revenue to arrive at the business's taxable income. However, not all expenses are deductible. For example, personal expenses, fines and penalties, and some types of entertainment expenses are typically not deductible.

The amount of business taxable income is used to determine the tax liability of a business. Corporate income tax laws and rates can vary by country and jurisdiction, and business taxable income may be subject to different tax rates or tax brackets.

businesses must accurately determine their business taxable income, as underreporting or misstating taxable income can result in significant penalties and fines. Businesses should consult with a tax professional or accountant to ensure compliance with tax laws and to maximize the use of tax deductions and credits.

Bookkeeping is the process of recording and maintaining a record of all financial transactions for a business or individual. The transactions are recorded in a systematic manner, typically in a set of books, and include information such as sales, purchases, receipts, and payments.

Bookkeeping is important for businesses because it provides a clear and accurate picture of their financial position, including their assets, liabilities, and equity. This information is crucial for making informed business decisions and for preparing financial statements, such as income statements and balance sheets.

Bookkeeping typically involves recording transactions in a ledger, classifying transactions into accounts, and preparing regular financial statements. It also involves reconciling bank statements, tracking accounts receivable and accounts payable, and ensuring that all transactions are recorded in compliance with tax laws and regulations.

In addition to its internal uses, bookkeeping is also used to provide information to external stakeholders, such as lenders, investors, and tax authorities. Accurate and timely bookkeeping is critical for the success of a business, as it provides the foundation for making informed financial decisions and achieving long-term success.

In Australia, payroll refers to the process of paying employees for their work and maintaining records of their compensation, deductions, and taxes. It encompasses all aspects of paying employees, including calculating gross pay, deducting taxes and other deductions, and issuing paychecks or direct deposits.

The payroll process in Australia starts with calculating the gross pay, which is the amount an employee earns before any deductions are taken. This amount is determined by multiplying the number of hours worked by the employee's hourly rate or by adding together the employee's salary and any bonuses or commissions.

Next, payroll taxes and other deductions, such as those for the Superannuation Guarantee, Income Tax, and the Medicare Levy, are subtracted from the gross pay to arrive at the net pay, which is the amount the employee takes home.

Payroll in Australia also involves keeping accurate records of employee compensation and deductions, including wage and hour information, tax withholding information, and contributions to benefit plans. These records are important for compliance with tax laws, as well as for tracking employee compensation and benefits.

In Australia, payroll is processed on a regular basis, such as weekly, fortnightly, or monthly, and employees typically receive their paychecks or direct deposits on a set schedule. The payroll process in Australia can be complex, and many companies choose to outsource this function to a payroll service provider or use payroll software to simplify the process.

A profit and loss (P&L) statement, also known as an income statement, is a financial statement that shows a company's revenues, costs, and expenses over a specified period of time, typically a month or a year. The purpose of a P&L statement is to give business owners and stakeholders an overview of the company's financial performance, including how much money was made or lost during the period in question.

A P&L statement starts with the company's total revenue, which is the amount of money the company earned from sales and other sources of income. From there, the statement subtracts the company's costs of goods sold (COGS), which are the direct costs associated with producing and selling the company's products or services. COGS may include the cost of raw materials, labor, and other expenses related to producing the company's products.

Next, the statement subtracts the company's operating expenses, which are the indirect costs associated with running the business, such as rent, utilities, salaries, and marketing expenses. The resulting figure is the company's operating income, which represents the profit the company made from its core business operations.

Finally, the P&L statement may show other income and expenses, such as interest income and expenses, taxes, and other miscellaneous income and expenses. The bottom line of the P&L statement is the company's net income or net loss, which represents the profit or loss the company made over the specified period of time.

P&L statements are important tools for business owners and stakeholders to monitor the financial performance of a company and make informed decisions about the future of the business. They are typically prepared on a regular basis, such as monthly or quarterly, and are used in conjunction with other financial statements, such as balance sheets and cash flow statements, to get a complete picture of a company's financial health.

BAS lodgement refers to the process of submitting a Business Activity Statement (BAS) to the Australian Taxation Office (ATO). A BAS is a form used by businesses in Australia to report their tax obligations, including Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, and other taxes and obligations.

BAS lodgement is a requirement for businesses in Australia that are registered for GST, and it must be completed on a regular basis, typically quarterly or monthly. The BAS form must be completed accurately and submitted to the ATO by the due date, and it must include information on the business's sales and purchases, along with any applicable taxes and obligations.

When a business submits a BAS, it is reporting its tax obligations for a specific period of time, and the ATO uses this information to calculate the amount of tax the business owes or the amount of refund it is eligible for. The BAS also serves as a record of the business's tax obligations, which is important for compliance with tax laws and for tracking the business's financial performance.

BAS lodgement can be a complex and time-consuming process, and many businesses choose to outsource this function to a bookkeeper or accountant to ensure that it is completed accurately and on time. In addition, many businesses use accounting software to simplify the process of preparing and submitting a BAS.

Financial statements are formal reports that provide a snapshot of a company's financial position and performance at a specific point in time. These statements are used by a variety of stakeholders, including investors, creditors, and management, to assess a company's financial health, make informed investment decisions, and monitor the company's progress over time.

The most common financial statements include:

1) Balance Sheet: This statement shows a company's assets, liabilities, and equity at a specific point in time, providing a picture of the company's financial position.

2) Income Statement: Also known as a profit and loss (P&L) statement, this statement shows a company's revenues, expenses, and profit or loss over a specific period of time, typically a month or a year.

3) Cash Flow Statement: This statement shows the inflow and outflow of cash for a company over a specific period of time, providing a picture of the company's liquidity and its ability to pay its debts.

4) Statement of Retained Earnings: This statement shows the changes in a company's retained earnings over a specific period of time, providing a picture of the company's profitability and the distribution of profits to its shareholders.

Financial statements are typically prepared on a regular basis, such as quarterly or annually, and are usually audited by an independent auditor to ensure that they are accurate and comply with accounting standards. Financial statements are an important tool for a company's management to monitor the company's financial performance, make informed decisions, and communicate with stakeholders.

Annual GST (Goods and Services Tax) reconciliation is the process of comparing the amount of GST reported on your Business Activity Statements (BAS) with the amount of GST shown on your financial records, to ensure that the amounts match and are accurate. The purpose of this reconciliation is to ensure that you have reported the correct amount of GST and that you have claimed the correct amount of GST credits. This helps to minimize the risk of errors and ensures that you are in compliance with the tax laws in your jurisdiction.

The annual GST reconciliation involves a number of steps, including:

1) Gathering all relevant financial records and BAS statements.

2) Comparing the amounts of GST reported on the BAS with the amounts shown in your financial records.

3) Resolving any discrepancies that are identified during the reconciliation process.

4) Preparing and submitting an adjusted BAS, if necessary, to correct any errors.

5) Keeping detailed records of the reconciliation process, including all the steps taken to resolve any discrepancies.

In short, an annual GST reconciliation is to ensure that your business is in compliance with tax laws and to minimize the risk of errors and financial penalties.

Fringe Benefits Tax (FBT) is a tax imposed by the Australian government on certain benefits provided by an employer to their employees, including directors of a company, in addition to their salary or wages. The purpose of FBT is to ensure that these benefits are taxed in a similar way to cash income.

In Australia, FBT applies to a wide range of benefits, including:

1) Company cars

2) Personal loans provided by the employer

3) Free or subsidized accommodation

4) Non-business use of a car provided by the employer

5) Free or discounted travel

6) School fees for children of the employee

The FBT rate in Australia is currently 47% of the taxable value of the benefit. The taxable value of the benefit is determined by various methods, including the actual cost method, the statutory formula method, or the operating cost method.

It's important for employers to understand their obligations under FBT, including their responsibility to assess the taxable value of any benefits provided to employees and to calculate and remit the FBT owed to the Australian Taxation Office. Employers who fail to comply with FBT requirements may be subject to financial penalties.

If you're an employer and you're unsure about your obligations under FBT, contact us for a free conusltaion.

A Novated Lease is a type of vehicle lease arrangement commonly used in Australia. It is a three-way agreement between an employee, an employer, and a leasing company. The agreement is set up so that the employee can receive the use of a vehicle as a benefit from their employer, while the employer assumes the financial obligations of the lease.

Under a Novated Lease, the employer takes on the responsibility for making the lease payments, and the employee receives the use of the vehicle. The leasing company provides the vehicle and continues to own it throughout the lease period. The employee is usually responsible for the running and maintenance costs of the vehicle, such as fuel and insurance.

The advantage of a Novated Lease is that the employee can receive the use of a vehicle without having to pay for it directly. The employer also benefits by being able to offer a valuable employee benefit without having to pay for it upfront/p>

Please nore, Novated Leases are complex arrangements and have specific tax implications.

Not Sure Which Plan Is Right For You?

If you are in doubt of which plan to opt for or need more customised services, contact us and we will try to help you to make the right decision.

Fringe Benefits Tax

Novated Lease Calculation

Annual GST Reconciliation

Bookkeeping And Bank Reconciliation

Annual Payroll Tax Reconciliation

Payroll and Salary Pckaging