smsf audit related tips

An accountant is a licensed professional that has had to go to great lengths to become a certified public accountant.   The certification exam is extremely difficult.   Certified accountants are highly versed in tax codes, finance, and tax issues. Many people mistakenly believe that accountants only provide tax return preparation services.   A typical scenario is for a person to drop off their receipts one month before the due date for tax returns. The accountant will prepare a tax return as best he can while keeping the amount owed to the government.   If this is the way they use their accountant, it can happen. However, people will not be wasting money. Accounting professionals are experts in tax codes.   This should be used.   An accountant should be able to see all aspects of your financial affairs.   An accountant should also know about important events in your private life such as when you are going to have a baby.   This is because it all...

 Over 40% of Australia's largest businesses improve their profitability using outside service providers for their bookkeeping and financial functions. Due to technological advances, this same alternative is now available to small businesses. Firms using the Analytix solution are discovering that moving part or all of their bookkeeping and accounting functions to professional outside providers saves costs while freeing up valuable management time. Starting or buying a new business is a challenging proposition. Our professionals can help guide you through the myriad of issues that arise during this complex process by helping you structure the company to suit your financial goals as well as helping you through the registration of your business with the appropriate local, state, and federal authorities. Business owners need to maintain accurate financial records to properly manage their business, while also conforming to government regulations requiring mandated filings, such as federa...

  Tax compliance require s  accurate record – keeping for tax records else your business could invite penalty notices from the ATO. W e will discuss the GST records and PAYG records requirement for the business owners like you  so that you always remain compliant at record – keeping end. You will also enjoy some quick tips that can help you with record-keeping  in the  future .    Read more 

 It really depends on the size and structure of the business . Some of the important things to consider are: - Number of transactions: Retail businesses or franchises can often have hundreds of transactions (sales and invoices) to process which can take up a lot of man-hours as compared to service-based businesses which wouldn't need as many customers to be sustainable.  - Number of employees: The more the employees in the business , the longer the bookkeeper will have to spend processing their payroll according to their individual circumstances. - Revenue: If the revenue crosses the GST threshold ($75,000 in AU), the business will have to submit a Business Activity Statement (Quarterly) as well.  - Expertise of the bookkeeper: As you get more experienced and skilled, obviously the time taken to do the work would be reduced as well. There are other factors as well and you may have noticed that they are all related to each other. So really, the answer to this question cou...