Frequently Asked Questions
The world of accounting and business development can often feel overwhelming for clients. But our goal is to make the process as simple and transparent as possible. So we are answering some of our most frequently asked questions and providing you with some of the most common tax facts and terms.
Accountants do far more than most people realise. Here at AAFP, we offer a range of services including the preparation of financial statements, implementation of accounting system software, assistance selling a business, advice and help navigating your business finance options and much more. At the end of the day, Accountants help businesses and individuals ensure they are satisfying their legal and financial requirements at all times.
Check out a full list of our services here.
You may have a head for numbers, but accounting can be one of those aspects of running a business that is more efficient to outsource to a professional. Our experienced and knowledgeable team know exactly what your business needs and when maybe even before you do.
Let us take care of your accounting needs so you can invest your time and energy in the rest of your business. Choosing AAFP means choosing peace of mind and a team you can trust.
As a rough guide, some common items you might need when preparing a business tax return include:
- your business/personal details
- income information (e.g., trading income, subsidies, capital gains, dividends, etc.)
- deductions (e.g., losses, repairs and maintenance, salaries, rates and land tax, lease expenses, etc.)
- liabilities (e.g., loans, accrued expenses, provisions for long service leave and annual leave, etc.)
- assets (e.g., depreciable assets acquired or disposed of, lease commitments, etc)
Of course, when we work with you on your tax return, we will advise you on everything you need in detail so you can be confident that you’re providing everything necessary.
Australian residents pay the Medicare Levy to cover health care charges. It is a tax paid in addition to income tax, and is usually calculated at 2% of your taxable income. However, those on low incomes may receive a reduction in the rate and certain people may also be exempt from paying it altogether.
The Medicare Levy is different to the Medicare Levy surcharge, which applies to taxpayers on a higher income who don’t have private health cover. Find out more about the Medicare Levy and estimate the amount you have to pay here.
The ATO requires some businesses in specific industries to report the payments they have made to contractors. The reporting is made in the taxable payments annual report and is due by 28 August each year.
The industries covered include:
- building and construction services
- cleaning services
- courier services
- road freight services
- information technology (IT) services
- security, investigation or surveillance services
Reach out to our team today and we can set up a meeting to discuss the details of your individual situation. By working together, we can assess whether it is possible to reduce the amount of tax you pay.
We are experts in tax. We love the complicated curveballs, the nitty-gritty of legislation and we really love making the tax system work for our clients. Our many years of experience means our expert team understands the tax requirements inside and out and can create a tailored plan that suits your unique needs.
There are many different business structures available and it is wise to consult a professional when choosing a business structure to suit your needs. Having the right structure in place will not only protect your business and personal assets, but will also help you meet the needs of your business and reduce the amount of tax you pay.
From company to partnership, we are well versed in all structures and can ensure that your business is set up to minimise your risk and save you money.
We love to help businesses of all sizes not just survive, but thrive. We work with our clients to recognise the obstacles standing in the way of their dreams, to ultimately help them move forward to achieve their goals. We offer an array of business development services, including benchmarking, budgeting, cashflow forecasting, management consulting and planning.
Superannuation is something that every Australian should think about, to help them reach their financial goals for their retirement. You could either choose a superannuation fund or establish a self-managed superannuation fund (SMSF).
Check in with our expert team. We are happy to have a good chat about all of your options. We not only offer super advice, but can also help you establish and manage your SMSF, and can assist with superannuation audits. We have the knowledge to help set you up for a better today and tomorrow.
Still need help?
If you have any additional questions, please do not hesitate to reach out to the team. We are just a phone call away.