Starting out in your first small business can be an exciting and rewarding journey. As many seasoned small business operators know, the multifaceted role of a small business owner requires skills from many disciplines. In addition to performing tasks associated with your core business, many small business owners also perform tasks normally covered by specialists in larger businesses. Whilst focusing on areas such as Administration, Human Resources, IT, Marketing, and other aspects of your business, it is easy to set aside important mandatory compliance matters.
At Taxology Accountants we specialise in helping family owned small businesses meet their Income Tax, Goods & Services Tax (GST) and other Statutory Reporting obligations. We understand small businesses because we are a small business – Adelaide based and 100% South Australian owned and operated. Whether you need your business tax return prepared, help with your small business tax accounts, electronic lodgment of your Business Activity Statement, or Income Tax planning advice, we will be able to fulfill your needs.
Here are a few important are some taxation factors to consider when planning your new business:
Many first-time entrepreneurs make the mistake of starting a business without seeking advice beforehand. In many cases, this can result in a less than optimal situation for the business owner. We often see clients that could have saved money by getting good advice before starting their business. The cheapest option can cost much more in the long-run when it comes to structuring your business. If you are considering to start a new business venture, it makes good sense to sit down with an accountant and discuss your ideas prior to making an investment – we would be glad to help.
Some important factors to discuss include:
- Are you planning to start a business, or is your venture merely a hobby?
- Do you need to register for an ABN?
- Do you need to register for GST?
- Are you planning to employ other people in your business?
- What business structure is optimal for your business type and family situation?
Another common mistake among first-time business operators is starting to trade before establishing a record keeping system. In addition to satisfying statutory record-keeping requirements, a suitable record keeping system can assist with the effective management of your business. Again, it is wise to seek advice from your Accountant with regard to what record keeping system suits your situation. Many business owners make the mistake of buying an off-the-shelf commercial enterprise management software package expecting the software to be self-sufficient. Having your accountant set up your record keeping system can often save you money over the long-run, as your accountant will not have to waste time correcting avoidable errors. We can help you set up your business record keeping system in a manner that you are comfortable with that will save you money each year at tax time. Whether you only have simple needs that can be met with a paper and pencil system, or if you need an elaborate multi-access online accounting service, we can help. We are a MYOB Professional Partner Accounting practice but we can also assist with Xero, Sassu, Reckon Online or other desktop software or online service providers.
The information detailed above is only intended as a general overview and may not be relevant to your particular circumstances. We would be pleased to provide you with specific advice with regard to your personal situation or business idea. We service Australian taxpayer small business clients worldwide via our online services – sign up for a preconfigured package or contact us to negotiate a custom fixed fee online service package to suit your needs.