Company SetUp

Company is a legal entity formed and registered under the companies act 1956, if the company is a limited company then it becomes an individual person in the eyes of law. Registering the proprietary limited company in Australia will cost $495. If you haven’t registered the company then you will be regarded as a sole trader. If you are setting up the company or purchasing the existing one you will figure out the start-up costs such as accounting fees, stock, furniture, staff wages, cash is required till you start earning from your business. Setting up a company required the cash so you need to plan and forecast the expenses that will occur initially.

BUSINESS START UP AND REGISTRATION

Aussizz Tax Accountant can help you start up and register your business entities. It’s important to remember to seek our advice on the range of business entities on offer that will best suit your needs depending on your personal circumstances and future goals.
We can assist you to register Self-Managed Super Funds, Company’s, Trusts, Partnerships and other entities depending on your needs. Each entity has different implications and accounting methodology that is required at the end of each year. Some allow for greater flexibility than others in terms of the distributions of funds to trustees and beneficiaries.
We can guide you into establishing smart business structures that will work for you. You may find that the best solution to use a company as a business structure; trusts could be a better alternative for your needs. We can register these entities on your behalf to make sure you set up structures that protect assets and minimise tax implications.

BOOKKEEPING

Bookkeeping services tailored to meet small business requirements. We are a very well-respected, highly-trusted bookkeeping and accounts solution-provider servicing the Melbourne. Aussizz Tax Accountant places a great priority on building long-lasting relationship whilst providing excellent and affordable accounts and bookkeeping solutions tailored especially for your business.

Tax return with GST

GST is a goods & service tax of 10% on most of the items that are sold or consumed in Australia. If your business is registered with GST then the price will include GST for the services they provide. If the business is not registered under GST then they will not able to charge GST. You will be able to claim back GST on goods & services if that is for business purposes unless you make input taxed sales. You only need to pay GST on the taxable part of the sales. If your sale is separated into GST free and input tax, then it is partly taxable. The Sale of business assets is also included as taxable sales.

NEGATIVE GEARING

GST is a goods & service tax of 10% on most of the items that are sold or consumed in Australia. If your business is registered with GST then the price will include GST for the services they provide. If the business is not registered under GST then they will not able to charge GST. You will be able to claim back GST on goods & services if that is for business purposes unless you make input taxed sales. You only need to pay GST on the taxable part of the sales. If your sale is separated into GST free and input tax, then it is partly taxable. The Sale of business assets is also included as taxable sales.
It is always advisable to consult a tax adviser however there are things to claim on tax are the interest on your investment loan, accountant fees, insurance on the rental property, repairs and maintenance, also corporate fees, land tax, depreciation on the building also include fixtures and fittings.
Note: Stamp duty is not included in a tax however it is included when you buy a property but it can help you to reduce any capital gain on tax payable if you sell the property in profit. You should always take advice from professionals, it is important as they can advise you better without breaking tax office rules. Maintaining proper records will lead you to maximize your investment in property tax investment. You should always separate your home expenses from rental property, also should hold onto the receipts so thatyou can claim expenses on tax.
Negative gearing means that you borrow money for an investment and the income is less than the expenses. This is a very common scenario for an investment property, where the rental income is less than the expenses, which means you are in loss. If you are making a loss in your investment and is costing you money then you should have another source of income to fund your expenses. Capital Gain means the amount you receive after selling your capital assets such as property or shares. Capital gains need to report in your income tax return and pay tax on capital gains, this is a part of income tax which referred to a capital gain tax, it is not a separate tax. Capital gain is added to your income and it will eventually increase the tax you pay, you need to seek advice from your tax adviser on the amount of tax you will pay and keep aside the funds to cover the relevant amount. Capital gain tax is not applicable on depreciating assets such as business equipment and fitting on rental property. If you incurred loss then you cannot claim it on other incomes but it will help to reduce the capital gain.
Foreign Income Tax Returns means that you need to pay tax on worldwide income if you are an Australian resident. So you have to declare income tax return on foreign income. Foreign income includes business income which means you need to pay Australian tax return on all the foreign business activities depends on a number of factories in other countries. Service income or employment is also included in a foreign income tax return which means that you need to declare tax for all the income i.e. salary, consultation fees or any other remuneration. If you have done any investments or own any assets outside Australia then you declare the foreign income tax return that includes, pensions, rental income, dividends and share, government pensions, income from super funds, interest on bank deposits.
Tax paid on overseas income which means that if you have paid tax overseas then you may be able to claim for foreign income tax offsite credit. You must have proof of all the tax paid on overseas income. You can seek advice from a tax advisor as they can guide you on how to claim the income tax offsite credit.
If you are not an Australian resident for taxpayer then you don’t need to declare any income you received from overseas.
Sole Trader means the person who runs his own business, they operate their own business as a sole trader, they manage and control their own business. You can also employ the worker for your business. They are responsible for paying workers super and also can save funds for retirement

FINANCIAL REPORTING

Financial reporting is a financial statement which records all the information about the financial activities, business or person. It includes the performance of the company over a specific period of time. Financial reporting includes a balance sheet, income statement, statement of cash flows. It is useful for investors, creditors in making investment decisions.

CASH FLOW

Cash flow is essential for any business to run and meet expenses like stock, raw material, rent, and other operating expenses. You need to make sure that your business has enough cash to pay bills and other expenses. The financial records help to manage your cash flow in a better way. The cash flow is important for the investors and creditors as they will able to check on cash generated by the company.

BUDGETING

1. Tax Returns : Income Tax Returns on behalf of individuals, companies, trusts and self managed super funds. We can advise and prepare returns to ensure lodgement is timely and outcomes best benefit your business. We keep abreast at all times of the latest taxation legislation and ensure your are compliant and best advised.
2. Goods and Services Tax (GST) :Goods and Services Tax (GST) can be efficiently and seamlessly prepared throughout the financial year with the preparation of BAS and IAS as per ATO standards. We can advise your business as to the best process to suit your cash flow and individual needs.
3. General Tax Advice : General Tax Advice for your business is part of our ongoing commitment to you. Call our friendly team today to discuss your individual or business needs

ASSET REPORTS

1. One section of the balance sheet is sole consists of business assets such as plant & machinery, equipment. The assets should be tangible and longer than a year and cannot be resale.
2. When you dispose of the asset then make sure the accounts are updated properly to check the depreciating balance. You must also record the profit or loss incurred while disposing of the assets.
3. Record acquisition Cost: It is the cost that occurs while the purchase 
4. of an asset. All the expenses that incurred while placing the property into use are the acquisition cost.

Tax Return with ABN Income

ABN is a unique 11 digit number that identifies your business to the government and community. ABN will not replace your tax file number and you can use it for tax and other business. If you have an ABN is registered as a sole trader and this act as individuals for tax purposes, you can also report expenses as a business tax return. ABN is required to track the business transaction for tax purposes. You need to carry an enterprise to be entitled to an ABN, this means you are responsible for your own income tax, super, and GST. ABN is registered as a sole trader, so you are treated as individuals for tax purposes, you can file your expenses and income in your individual tax return. Individual taxpayers and sole traders pay the same tax at the individual tax rate. Time to time the rates to get change so you need to stay updated on the year you are reporting on. It is always advisable to seek advice from your tax advisor for income tax returns.

Bookkeeping

Bookkeeping in a business is responsible for recording the accounting transaction of the business. The bookkeeping will help you to track the business health so that you will be able to make good business decisions. It will also help to manage your cash flow and also help to demonstrate the financial position to a bank. You can keep the records electronically or in paper form. Your records should be secured in a safe place. You must keep the records for 5 years there are situations where you need to keep the records for longer than 5 years.