Tips To Suggest Your Tax Return Accountant For Paying Less Tax
Posted by Team CYA
January 14, 2019
Hiring a tax return accountant is definitely a way to reduce your bounding thoughts about tax payments but, a few suggestions are always invited!
Here are a few tips that can help you and your tax accountant pay lesser tax this year and save a little money on the same.
Tips to Follow
Defer your Income
This simple tip can save a real bundle. For this, one need to make sure that you need to hold your invoices until July 1st but, only if your cash flow allows you to do so. Make sure this doesn’t affect your tax bracket for the coming year and create a burdensome tax liability over your pocket.
Claim before spending a cent!
Businesses can get an immediate deduction for the certain expenses that they have “incurred” but, haven’t paid by 30 June. These may include categories like:-
Staff bonuses — claiming a tax deduction for staff bonuses and their commissions that is basically company owed but remains unpaid till 30 can be included herein.
Directors’ fees — claiming a tax deduction for the directors’ fees at 30 June can be an inclusion here.
Repairs and maintenance — claiming repairs that are billed by 30 June but not paid till the next financial year can be included.
Bringing forward payments
Considering bringing forward the payments for any expenditure that will be incurred after 30 June through getting the invoice before 30 June can be another great idea. These may include things like-staff training, purchasing consumables, insurances, subscriptions, donations, etc.
Paying the June quarter superannuation
Superannuation paid in time remains deductible when paid. As 9.5% superannuation has to be paid by 28 July, bringing it forward a month and paying it now and claiming the deduction can definitely save.
Use all the superannuation caps
As per the changes made by the federal government, putting your money into superannuation becomes one of the best routes to minimize the income tax bill. Any of the accounting firms Melbourne can guide you on this.
Writing-off the Bad Debts
The income tax is only payable on the invoices issued, even if they aren’t paid. Paying tax on any invoice that one thinks will never be paid is not a good idea. It’s better to identify these and write off these ‘bad debts’ before filing your tax.
Private company loans
Get any of your borrowed funds and their associated loan agreement, minimum principal and interest repayments that will be availed by 30 June before filing your tax. This could be a great factor in minimizing your pay.
These points of advice can be of great help to reduce the tax burden but, one needs to modify these strategies as per the nature and business cash flow. A little tax planning in association with your professional tax accountant can save you a lot.
So, what keeps you waiting?
Saving Time For Your Business With Cloud Computing
Posted by Team CYA
January 2, 2019
The business world tends to flow on a pretty higher pace and in order to cope up with the same, we need to work in a similar manner, as well!
With numerous business functions being simultaneously performed, it becomes simply difficult to take time to focus solely on the major business verticals. This often results in lower profit generation, reduced productivity and overall reduction in the business capacity and delivery.
Do you wish to continue in the same league?
If not! One should definitely look for the ways to cope up with the current time and tide!
Cloud computing is the answer to all your business problems in just a single go!
The major tipping point of the business is to always keep focusing on the profit generation ways and productivity. Many a times a focus goes hither and thither due to the deviated focal streams of managing the other activities, as well.
Why Cloud Computing?
Cloud computing is the best way to take care of all your business needs and verticals in a single go. Based on a cloud environment, one has the power to access any of the business purviews with just a mouse click.
No more deviated focus for the accounts management or payroll management works. You can take care of every service need such as bookkeeping service, GST return services single handed with complete ease.
The best part about these cloud computed environments is that they can be guided and maintained sitting anywhere and at any point of time. All you need is a valid internet connection and a laptop or PC and you can easily grab the hold.
Outsourced services based on cloud computed platform is the best way to handle all your business chores in a non-compromised pattern. They are not just effective but, easiest too.
Benefits of cloud computing
Cloud computed services are available in all business domains
They are simple to begin and easy to pursue
Easy to handle and hold control on different business verticals in a single go
Helps in focusing on the major business chores
Ease of access from any place, anytime
Reduces the overall cost involved with structural building and management
Cross functional implications
So, if you are looking for a significant payroll management system or an account management service, a bookkeeper who handles your business needs or even a preferred tax return accountant, all your needs have a single destination.
When growing business is on your mind, paying high attention on the major business chores is a must. So why deviate your mind from profit making when you have a friend to help.
Cloud computed outsourcing services are thus, the best way to handle your business with ease and complete control. This gives you the freedom to operate your business on your own rules while keeping an eye on the different verticals.
Tax Return Services by an Experience Accountant
Posted by Team CYA
December 26, 2018
Every year your business will have to show the finances spent, sent and used. It will include payrolls, cheques, receipts, sales, purchase and loans, credit if any. Your accountant will file for it and provide you with tax return services that will include forwarding the application, paying the taxes and getting the dues accordingly.
A tax return accountant is usually a trained employee working under the Government’s jurisdiction and is certified professionally and legally. Many accounting firms hire such accountants to help their clients in providing them with tax return services for their company.
It is necessary that you hire an experienced accountant because when it comes to dealing with tax issues, the process can get lengthy, time consuming, chaotic and tedious at large. Every time there is something missing, there is an error, or some papers are missing you will be filling again and again for the same thing and that will add days more than expected keeping your file at desk and consuming much of the time that should have been saved if the work was done more efficiently on the first place.
An experienced tax return accountant will leave no room of errors and do his best to get the work done in no time. Quick outcomes are what we are looking for in today’s busy world. There is no time to waste. An accountant who is well versed with the system and is experienced will help you save that time and resources.
Filing for tax return is easy, what is difficult is hiring a tax accountant who is good at his job and knows what he is doing. It is always advisory to look for tax return services with a well established, well reputed and high end accounting firm.
Business Bookkeeping Services in Hobart
Posted by Team CYA
December 25, 2018
Where will the world be if there was no Bookkeeping accountant to handle all the tedious work that a business holds? It is essential for a company to keep a hard copy record for every little transaction made and maintain a file for all sorts of financial transaction as that will be used to show expenses at the time of tax returns and also to show company’s credibility if the need arises whatsoever.
Bookkeeping systems are complex and much of the problem arises when there is false double entry, duplicates, repetitions and if the date, amount etc. is missing or unclear. Accounting firms in Hobart are best when it comes to hiring a bookkeeper or hiring an accountant taking care of bookkeeping for your business.
So what are Business Bookkeeping Services?
Bookkeeping basically involves records for any transaction made involving purchase, sales, payments and receipts. A ledger which is official in the business name is given to the concerned person and day to day activities are recorded as and when the payments are made and receipts are gathered.
An accountant can help you understand what you are achieving in your business, how much profit you are making or if there is any loss the company is going into. An accountant knows every little financial detail of a business and it takes a good expertise, skills and intelligence you put forth the data and see every year the gain and loss the business has been going through.
Accountant firms in Hobart offers you with certified bookkeeping accountants that you can trust and get services from. It is necessary that you hire someone who is authentic and certified to get the best services and value for your money as only a trained professional accountant can handle the data systematically.
Are you Looking for Small Business Accounting Services in Australia?
Posted by Team CYA
December 24, 2018
You have come to the right place! Business no matter how small or big is everything to an owner as it is his dream to take it to heights. We very well understand with what aspirations a business owner builds his business and what it takes for him to achieve the goals.
To hire an accountant is a responsible decision and is more of an investment that you will be making. The reason being that for you to understand your business’s performance you need an accountant who will clearly and in full transparency can show you your performance over the years that your business have been active from. Now, this data can only be shown if your accountant has been vigilant, intellectual and experienced enough to manage the data smartly and then present to you adequately for you and your team’s understanding.
On the basis of your company’s performance only then can you be in a state to take measures that will uplift your business to your new goals. Business payroll services are all dealt by your business accountant. Deciding payrolls, perks for employees, bonuses, holiday rebates etc. can only be done with the advice of your accountant as he deals with all the finances in your company. So any monetary decision required to be made in your company, there has to be an accountant who can simplify things for you and help make you a strategic decision that will benefit your company’s interests greatly.
If you are looking for a small business accounting services Australia, that is no problem at all as we can help you with it instantly. Our accountants are versatile, sharp and quick in delivering the data and work with high end software that will save much of your time.
Why Cloud Computed Bookkeepers Are The Best For Small Businesses?
Posted by Team CYA
December 17, 2018
Small businesses often face the biggest challenges during their initial success hours!
Right from managing the accounts of the business to the distribution of the funds, everything seems to be a challenge for them. With limited funds to be invested for an outstanding business delivery, they also need to use their resources pretty judiciously. Many a times, the start-ups find it troublesome to have a hold on their accounts and bookkeeping services, too. This is where the role of computed business bookkeeping services comes into action.
The featuring trend of hiring professional bookkeeping services is good enough to ensure how promising their services have been.
Most of the cloud computed programs running for such management are commonly used for storing all sorts of business and account data on the virtual servers instead of holding it on a PC.
Such information can be accessible anytime, anywhere with just a working internet connection. This helps in sorting the hassles often faced by the small business owners.
Apart from this, these software systems are easily available on a subscription basis which automatically saves the upfront costs involved in purchasing individual software and desktop installation for the business owners.
Paying such a high price for a limited accessibility is once again not worth it, especially for a small business firm where every penny counts.
Computed systems offer a number of benefits such as system automation and easy availability of the live bank feeds and the real time data.
These are a few prime reasons that validate the importance of cloud computed bookkeepers and account services for the small business owners. So what keeps you waiting for? Get your easy help with bookkeeping services Perth, Sydney, Melbourne and rest of Australia.
Save Time With Hassle Free Tax Returns Working With Professionals
Posted by Team CYA
November 29, 2018
When we talk about real business, time becomes money!
If the time invested goes around the productive things, you ought to receive the best returns but, once the time investment track goes wrong, businesses have to face a lot of trouble around.
So, what do you prefer?
Professional help has always been on the top priority as and when profit in business has been concerned. Businessmen often tend to keep so busy that they hardly have enough time to invest their brains on the several other issues that needs a professional help by their side. Tax return is one such concern.
For the different business entities looking for a professional agency for tax return Perth, this comes as the great news as far as the time management is concerned. Taking help from a professional tax filing agency is a great way to minimise all your efforts and time investment in terms of tax filing.
They aren’t just professionals but, they are a real pro who hold the overall needs of the tax filing system for each of their clients. Most of these agencies have a core team of professionals dealing with all sorts of tax filing process. They hold an overall rich experience in this field which makes the work even easier.
Right from automation jobs to the appropriate inclusion of the relative tax entities and leaving the non-inclusive ones, they take care of all. This means all you got to deal with your taxes is hire a professional, brief them and you are all set for a hassle free tax return, every year.
So, why not hire a professional agency for tax return accountant Brisbane, Perth or for any other regions in Australia?
Things To Know While Filing a Tax Return in Australia
Posted by Team CYA
November 22, 2018
When the government gives you a lot, it’s your prime responsibility to return it back!
Similar ideas come to the mind each time a taxpayer pays their taxes with honesty. Each of the salary earners in Australia needs to lodge a tax return during the prescribed time domain.
Why is a tax return lodged?
Even though the employers deduct taxes every time they pay their employees, still the tax return lodging is a very important thing mainly due to the following reasons:-
People may have additional income (for example- bank interests, rent, shares, or any other sources of receiving payments)
It gives an opportunity to claim back some of the expenses related to work
In order to avoid the late fees/ fines which can be from $850 p.a. plus interest
In certain cases, taxpayers need to pay more taxes, while in other cases, they get some money back.
Duration of Tax Return
Tax returns in Australia cover the financial year starting on July 1 and ends on 30 June of the following year, and in case one is lodging their own tax return, it is due by 31 October.
For preparing and lodging your own tax return the duration remains from 1 July to 31 October to lodge it.
Do you need to lodge a tax return?
Most of the people need to lodge a tax return every year. If you are earning your salary in Australia, you need to file the tax return. Whether you are filing a tax return Perth or Melbourne, the same rules apply for all.
Also, in order to run your business, if you had taken help from any of the income sources during the financial year, you need to file a tax return against it, until and unless you fall in any of the exceptions category.
How to lodge a tax return
Lodge through a tax agent
Lodge through a tax filing agency
Lodge a paper tax return
Tax Help program
First Time Tax Lodging
For the first timers, lodging a tax file can be a difficult job. But, with the professional help, things tend to go simply different.
If you don’t have the right idea of completing this process, professional help is always handy with a large number of tax filing agents and agencies in the country.
Initially anyone who comes into the process of tax filing holds a number of questions and anxieties associated with it. This is where the real professional help is required. Get the answers for all your queries on a single point choosing any of the professional tax filing agencies and you are saved.
They not just have the perfect answers to all your queries but, they also help you file your taxes with the least efforts and complete ease.
Keep these prime facts in mind or for a greater help you can also look for any of the expert tax return accountant Brisbane, Melbourne and other places in Australia.
Few Things To Know About Your GST Returns in Australia
Posted by Team CYA
November 14, 2018
If you wish to go easy with your GST filing, you need to follow the rulebook!
With the GST pattern running successfully in the awe striking continent of Australia, businesses are no longer troubled with filing the separate returns for excise, VAT, sales tax and service tax. This has not just saved their troubled lives but has also helped with the fostering business premises.
If you are an entrepreneur running your own business or some or the other way directly involved with running a business entity, it’s very important to understand the GST return filing system and also hire a professional GST return services offering agency for an easier flow.
Herein, we are talking about a few prime things to know and consider while filing the GST returns in this continent country!
Before that, one needs to first understand what the GST return contains!
What is a GST return?
Similar to the tax return that holds the details of a taxpayer’s income; his/her GST returns (GSTR) will contain details of:
Purchases
Sales
Output GST (on sales made by the tax payer)
Input Tax Credit (GST Paid on the inputs or purchases)
Where to file GST returns?
All the GST returns can be filed via different mediums; however, the online medium under the guidance of a professional service provider seems to be the best choice.
Mentioned below are the three simple ways to lodge your tax return:
Online: Which is the easiest and quickest way for tax lodging
Form Filling: By completing the paper tax return form
Tax Agent: Under a registered tax agent
GST return exemptions
The GST return mostly comprises of a taxable amount that implies on the sales of goods and services. However, there are a few exemptions that fall under the GST non-taxable picks.
Mentioned below is a list of the same:-
Main GST-free products and services
most basic food
some medical, health and care services
some medical aids and appliances
some medicines
some childcare services
some religious services and charitable activities
water, sewerage and drainage
international transport and related matters
precious metals
sales through duty-free shops
grants of land by government
farmland
international mail
exports
sales of businesses as going concerns
some telecommunications supplies
Eligible emissions units.
Exports
Exports of the goods and services from Australia are generally GST-free.
Broadly, the supply of a service remains GST-free if the recipient of the service remains outside the Australian province.
However, there are particular set of rules and protocols to follow for determining the goods or services under the GST- free account.
GST has turned to be the biggest ease for the existing tax burden, compliances and return filing system. With a number of agencies offering tax filing and accounting services in Australia, things are even expected to go towards higher ease and comfort.
Business Payroll Services- The Right Way To Manage Your Human Resource
Posted by Team CYA
November 10, 2018
Are you worried of managing the human resources for your small business accounting Australia?
If yes! you can get a healing touch with the business payroll services ready to take care of all the human resources related daily chores. Changing the industry landscape rapidly with a ground-breaking innovation, these services have proved to be a real relief for those HR people who were taking the pain, till date.
It mainly happens that in order to manage the different intensive and tiring HR activities such as- payroll and compliance, business bodies shift their focus from the core business objectives.
Now no need to compromise your business for managing the human resource issues!
All your end-to-end payroll management with reduced processing costs comes your way with the streamlined and consistent work of business payroll services in Australia, offering bodies who are a pro at execution of the payroll and fulfilling the statutory and compliance needs.
What to expect from a business payroll services provider?
Payroll processing
Payroll Statutory Compliance Management
Reports and Analytics Representation
Employee Self Service
Query Management
Things an average business payroll services provider offers
Helps in keeping a track of the employee tax information
Helps in employees view and updation of the benefits, retirement, or insurance related information
Offers access to accurately created pay slips in time
Handles the special payment circumstances both- legally and accurately
Administers and collects the different important human resources forms
Offers different quarterly reports or key data sets for the right groups
Claim before spending a cent!
Why Cloud Computing?
To hire an accountant is a responsible decision and is more of an investment that you will be making. The reason being that for you to understand your business’s performance you need an accountant who will clearly and in full transparency can show you your performance over the years that your business have been active from. Now, this data can only be shown if your accountant has been vigilant, intellectual and experienced enough to manage the data smartly and then present to you adequately for you and your team’s understanding.
So, what do you prefer?
What is a GST return?