Tax Season is Here!
Are You Ready? Getting your taxation affairs in order can be a daunting exercise for many, that’s where the team at TAXPRO can step in and take the stress out of preparing your tax return. Our expertise and experience makes all the difference. We have been servicing Perth for more than 35 years combined all year round. We work together with you, to get you the best result possible, no job is too big or too small. At TAXPRO we provide high quality Individual Tax Returns and accounting services.
Do you know every single expense that you’re legally entitled to claim? More importantly to do you know the expense claims that the ATO is targeting? For most of us the answer to those questions is “no”. That’s why most Australian’s use a tax professional. According to ATO data more than 74 per cent of taxpayers use the services of a Tax Agent.
If you have been thinking about engaging the services of tax agent or thinking about changing from your current accountant please do not hesitate to give us a call and chat to one of our friendly staff members.
Taxpro Australia Pty Ltd
Suite 4/207 Balcatta Rd, Balcatta
Suit 12A Cambridge Forum 350 Cambridge St, Wembley
Phone: 9240 7629
Setting Up a Successful Business
There is always a lot of excitement when starting a business venture. But with 25% of new start-ups failing within the first 18 months, how can you ensure that your business flourishes? Here are some tips:
Get the structure right – Sole trader? Company? Partnership? Trust? Who are the people involved in the business? Changing your business structure can be costly if you start off with the wrong one! Get advice on the benefits, pitfalls and tax consequences of each structure and choose the structure that is right for your business.
Registration – ABN? TFN? ACN? Apply for the necessary “numbers” as soon as you have your business structure in place. Not every business requires an ACN, but you may land in hot water if you do business without an ABN.
Know your taxes – GST, PAYGW, PAYGI, Payroll taxes, income taxes, superannuation guarantee! Every category of tax has a different registration threshold and reporting & payment frequency.
Know your numbers – Ensure that the accounting is done on a monthly basis, no matter how big or small your business. Cloud solutions are inexpensive and very portable.
Cash is King – Get a handle on the cash requirements of your business. This can be as easy as a schedule of anticipated money in vs money out. Update and review this frequently. Forecasting can save you money.
Start with the end in mind – Small businesses may grow into big businesses. The business may take on new investors. You as the business owner may retire and close the business for good. Review your business regularly and have an exit strategy in place.
If you require any assistance in getting your business on the right track, don’t delay – contact Richard, Leana or Steve today!
Australian Tax and Accounting
Suite B3A, Westfield Whitford City, Endeavour Business Centre
Cnr Banks Avenue & Endeavour Road, Hillarys
Phone: 9307 1666