Tag: business accountant

Your Guide to Business Tax Returns

Owning and operating a business is no easy feat. There’s staff to train and keep motivated, clients and customers to attract and retain and all the behind-the-scenes admin and recordkeeping to keep on top of. And that’s only three parts of an entire process that keeps your business viable, and hopefully, thriving!

If you’re like most business owners, lodging your business tax return is a task that may slip down your to-do list. However, business tax returns don’t have to be hard if you have a professional helping hand to show you the ropes.

Trying to find a straightforward resource on what you need to know about business tax returns?

Read more from the Belmont business accountants at Llara Tax & Accounting to find out all you need to know.

What is a business tax return?

The first point of call is to define what a business tax return is (and what it isn’t).

Upon lodgement your business will report:

  • Taxable income
  • Tax offsets and credits
  • Pay as you go (PAYG) instalments
  • The amount of tax liable to be paid on that income, or the amount that’s refundable.

There are key dates, past and upcoming, that you should be aware of.

What are these dates?

  • May – June

This is prior to the end of financial year, making it a great time to contact a registered tax agent to ensure you fully understand any tax concessions and business deductions you could claim. More on this further on.

  • 30th of June

The cut-off date to claim business deductions or instant asset write-offs.

  • 31st of October

The due date for lodging your income tax return – if not already registered with a tax agent.

What can be claimed as tax deductions for businesses?

There exists plenty of deductions and expenses that can be claimed as a business.

Below is an extensive, yet not all-inclusive list of what your business can claim:

  • Advertising and marketing costs
  • Business travel expenses
  • Costs involved with starting and operating a business website
  • Electricity related to business operations
  • Interest paid on business loans
  • Internet and phone expenses (business related, of course)
  • Leasing an office
  • Office costs such as desktop computers, laptops, and printers
  • Super contributions for employees (if applicable)
  • Vehicle expenses

Unsure if something can be claimed on your business tax return? Talk to your Belmont business accountant when it’s time for you to lodge.

Have these important documents on hand

Preparation throughout the year will make your business tax return lodgement much smoother.

Here’s what to keep record of, throughout the year, in an easily accessible place and format:

  • A list of creditors and debtors
  • Any capital gains events (such as buying or selling business assets)
  • Bank records
  • Copies of all payments received
  • Employee and contractor information
  • Invoices pertaining to any business expenses.

Digital copies of the above information are highly recommended.

Your helping accounting hand is here

Llara Tax & Accounting in Belmont are an experienced team of local business accountants you can trust.

We understand no two businesses are the same, so we guarantee personalised tax and accounting advice and services to all our clients.

Need a professional business accountant you can trust?

Contact Llara Tax & Accounting in Belmont today for people who will genuinely care for you and your business needs.

References:

https://www.ato.gov.au/Business/Reports-and-returns/Income-tax-return/#:~:text=If%20you%20operate%20your%20business%20as%20a%20company%2C%20you%20need,separate%20from%20your%20personal%20income.

https://www.oneflare.com.au/business-centre/news-and-updates/a-guide-to-submitting-your-business-tax-return

Outsourcing: Why It’s Best to Keep It Local

Outsourcing, in the simplest sense, refers to the business practice of hiring a third party, separate from your own company, to perform services that are traditionally performed in-house.

Mostly regarded as a cost-cutting measure, outsourcing work, particularly that of tax and accounting services, provides many more benefits.

Want to know why outsourcing is advantageous, but also why it should be kept local?

Find out with the Belmont business accountants at Llara Tax & Accounting by reading on.

The benefits of outsourcing you need to know

Whether you’re a small, medium, or large business – contracting out (aka outsourcing) operational tasks come with an assortment of benefits.

What are they?

  • Outsourcing allows you to put more time, effort and resources into core tasks and activities
  • Maintains lower costs and overheads
  • Promotes growth
  • Maintains operational control and enables flexibility
  • More time to develop internal staff, provide continuity and risk management.

Now that you know the key benefits of outsourcing professional services, let’s examine the reasons to outsource locally.

5 reasons to outsource locally

Looking to find the right talent for short, contract or advisory roles within your business?

We’ve compiled 5 reasons why it’s beneficial to outsource locally:

  1. Connections are far-reaching with Australian professionals

Not only are you in the same or similar time zones, but face-to-face, online or over the phone communication is easier. Research from McKinsey & Co demonstrated higher growth, lower operating costs and greater profitability when outsourced suppliers were Australian based.

  • Building business relationships within the local community can lead to highly sought-after referrals
  • You’ll find the right fit sooner
  • Keeps the money circulating within the Australian economy
  • Risk minimisation and boosted peace of mind

Outsourcing professional services to Australians, especially those within your own state or territory, ensures local knowledge and compliance to Australian standards, laws, and regulations.

Is it time to outsource your business’ tax and accounting?

Looking to outsource your business tax and accounting requirements to a local team of experts?

Below is a list of scenarios which suggest it’s time to consider doing so:

  • You’re spending too much time bookkeeping which is negatively impacting other aspects of your business. Even worse, you’re taking work home and trying to balance the books out of office hours.
  • Corners are being cut because you want to DIY business tax and accounting, yet you don’t fully understand how it’s done.
  • You seek flexibility in examining accounts whenever and wherever you like, while enjoying the peace of mind that it’s all being handled, maintained, and kept compliant by a tax professional.

Looking to save both valuable time and overheads for your business?

You can do so by locally outsourcing your business tax and accounting requirements to Llara Tax & Accounting. Rest assured, we’re the professional solution to save you time, money, and stress when it comes to business tax and accounting.

Want to outsource your bookkeeping, tax, and accounting services for your business?

Contact Llara Tax & Accounting today for a team of local Belmont business accountants who are dedicated to keeping businesses compliant, up to date and motivated.

References:

https://www.accountingdepartment.com/accounting-academy/outsourcing-101

https://www.investopedia.com/terms/o/outsourcing.asp

https://www.smartcompany.com.au/partner-content/articles/outsourcing-experts-why-you-should-engage-local-suppliers/

https://www.thebalancesmb.com/top-outsourcing-advantages-2533765

Things to Consider When Choosing a Business Accountant

Whether you’re fresh into the world of business, or feel like you need better accounting solutions, a business accountant will be one of your greatest assets.

A business accountant exists to record, analyse, interpret and report your business financial information. Essentially, the role of a business accountant is to help you keep track of your business operations.

There are many different accountants in Perth, and when you’re looking for yours, it’s important to choose the right fit for you.

If you need the help of a business accountant but aren’t quite sure where to start, read more from the Belmont accounting team at Llara Tax & Accounting for some things to consider and important questions to ask.

Is the accounting practice qualified?

Do your research when it comes to finding the best business accountant. The best place to start is finding out if they’re qualified to handle your business affairs professionally and legally.

This means seeking out and choosing a business accountant that is a member of a recognised professional accounting organisation like:

  • Chartered Accountants Australia and New Zealand
  • CPA Australia
  • Institute of Public Accountants

An alarming reality is that in Australia, the term ‘accountant’ is not regulated. So, it’s up to you to ensure you choose the right accountant for your business requirements.

Important questions to ask

When looking for the right business accountant for your needs, don’t be afraid to ask these questions:

  1. What is the size of the accounting practice? Will this impact the levels of service received?
  2. Who will be handling your confidential business information and what are their professional qualifications?
  3. Does the business accountant have specific knowledge of your particular industry?
  4. Can the accountant provide sound business advice (i.e. business financial management and financing)?
  5. Will the accountant endeavour to return your calls and enquiries in reasonable time? How accessible are they?
  6. How long will the accountant take, on average, to complete your work?
  7. Is the accountant and its firm up to date with the latest accounting software and technology?
  8. Do they publish any newsletters or other periodic communications that may be of interest to your business?
  9. What is the hourly rate of the accountant and what are the terms and conditions on how fees are charged? Will you be charged for every phone call and/or travelling time?

It may be tough to ask these questions (and more) to a potential business accountant, but it doesn’t have to be. A business accountant and its accounting practice should work for you and encourage these types of questions and provide you clear, honest answers.

If they don’t, it’s time to look elsewhere.

Consider a business accountant where your business is priority

Llara Tax & Accounting have the confidential, professional and personalised business tax and accounting services you need.

Allow us to help you.

Our team of professional Belmont accountants specialise in dedicated business accounting services to make your life and your job, easier.

Contact us today.

References:

https://www.myob.com/au/blog/choosing-small-business-accountant/

How to get the most out of working with your Accountant

An accountant is only good for tax time, right? While having a good business relationship with your accountant is an asset (pardon the pun) when it comes to preparing and lodging your tax return, we can do so much more for you and your business.

Want to know how to get the most out of working with your accountant? Read more from the Belmont business accountants at Llara Tax & Accounting to find out how.

A business accountant helps you recognise strengths and limitations

We’re all human, which means we all come with our individual strengths and limitations. It’s the same situation when owning and operating a small or medium sized business (SME).

Sure, in the age of DIY, most of us like the opportunity to attempt everything ourselves. However, not all of us have the time, motivation or expertise to do so.

What are we getting at?

  • Recognising and accepting that a business accountant has the capacity to handle all of your personal and business-related tax planning, capital gains tax, bookkeeping, financial statements and analysis for you.
  • As a business owner, it’s good to know the fundamentals of your business and have comprehensive knowledge of the day-to-day operations. However, you don’t need to be an expert in every aspect of your business.

As a team of Belmont business accountants, you can get the most out of working with us, so you can focus on operating a successful business.

Come prepared and get ready to learn When you first meet with your business accountant, ensure you have all the necessary documents and records on hand and easily accessible. This helps us help you right away.

If you haven’t a sound understanding of tax, finance and/or efficient business structuring, don’t worry because that’s our speciality.

We’ll help you understand key financial measurements and the metrics relevant to your business and greater industry.

At Llara Tax & Accounting we thoroughly encourage questions and clients utilising our professional business accounting expertise to ensure their business remains viable.

More than just help with your tax

You can definitely get a lot out of working with your accountant, especially when you utilise our services throughout the year.

For businesses, we can provide:

  • Balance sheet reconciliations
  • Profit and loss analyses
  • Fixed asset accounting
  • Cashflow forecasting
  • Budgeting
  • KPI design and monitoring
  • Interim and end-of-year audit assistance
  • and so much more

So, if you’re interested in getting the most out of your accountant, it’s time you contact an accounting team who is ready, willing and able to help you.

Why start a partnership with Llara Tax & Accounting

Finding the right accountant can be hard, but it doesn’t have to be.

At Llara Tax & Accounting, we genuinely care for you and your business needs. To us, you’re more than a transaction, you’re part of our team.

Contact Llara Tax & Accounting today to start a professional partnership that offers excellent accounting and advisory, bookkeeping and taxation services.

References:

https://www.consolid8.com.au/blog/how-to-get-the-most-out-of-your-accountant https://www.americanexpress.com/en-us/business/trends-and-insights/articles/6-ways-to-get-the-most-out-of-your-accountant-1/