Accounting & Tax Returns in Australia

Bookkeepers are responsible for keeping track of a company’s financial records. This includes recording all income and expenses, preparing balance sheets and profit and loss statements, and ensuring that all financial transactions are properly documented. Bookkeeping is an important part of any business, as it provides a clear record of the company’s financial situation.

Tax planning is the process of minimising your tax liability by making use of all available allowances and deductions. This can be a complex task, but it’s well worth doing if you want to reduce your tax bill. There are a number of different ways to reduce your tax liability, so it’s important to speak to a qualified accountant or tax adviser to find the best option for your business.

Cashflow is the lifeblood of any business, so it’s important to keep track of it carefully. There are a few different ways to do this, but one of the simplest is to use a cashflow forecast. This is a document that shows you how much money you’re likely to have coming in and going out over a period of time, so you can plan your finances accordingly. Software packages like Xero and QuickBooks allow you to track all of your income and expenses in one place, making it easy to see where your money is going.

Your business’ structure will have a big impact on the amount of tax you pay, so it’s important to review it regularly. If your business has grown significantly or if you’re making a lot of money, you may be able to save tax by changing to a different structure. For example, moving from a sole trader to a company structure can save you tax, as companies are taxed at a lower rate than sole traders. However, there are a number of different factors to consider before changing your business’ structure, so it’s important to speak to a qualified accountant or tax adviser first.