Frequently Asked Questions

When should I register for GST?

It’s mandatory to register for GST once your annual revenue exceeds $75,000 or is likely to exceed it. However, you have the option to voluntarily register before this time.

What are capital gains?

A capital gain or loss is the difference between the cost of an asset and the sales proceeds you received when you dispose or sell the asset. You pay tax on your capital gains as it forms part of your income in your tax return.

Self-employed or employer?

While a sole trader does have advantages such as being your own boss, there are also limitations to going down this path. If you are trying to build more than just a replacement for the income you would have earned as an employee, you should consider other structures. While the cost of setting up and maintaining other structures would be higher, the tax benefit often outweighs that cost.

Cand I deduct my phone and internet costs?

If you have to use these items for work or business purposes, you can. However, you can only claim the proportion of costs that relate to work or business. The ATO suggests keep a 4 week diary of calls/phone use, to determine a reasonable estimate of your business or work related percentage.

Waht other work related expenses can i claim?

The list of expenses is wide and can vary from industry to industry, below are some items you could consider. Tools, Equipment & other assets, Printing, Stationary, Self education expenses, Union or Membership fees

What is a company tax return?

As business’ grow, individuals often look to set up various structures to own the business. A company is often setup for your larger business’. With a company comes a few more responsibilities. As a company is separate from its owners, there is the need to lodge a separate return for the company. The biggest benefit comes from a set tax rate of 28.5% for small companies.

How much does an accountant cost?

This is a great question that often depends on the need of the client. Depending on the size and complexity of the job the cost could differ. We follow a set fee approach. This means you know the cost before we conduct the work.

Do i need an abn?

It is not compulsory to have an ABN, but there are a lot of good reasons to have one. If you are in business, having an ABN will avoid payers witholding tax from your payments. An ABN also makes it easier to deal with the Tax Office and register for GST and other business tax registrations such as PAYG withholding.

When are taxes due?

The due date for individual tax returns is 31 October, however if you file it with a tax agent you can get an extension up to 15 May.

Which bookkeeping software should I use?

While there are a number of software packages available, finding the right one can sometimes be overwhelming. In general we recommend software that grows with your businesses needs. Why pay for more than what you need? For most of our clients, we recommend Xero.

Can you help with my bAS?

We’ve helped a wide variety of small businesses, startups and freelancers navigate BAS. We would be delighted to help and assist you with your BAS needs.

What is Cloud accounting?

Cloud accounting, or 'online accounting', is using the internet to access your accounting software. It provides flexibility, saves time, allows you to pay for only those services you need.