Starting a business can be stimulating and flourishing. However, it’s important for you to be aware of commencing process. So, Taxhouse group accountants are here to help you along the way and save you time and money.
Depending upon the nature of the business, you may opt for business registerations. We help you get the Australian Business Number (ABN), AUSkey and tax registrations.
We can help you register for goods and services tax (GST) if you run a business or non-profit organisation based upon the GST turnover threshold.
Our services also cater to registration for Pay as you go (PAYG) withholding. You may need to register for fringe benefits tax if you provide fringe benefits. You will have to pay super for your eligible employees but you don’t need to register for super.
We will recommend you to register for Fringe benefits tax as you decide to provide benefits to your employees.
As a registered tax agent we provide taxation services include preparing and lodging business activity statement services (BAS services) for businesses such as sole traders, partnerships, trusts, companies, self-managed superfunds and non-profit organisations. Giving taxpayers advise about their obligations or entitlements under a BAS provision.
As a business you use an activity statement to:
At Taxhouse Group Accountants, we prepare BAS personalised to each business or individual client. We prepare activity statements to report and pay a number of tax obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding Tax and fringe benefits tax. We help you lodge BAS on time before the due date, to ensure that you avoid any interest and penalties.
We will take care of your invoicing to your clients, paying your suppliers invoices and bills and reconciling your sales and purchases with your bank statements and reconciling your bank accounts.
Some common bookkeeping activities we perform are:
We provide a wide range of accounting services for our clients and take the responsibility for tasks and functions such as:
We maintain legal records for your businesses, this should be kept generally for a period of five years after they are prepared, obtained or the transaction is completed. Whichever occurs latest and in a form that we can access and understand enables our team to work out the tax liabilities for our clients to pay
By keeping your records we help you achieve the following:
Some records may need to be kept for longer periods, such as records relating to capital gains tax events and etc. However, shorter record keeping periods apply for some records for individual clients with simple tax affairs. Further, we do not keep all the records of the clients and these records we keep manually, electronically and on the cloud.
If you are an individual that operates their own business you are a sole trader, you will manage and control your own businesses. This makes you responsible for elements of the business.
To conduct all business dealings you need to apply for an ABN and use your Individual Tax File Number when lodging your income tax return.
At Taxhouse Group Accountants we will inform you on how to set up your own super arrangements and for any of your employees. You’ll need this information since you will be paying your tax instalments during the year at the same income tax rates as individual taxpayers and pay quarterly Pay As You Go (PAYG).
Taxhouse enormously visualize each aspects of your personal finances in order and ensure you get the best income tax return that you’re entitled to. We advise all the aspects what you can claim, what receipts you need to provide and how to maximise your return. We advise as per each an individual scenarios and based on their circumstances, we lodge your income tax return by keeping in mind the deadlines.
If in case you receive a tax bill and if you are finding it hard to pay on time, it is important you contact us early for an advice to tailor your payments as per your circumstances.