We help your business know where it stands by generating and/or helping you to understand your full set of Financial Statements. These are the vital ‘health check’ for your business.
Your Profit and Loss Statement shows clearly how well your business has performed financially over the financial year, or other relevant time period. Your Balance Sheet provides a snapshot of your business’s financial position, by looking at assets and liabilities at a given point in time. Correctly interpreting the numbers on these common financial statements is easier for those with financial management training, and the experience gained by decades of assisting small business with their accounting needs. However, we will help you to understand them also.
Financial Statements can be required for statutory purposes, for example they need to be lodged with the ASIC if the entity is classed as a Large Proprietary company or a Listed Company. However for small business, their main function is to crystallise results of the business for business planning purposes, and for tax planning purposes. They also form the basis for the year end tax return.
Statutory Tax Services
There are many federal and state taxes and levies in Australia and we are here to help your business ensures it stays compliant!
Federal taxes include income tax, capital gains tax, fringe benefits tax, GST etc. State taxes and levies include payroll tax, land tax and work cover. Missing deadlines for payment of taxes and levies can incur penalties, so we support you to help you to stay on top of your tax compliance.
Self-Managed Superannuation Funds (SMSFs)
Helping business owners set up their own self-managed superannuation fund and stay on top of their reporting requirements is one of our specialties. The level of compliance for SMSFs is very high and failure to meet these compliance standards can be costly.
Handling of your SMSF return can be complex, and is materially different from other entities, such a company tax returns. We will assist you to prepare and submit your annual tax return for your SMSF, so that you can rest easy knowing that your SMSF compliance is up to date.