If you lodge your own return you must lodge it by the 31st October. If you have used a registered tax agent in the previous year you may be able to lodge your return via your tax agent up and until mid May. Late lodgment penalties may apply if you are a late lodger.
You can claim telephone costs to the extent that the calls are work related. To substantiate your claim you should keep a log for one month of all calls both incoming and outgoing to establish a percentage of work related calls.
Accountants help business owners and individuals with their accounts, which include analyzing and recording financial records, preparing tax returns, and associated paper work. Along with performing regular tasks and reporting, accountants even function as strategic business advisors to help you earn more profits. Working all year round, accountants prove themselves as the company's financial backbone. With the help of accountants, you can reach your goals more quickly, plan well to achieve them, and then execute the most profitable plan. Accountants provide strategic advice and find out the best ways to save money and boost revenues. Under the guidance of an accountant, you can run your business with confidence and clarity.
First, check the online credentials of the accountant when you are looking for one. Choose a Qualified Accountant, a registered tax agent. The prepared financial accounts will help you prepare your tax and provide management information.
First, as the business owner, you should understand the responsibilities that you want your accounting firm to provide for your business. Hire a bookkeeper when you need monthly financial statements and bookkeeping tasks. Hire a Qualified Accountant or a tax consultant when you need planning advice, preparation of tax returns, auditing and review of your financial statements.
These are the instances when you should hire an accountant for your small business.
The five best cloud Accounting software the accountants use for the small business firms include -
QuickBooks Online - Best Overall
Xero - Best for all the Micro-Business Owners
FreshBooks - Best for the Service-Based Businesses
Quickbooks Self-Employed - Best for the Part-Time Freelancers
Wave - Best Free Software
Answer - Follow these three organizations -
i. Australian Taxation Office - https://www.ato.gov.au/
ii. Commonwealth of Australia. - https://business.gov.au/
iii. Stuart Iles Partners - https://www.sipaccountants.com.au/
Small businesses need bookkeeping and accounting services for accounts receivable, accounts payable, credit sales reconciliation, bank reconciliations, and monthly financial statement preparation. Small business owners need advice from accounting firms for payroll, bank account reconciliation, and small business tax preparation. Bookkeepers can handle basic accounting tasks of the business before the information is submitted to the Accountancy firm for undergoing more complicated tasks.
Follow these points thoroughly -
Hiring a tax professional may be the best decision you can make when -
Hire an accountant in these instances
Hiring an accountant to provide a tax preparation service brings in these advantages -
The only disadvantage is the involved high cost.
You need a Bookkeeper, Registered Tax Agent or Tax Consultant, Qualified Accountant and Business Advisor.
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