28 Palazzo Road, Fraser Rise, VIC 3336
28 Palazzo Road, Fraser Rise, VIC 3336
You need to choose the best business structure for you. Many small businesses choose the simplest of legal structures, the sole proprietorship, but there are more to choose from. Your choices include partnership, limited company, a Trust or Corporate Trustee.
Knowing which to choose can be confusing, so you might want to talk to an accountant or, at the very least, do some research so you understand the basics.
We all know the 31st October the deadline for personal tax returns, but corporate and business returns are due on the 15th of May. Not knowing other Deadlines could cost you extra fees and penalties for filing late.
Getting your Tax File number
TFN and Australian Business number could never be easier than today, please check with us.
Could be very challenging. Even if you plan on having an accountant, you still need to have a basic understanding of your business's finances. Again,
if you have any questions, please talk to us and our accountants will help you choose correctly.
If so, there's no reason to wait. Nowadays AI help can get your Invoices/Bills sorted out, but a fatal mistake could happen if you are not monitoring, A financial professional will be able to assist you in all accounting aspects of starting your small business.
The above is not meant to be an all-inclusive list, but rather a starting point of the necessities you shouldn't forget to take care of. Your small business startup will go much smoother, and be much more successful, if you've dealt with the above accounting issues.
it often faces increased revenue, a larger customer base, and expanded operations, all of which can complicate its financial and legal responsibilities. This growth can make the original legal structure—such as a sole proprietorship or partnership—less efficient, particularly in terms of tax obligations and liability protection. To optimize tax efficiency and support further expansion, the business may consider restructuring as Pty Ltd or Corporate Trustee.
These structures can offer benefits such as reduced self-employment taxes, access to broader tax deductions, and the ability to retain earnings within the company. Additionally, changing the legal structure can help attract investors and provide a more professional image, aligning the business's legal and financial framework with its evolving strategic goals.
put in place to ensure the continued reliability of accounting systems. Accuracy and reliability are paramount in the accounting world. Without accurate accounting records, managers cannot make fully informed financial decisions, and financial reports can contain errors. Internal control procedures in accounting can be broken into seven categories, each designed to prevent fraud and identify errors before they become problems.
Separation of duties.
Access systems controls.
Physical audits.
Standardized documentation.
Trial balances.
Periodic reconciliations.
Approval authority.
