Starting a small business is scary enough, but the prospect of dealing with the Australian Taxation Office (ATO) can keep many people from ever taking the first step. Whether you want to launch a bakery or become a freelance photographer, consider hiring a chartered accountant (CA), to help you manage your finances.
Here are five tax services your accountant might offer to help your small business.
- Tax Preparation
No matter what type of business you want to start, you are sure to have a ton of paperwork. Aside from filing that paperwork with the ATO in a timely fashion, a Chartered Accountant (CA) will work to maximize deductions & minimize payments for your business. Using an accountant will also help ensure the accuracy of your return, avoiding future problems with the ATO.
- Tax Planning and Compliance
Our economy is always changing, and tax laws must adapt to those changes. Your CA will be able to help make sense of these complicated laws. He or she may also offer help in estimating quarterly payments to the ATO and advise you on how to plan for those payments.
- Financial Consulting
Although not strictly tax-related, make sure to utilize your accountant's extensive financial knowledge. A good CA should be able to offer you advice on risk management. He or she can give valuable advice on how to manage the growing wealth of your new business, and may also provide you with information on new cost-effective technologies.
- Accounting Services
Most entrepreneurs have little or no experience with bookkeeping. Using an accountant to organize your financial information is a smart way to make sure all your numbers stay balanced from the very beginning. Your accountant can handle your incoming payments and manage your outgoing expenses, providing you with an accurate picture of your gross income so that you know how much of that income is profit. He or she can also provide payroll services, ensuring that you and your employees are paid on time.
- ATO Problem Resolution
If you tried to handle your finances in the past and have run into trouble with the ATO, don't worry. Your accountant is trained to work quickly to resolve any problems as efficiently as possible. He or she can help you pay any past-due taxes and resolve discrepancies. You will also be glad to have an accountant on hand if you happen to receive an audit.
Don't take any chances when it comes to the financial success of your small business. Find a CA you trust and take advantage of the tax services they offer. McSweeney CA can give you the peace of mind to focus on building and growing your business while avoiding issues with the ATO. The result will be a stronger, better-managed company with a higher chance of long-term success.