There are 3 main areas that we at Astute Accountants can help
1. Business Taxation Compliance
Astute Accountants & Associates specialise in helping small business with their taxation planning and minimisation. We do this by providing sound business taxation advice and the preparation of your statutory reports, such as:
- Income tax returns
- Business activity statements
- Instalment activity statements
- Fringe Benefits Tax returns
- State Tax reporting
Frequently Asked Questions
- What are my requirements for registering a business?
Firstly, you need to register an Australian Business Number (ABN) through the Australian Taxation Office (ATO) this can also incorporate GST registration, Pay As You Go (PAYG) registration, Fringe Benefits Tax (FBT), Fuel Tax Credits, Wine Equalisation Tax and others, however it will not register you for State based taxes. For this you need to register with the Office of state Revenue.
We can help you to obtain your ABN and any other registrations you require – it is all part of the service.
- How do I register a business name?
In Western Australia, business names are registered with the Australian Securities and Investments Commission (ASIC) - It is a matter of simply filling in a form, which is accessible on-line, or you can contact us for help.
- Do I need to register for GST?
If your annual turn-over is greater than $75 000 you are required to be registered for GST. You can voluntarily register if your turnover is less than $75 000, this can be advantageous in certain circumstances and it is something you need to discuss with us as your accountant and again we can help with the registration.
- What are my responsibilities if I am registered to collect GST?
You will be required to lodge a quarterly or monthly Business Activity Statement (BAS) to report and to remit GST owing.
- What is the best way to structure my business?
Determining what type of entity or entities you chose to trade through is as important and essential as having an ABN. Making this decision should be made in consultation with an experienced accountant.
- When is the tax return for my business due?
This depends on the type of business entity again we as your accountant will be able to advise you. Here is a useful link to the ATO for your information
2. Business performance reporting & advice
Astute Accountants & Associates know how important the success of your business is to you – it is important to us too. We will provide you with advice on how to optimise Business performance by providing:
- Someone to talk to
- Business plans
- Financial KPIs
- Non-financial KPIs
- Work-life balance advice
- Budgets for your household and your business
- Comparative reporting, that you will understand
- Cash flow forecasting
Frequently asked questions
i. How do I find out how much my business is worth?
We are often asked this question and we know that this is determined by the market, hence the answer is to ensure that your business financial health is at its best when you take your business to the market place. We are not experts in business valuation but we know the people who are and will refer you to them.
ii. How do I improve my business ?
Simply focus on being the best at what you do best and regularly monitor your relevant key performance indicators to ensure you are getting it right in order to do this you need to ensure you have the information – this is an area we can help with and when in doubt, seek advice from experts.
iii. Can I get reports tailored to my specific needs and interests?
Absolutely! We are committed to understanding of your business and that means that we can construct reports for your specific requirements.
iv. What happens if my business is under performing?
We know that there are a number of reasons why your business may be under performing. We will help you identify what the reasons are and help you to find the solution via assessing cash-flow, margins, relevance and personal goals.
v. What if my cash-flow is inadequate?
One of the main areas to consider when running a business is cash-flow. We acknowledge that cash-flow is the life blood of your business and in our experience this is normally the main area of focus of our advice ie; how to improve cash flow. This is done by monitoring how quickly you are paid for services provided, how long it takes to convert stock to sales and when and how you pay your accounts. By monitoring these areas we will help put cash back into your bank account
vi. What happens when my business expands?
This will mean looking at where do we go from here – do we need to perhaps look at business restructuring, what are the future plans for the business, what are the exit plans for the business also we would need to look at how you wish to expand your personal wealth, this may include a self managed superannuation fund or maybe an investment property – there are many factors to consider and we can help.
vii. What is business restructuring?
Your business can be identified as one or a combination of the following: Sole trader, Partnership, Company or Trust. Each of these types of entities offer a variety of asset protection advantages and important taxation considerations. Determining what type of entity or entities you chose to trade through is as important and essential as having an ABN. Making this decision should be made in consultation with an experienced Accountant.
In order to provide business structuring advice, we would discuss your personal and business concerns and consider and ensure that :
- Your hard earned assets are protected from those unexpected events in life
- That you receive the best possible taxation result
- Enable an easy exit or succession to your business
This process will often involve:
- Establishing/reviewing structures such as companies and trusts
- Considering risk protection requirements
- Establishing business exit strategies
viii. What is asset protection?
Simply, it is keeping your business risk separate from your hard-earned personal assets.
ix. What are my risks?
In our highly litigious culture you face the risk of having legal action taken against you or your business by any of the following: customers, suppliers, employees and the general public.
x. How do I mitigate risk?
The first line of defence is insurance, such as Public Liability and Professional Indemnity. The second line of defence is to have appropriate structures and strategies for asset protection in place, which is done with advice from an experienced Accountant.
xi. What is estate planning?
This is an area where your accountant and a designated legal representative work together to ensure your personal wealth is distributed as per your wishes on your death.
3. Corporate Secretarial Services
You may decide that a Company structure is the most suitable business structure for you – we can also help here too -
Company legislation requires businesses to perform many administration tasks that take up a lot of valuable company time. The last thing you need as a business owner is to be stressed out trying to ensure you are complying with the Corporations Law.
The possible threat of penalties for failing to keep up with the changing rules is too great a risk to take.
At Astute Accountants & Associates we are able to relieve this burden for you. Our services include:
- General advice on company law
- Company formations
- Filing of annual returns on your behalf
- Registered Office Facility
We also recognise that managing company records can be an time consuming and a thankless task and we are more than happy to provide you with the following:
- Updating change of business details with Australian Securities and Investment Commission (ASIC)
- Maintaining and filing of corporate registers and records on your behalf
- Ensuring you meet all requirements of ASIC in the running of your company
- Members voluntary liquidations and de-registrations, should you no longer require a company
What does it cost to have Astute Accountants as our corporate secretary?
Most of the annual services and the provision of a Registered Office Facility are included in your Annual Fee – an additional charge would be made for deregistrations and liquidations.
Contact us to discuss any of the above areas and /or any other questions you may have regarding your business, we will be happy to help.