Although paying taxes is a must for every business, taxation can be a hassle for many people. There’s a lot of paperwork involved, and everything needs to be in order to work. Even the slightest error can cause a lot of trouble. So, it’s essential that you provide your accountant with all the right information and documents.

If you’re in the eastern suburb, you can reach out to the tax accountants in your region to help you with your taxes. However, to ensure that the entire experience is seamless, a bit of research is necessary. You need to submit some documents to your accountant so that they can get your taxation ready. 

If you’re taking accountant services for small businesses in the eastern suburb, here are the things you need to give your accountant:

Things to Give your Accountant at Tax Time:

Identification Information:

To begin with, you need to provide legal identification information for yourself as well as your business. Legal identification includes your name, address, contact information, and social security number. If you have your social security card, you should take it with you as well. 

Along with your personal information, you need to provide information about your business as well. The name, address, and whereabouts of your company, along with other identification documents, are required. You need to provide your Employer Identification Number (EIN) to be eligible for accountant services for small businesses in the eastern suburb.

Previous Tax Returns:

Although this isn’t a must, this can make the entire process much more efficient. If you have tax records of your previous taxes, your accountant will better understand your business. 

Furthermore, if you have former tax returns, it’s very easy to calculate how much profit or loss your business made in the fiscal year. This makes calculating tax for your current year much more comfortable.

However, if you’re a new business paying taxes for the first time, you don’t have to show previous tax documents. 

Income Statement:

Your income statement is the most important document of your business. It contains details of your yearly income and expenditure. The income statement should include how much your business made in the fiscal year and whether it was a profit or a loss. Your income will play a key role in determining your tax.

Balance Sheet:

The balance sheet is where your assets are described. The liquid assets you have, as well as the liabilities, should be mentioned here. Furthermore, if you have any loans or rents that you have to pay, you should mention it in the balance sheet. 

Make sure all of your investments that affect your business is mentioned in your balance sheet. Otherwise, it will cause a fair bit of legal hassle for you in the long run.

However, only mentioning assets or loans would not be sufficient. You have to attach relevant proof of your assets as well. These include bonds, receipts, loan documents, etc. 

Payroll Information:

If you have hired employees, it’s crucial that you mention their payroll in your documents. Whether they have health insurance or not, the amount of money they receive, etc., are essential factors you need to look into.

You can currently use payroll management software to easily arrange the relevant data you’d need regarding your employees. However, if you don’t have anyone working under you, payroll information isn’t necessary.

Information on deductible expenses:

When you’re receiving your accountant services for small businesses in the eastern suburb, there are a few things you need to keep in mind. There are some expenses that are deductible from your taxes. These include:

• Home Office expenses;

If you have a home office, you can be eligible for some tax cuts. However, the home space should be used exclusively for your business purposes. Other residential areas wouldn’t be considered for the cut.

• Uniform:

If your profession requires you to wear a uniform exclusive to your job, you will receive tax cuts on buying and cleaning your uniform.

However, this is a bit technical because the dress has to be exclusive to your work area. For example, if you work as a waiter and wear a shirt with the restaurants’ logo on it, you can receive tax cuts on buying and cleaning the shirt. However, if you wear a generic waiter’s attire that you can wear outside your workplace, you won’t be eligible for tax.

Furthermore, if you have to wear protective gear for your safety at work, the cost of your protective equipment will be eligible for a tax deduction

• Mileage and Travel:

Suppose your business requires you or your employees to travel to multiple places. In that case, you can receive a tax deduction on travel costs. However, you’d need a detailed mileage log for it. Make sure to calculate your mileage and record it correctly in a log that you can submit with other documents.

• Donations:

If your company makes a considerable amount of donations, make sure to bring receipts and proof for it. You might receive tax cuts and benefits for your charity.

Inventory Details:

The value of your inventory is essential in determining the amount of tax you’re eligible for. Do an inventory count of the amount of good you have in stock currently and the number of goods sold since the beginning of the year. You might also need to submit the Cost of Goods Sold (COGS) when you go for accountant services for small businesses in the eastern suburb for taxes.

Conclusion:

Paying taxes is a complicated process. There’s a lot of paperwork and planning that goes into it. Therefore, getting your taxes done by a professional accountant is a good idea. However, even if you have professionals to help you, you’d need to get some work done.

It is recommended that you prepare some documents before getting accountant services for small businesses in the eastern suburbs. In this article, we’ve discussed these documents in detail. We hope you find them useful!

One of the biggest advantages of having small businesses is the freedom you get. Since you are your own boss, you can do things any way you want. From making your business plans to fixing your office hours, you have all the freedom in the world.

However, the unending freedom has its own share of troubles. Small businesses generally run on very tight budgets. Thus, they’re always trying to save money. As a result, business owners tend to take up more responsibility to save up money on human resources. But delegating your tasks can be crucial. Having experts in specific roles can take your venture to the next level.

Accountants play a vital role in any business. They are crucial for any business, whether that’s big or small. However, the need for accountants goes beyond just the basics. Here are a few benefits of getting accounting services for small businesses:

Benefits of Accounting Services for Small Businesses: 

Improved Financial Planning:

Financial planning is integral to small businesses. Since the budget is already tight, every decision you make comes with its share of consequences. So, it’s crucial that you think every decision through.

However, by having a professional accountant to your aid, you can get the job done much quickly and efficiently. Accountants can help you understand the technicalities of your plan in-depth. Thus, giving you suggestions to help you out.

Furthermore, the financial software and programs can better assess the situation to give you a realistic business plan that’s going to work with your resources.

Help With Legal Structure:

Determining your companies legal structure is vital to your companies growth. Whether you’re a limited company or a low liability company is crucial for your company’s future in the long run.

The amount of tax you have to pay and the effect of your profit on your assets will depend on your business’s legal status. Even if you’re working on your own as a self-employed venture, you’re still entitled to pay taxes.

Getting accounting services for small businesses will help you determine your company’s legal status, which will be very beneficial for you in the long run. Although the legal status depends on a lot of factors, finances are a crucial issue. Thus, being unaware of finances before determining legal status can be deadly.

Keeping Financial Records:

Keeping track of finances can be pretty complicated. It’s harder for small businesses because of the lack of manpower. For this reason, getting accounting services for small businesses is necessary.

An accountant will always ensure the finances are in check. They will keep record books of financial information to give you an idea of your expenses and make the best out of them. 

Furthermore, having an idea about your company’s financial expenses helps you make decisions better and help you manage your current situation. You can decide things like wages, future business plans etc. better if you have accounting services for small businesses to help you with it.

Dealing with Government Paperwork:

Dealing with government paperwork can be daunting. Whether you have taxes to file or licenses to renew, your financial documents need to be consistent and meet every required criterion. 

Having an accountant to help you with government-related documentation is very important. They will make sure all the tax documents are filed accordingly. Also ensuring the legal documentation is in place, and the government register is up-to-date.

Furthermore, if your business has multiple employees, keeping a record of their taxes is important. An accountant will keep the payroll in check and ensure all the employees have their tax papers ready. 

You’d be surprised to know how much money you can save by keeping track of your taxes. You can prevent additional expenses and be eligible for subsidies and tax deductions if you can arrange your documents correctly.

Types of Accounting Services for Small Businesses:

The world of accounting is massive. There are multiple types of accountants who specialise in different fields. You have to choose the right ones for you based on your condition.

The types of accountants include:

General Accountants:

General or staff accounts are the most common group of accountants. They’re practitioners with a degree in accounting who can carry out a plethora of responsibilities. From preparing financial statements to maintaining company accounts, they’re your go-to people for doing it all.

If you’re planning to hire a full-time accountant for your business, a general accountant is what you need. They’re a must for any business that’s trying to grow.

Auditors:

Auditors are people who specialise in tax-management. They’re experts in tax-related paperwork, taxation laws and management. They evaluate all the necessary paperwork to ensure everything is in place and provides the business with the best option for tax.

Although auditors can be hired internally, we recommend seeking advice from expert audit firms. They’re working in the field for years and will provide your company with the best service.

Forensic Accountants:

The Sherlock Holmes of the accounting world, forensic accountants, help us whenever there’s a crisis. They go through the companies records to find problems. They’re used to investigate cases of fraud and retrieve information that has been lost or compromised. Forensic accountants are hired on a contractual basis.

Cost Accountants:

If you need someone to look into your company’s expenses, cost accountants are the way to go. They look into the amount of money being spent by the company and provide suggestions.

Cost accountants can provide recommendations on utilising the expenses and getting the best end product for the company. Cost accountants can be hired both internally or recruited contractually based on the company’s needs.

Project-based accountants:

Project-based accountants are a shadow version of the general accountants. They’re hired on a contractual basis for a specific period of time. They manage accounts and keep finances in check during their tenure.

If you have a small business, hiring an accountant might be too hard for you. Thus, getting a project account can be beneficial. They provide accounting services for small businesses for much cheaper.

Conclusion:

The key to the success of any business is stability. If your business is financially stable, it creates more opportunities and allows you to take financial decisions better. For every small business owner, keeping their finances in check should be the priority.

Having an accountant can be life-changing for any small business. Although the role of an accountant is often underrated, they’re the heart of every business. In this article, we’ve discussed why you need accounting services for small businesses. We hope you find this article useful!

It’s late December. Bells are jingling, Santa’s arrival is questionable (that’s if he’s allowed into NSW or stuck in quarantine) and retailers are squeezing in the last of the Christmas rush… And then Sydney receives the worst Christmas present of all – another round of Coronavirus spreading quickly through the NSW capital. It has been the year where bush fires destroyed homes, a global pandemic brought upheaval, and then months of uncertainty, and consumers were stuck in their homes changing the way businesses operate. Through all this ambiguity, there is one thing small businesses can do to bring clarity to their company; and that is to see (and/or hire) an accountant that can offer accountant and tax services.

You may be questioning why it’s important to see an accountant and tax professional during this time of year.

After all, it’s the holidays – and it’s time to take a well-deserved break. However, accounting and tax assistance is a necessity by the end of the year 2020 that has been. Earlier this year, the Australian Government introduced measures to lessen the impact of COVID-19 by decreasing the risk of otherwise viable businesses being placed into external administration. Australia’s economy plunged into its first recession in almost 30 years, and these changes were put in place to help avoid a potential wave of financial distress and corporate collapse. The measures are there to prevent the closure of companies that are experiencing short term financial distress as a result of COVID-19. In addition, the measures in place protect small business owners from potential personal liability and allow business owners to feel confident to continue trading through the COVID-19 pandemic crisis. Has all this jargon lost you at COVID-19? You can see why the importance of hiring an accountant and tax service is a necessity. 

The temporary insolvency and corporations’ laws that raised the thresholds for issuing statutory demands will end in just over a week on 31 December 2020. If you believe you are just scraping through this year, don’t fear – hire an accountant and taxation professional to assist you in managing your finances in 2021, and help you navigate the changes in legislation. Debt collection in 2021 will be on the rise, and businesses that are close to insolvency may be liquidated by the order of the court. If your business goes into the hands of a liquidator – the liquidator has the authority to take possession of a director’s personal items and assets for company debts via an insolvent trading claim. If you have not maintained and kept your business financial records in good order – and as required by the Corporations Act, your company may be assumed to be insolvent. Therefore, to avoid the stress and headache of insolvency, all companies should be getting their accounting records up to date now! Once again – there is no better time to get in touch with your accountant and tax professional to ensure all your records and data are in order. 

As of 1 April 2020, your business Good’s and Service Tax (GST) has been added to Pay as You Go (PAYG) and the Super Guarantee Charge (SCG) as potential personal liabilities of directors in the case that a Director Penalty Notice was issued by the Australian Taxation Office (ATO). However, if you already work closely with your professional accountant and tax professional, your activity lodgements would never be more than three months overdue. And of course – your accountant and tax service would ensure that the super guarantee charge is always reported on time. If this is the case, the most ATO can do is issue your business with and Director Penalty Notice. Directors can avoid all accountability within 21 days by negotiating a settlement with the ATO or placing the business into involuntary liquidation of voluntary administration.

The super guarantee amnesty ended on 7 September 2020. The amnesty allowed employers to disclose and pay previously unpaid super guarantee charge for the quarters between 1 July 1992 through to 31 March 2019 without incurring the administration component. The super guarantee charge made to the Australian Taxation Office under the amnesty was also tax-deductible. Now that we are in the post-amnesty period, all disclosures of super guarantee shortfall will now incur the administration component (in addition to nominal interest) and will not be tax-deductible. It’s not an ideal situation making a late submission, and there are numerous penalties for failing to comply with your super guarantee obligations. However, even though the amnesty has ended, and you may be up for penalties, there are still benefits in making a voluntary disclosure due to the Australian Taxation Office having the power to remit certain penalties. 

There is a lot to absorb when it comes to super guarantee and business insolvency. If you are unsure about how your business is dealing with the situation, the best you have a meeting with your professional accountant and tax service. Their expertise will guide you in the right direction. 

To add to the complication of the insolvency laws of 2020, in 2021 expect to see reforms. There will be the introduction of a genuine debtor-in-possession restructuring process which involves a small business restructuring practitioner to engage and assist the board present the terms of the restructuring proposal to creditors. This process has two eligibility criteria. Firstly, employee entitlements are required to be on time, and secondly, lodgements with the Australian Taxation Office are required to be up to date. This debt restructuring process is an opportunity for any business that has suffered during COVID-19 to develop a proposal, present it to creditors and secure a recovery quickly. 

Another reason to visit your accountant is to take advantage of the current low-interest rates. Interest rates are at a record low, and this is the time to seize up your old debt and refinance! Low-interest rates allow you to refinance old debt cheaply and give you the opportunity to expand your operations, acquire property/equipment, or diversify your product. If you take advantage of the low-interest rates and invest in your business, it will be a requirement to regularly provide your financial institution with relevant and recent financial statements and reports to negotiate capital. Your accountant and taxation service can assist you in preparing all documentation required and can also work together with you in securing capital.  Accountants have the knowledge and skills that a business owner may lack when it comes to growing a business and ensuring the business financials remain healthy. 

Single Touch Payroll is just around the corner – and by 1 July 2021, all businesses must be utilising it. If your business has not even thought about this process, you need to be on the phone pronto with your accountant and taxation service. 

If you’re a business owner of a small business and you want to enter 2021 feeling confident that you are starting the new year all jolly, then now is the right time to get in touch and have an important meeting with an accountant and taxation professional. It may be a tough road ahead, but there are plenty of ways that you can ensure your business will continue to service in 2021. By outsourcing, seeking advice, and working together with financial advisors/accountants, you can set yourself up for a successful road to recovery. Boost your confidence in your business’ road to recovery in 2021. Have a chat with us at RT Taxation accountant services for small businesses. We want you to feel confident in our financial expertise while you focus on building your business.

A business cannot understate the importance and value of a professional accountant service for small business. A bookkeeper is helpful for basic accounting, however investing in an accountant service can cover you for accounting, tax planning and preparation, payroll services and strategic advice on how you can grow your business. 

Accounting and tax software are also on the rise – and has in some ways replaced an in-house accountant. However, small business owners find that as their business grows, accounting issues become more complex, tax filing become too weighty for them to handle. Therefore, working alongside an accountant service for small business will assist small business owners take on financial tasks that they cannot overcome.  

How accountant services for small business can help you

Hiring an accountant service for small business is more of a business necessity rather than a nice to have. A small business accountant can maintain your books, asses financial results, prepare and file your business taxes, action and stay abreast of your payroll and work together with you on ensuring your business has a positive cash flow and year-on-year growth. 

Furthermore, accountant services for small business are your partner when it comes to tracking your sales, expenses, incomings and outgoings, and can even pay your invoices for you in a timely manner. Accountant services for small businesses can also run your payroll and keep on top of all legislations that you are required to adhere to. Think of your accountant as a one stop shop for your business. 

Your chosen accountant service for small business can also provide you with reports – including balance sheets, income statements, cash-flow statements and payroll reports – and an overall picture of your company’s financial health. With their experience, you can have the confidence that your business financials are well taken care of. 

In addition to simple accounting tasks like bookkeeping and tax filing, an accountant service for small business can offer ratio analysis and discover the areas in which your business could improve its efficiency, which in result can boost your bottom line. As a business owner, you can work together with your accountant service and implement their suggested changes that can yield bottom line profits. 

We have four things you need to consider when looking for the right accountant service for your small business.

1. What are you looking for out of an accounting service?

A helpful way to understand what you are looking for out of an accountant service for small business is to make a priority list of tasks you would like to handover. You list may include: 

• Audit preparation
• Bookkeeping
• Accounts payable and accounts receivable 
• Tax preparation and filing
• Payroll
• Financial reports
• Business planning and analysis
• Budgeting

It’s important to consider your current needs and your future needs for your business. For example, a bookkeeper may be great for the short-term, however if you are thinking of also handing over your payroll duties, then you will have to look for an accountant service. If you think long-term, you can start off with an accountant service that offers both bookkeeping and payroll services. 

2. Do you want to outsource or bring an accountant in-house? 

Whether you decide to outsource to an accountant service for small business or you hire an in-house accountant, both have benefits and draw backs. Your decision will come down to how much accounting assistance you need for your business, and if it is worth the investment of having a full-time in-house employee. 

If you hire an in-house accountant, you want to ensure that your investment into their full-time or part-time salary is maximised. Small businesses generally don’t have the constant need for a full-time accountant. Therefore, an accountant service for small business can be more beneficial from a financial perspective. You pay a set fee (whether its monthly / hourly / yearly etc) and you don’t have the headache of the extra expenses that hiring an employee has (like wages, employee payroll taxes and other benefits). 

If you’re unsure whether an accountant service for small business is for you, why not give them a try first. Provide them with a portion of your accounting workload prior to making a decision whether you want to continue. 

3. Know your budget?

Work out how much you would like to invest into your accounting services for small business. Keep in mind, investing in accountant services for small business isn’t a nice to have. It really is a necessity for your business to continue operating. Your books need to stay up-to-date to avoid tax fines and an unsuccessful audit. 

Your budget should also reflect the expertise your business requires and considers the complexity of your accounting issues. It doesn’t hurt to ask your peers how much they are investing in accountant services for small business. This can give you an idea of how much you should be allocating to accounting services per month. 

4. Utilise technology

There are so many cloud technologies in the marketplace that can assist you with your accounting, payroll and tax. If your business doesn’t already use a software, then now is a great time to start. Cloud software can automate a lot of your day-to-day accounting – including bookkeeping, and filing your quarterly payroll tax returns. 

Once you implement a cloud service for your accounting needs, your accountant service for small business can manage the platform for you and take care of the tasks you need completed. A cloud software and an accountant service for small business can work in tandem to obtain efficient accounting for your business. 

5. Compare fees

All businesses have different ways of working out their fees. Some accountant services may charge a monthly fee to do your taxes, and others may charge a bookkeeping fee and then additional charges for business and personal taxes. Before choosing the right accountant service for your business, you want to understand how they are calculating fees and how much this will be. Depending on your cash you, you may be able to negotiate how and when you fulfill payments. 

6. Look at references and small business experience

If you are looking for an accountant service for small business, then you should be looking at exactly that. An accountant that specialises in small business experience. The big accounting firms may be enticing; however, you need someone who works well with small businesses. In addition, it would be great if they also have experience in your industry! When an accountant works with clients from a specific industry, they gain industry knowledge and learn the challenges the industry has. Also gives them the expertise in legislations and government issues, and can guide you in making the right financial decisions for your business expansion and growth. 

7. Make the right choice for you

You need an accountant service for small business that you can count on. Someone who you feel is part of your greater team. It’s best to do your research and investigate at least three accounting firms before you make a decision. If you feel that the accountant service for small business you have chosen isn’t working for you, then you may need to make he decision to move on. You want the best for your business, and while changing firms may give you some short-term extra work, it will give you the long-term benefits. 

You need an accounting professional on your team. Interview at least three candidates before you select your accountant. You need to choose an accountant that is a fit for your small business. If you hired an accountant that does not feel like they are on your team, move on. While you might feel some short-term discomfort while doing this, you will get long-term benefits for your business. You need up-to-date financial information to make the best business decisions. This starts with professional accounting services. An accountant service for small businesses is an important part of your company’s success. You need a firm that is reliable and there for you when an issue arises. When you choose an accountant firm for small businesses, they can manage your accounting tasks and offer you business advice and support. Start your accounting firm search today, by getting in touch with us at R T Taxation & Accounting Services. You can take advantage of our Outsourced CFO Services to leave the administrative hassle of running your small business to the experts and for you to do what you know best.

Businesses of all scales in Australia are having some difficulties in keeping up with the demands and shifting presence of COVID-19. With the virus still being omnipresent and the global economy being in an uncertain position, this has made it difficult for local businesses to grow and even start anew. With the Australian economy surviving and thriving through small and medium enterprises (SMEs) to supplement their larger counterparts, it is necessary to ensure their survival.

One thing that can prove to be problematic in the times of COVID-19 is the area of business finances. In times of uncertainty, budgeting and finances always have to be managed appropriately to survive as an enterprise. As brutal as it sounds, money still plays a big part in today’s world, and businesses still have to keep up with taxation, budgeting, payroll, and many other monetary aspects. 

The following are tips to keep battling through COVID-19 while keeping your finances in check to soften the blow:

1. Take the Time to Update Records

If you have been putting off your records keeping, accountants in the Eastern Suburbs always recommend taking time to do a whole record update whenever possible. The records will prove to be useful, as they provide you with a clear view of your future moves with your company. Cash flow, bookkeeping, taxation, payroll, and other records must be viewed and listed down to ensure that you are making informed decisions for the future. 

Using software to do accounting is the best way to do this, as it keeps everything under record online and simplifies the entire process. 

2. Look at Your Business’s Financial Health Realistically

The sad reality is that COVID-19 has killed many industries, and therefore only a handful are expected to make it out alive by the time the vaccines come out. This uncertainty is why taking a look at your business’s financial health is essential, as it might make sense to liquidate assets or remove certain aspects of your operations that are eating up money. 

Doing so quarterly will ensure that you have a detailed report that you can use to make decisions, which will help your business do the right things during this uncertain period. Working with accountants in the Eastern Suburbs will help you develop a realistic view of what you need to do to keep operations running for the coming months. 

3. Work On Improving Cash Flow

An issue plenty are having is the area of cash flow. With revenue being less than expenditures, this spells bad news for any company, especially SMEs. Taking the time to look at where the money is coming in and where it is continuously going out will help in improving cash flow. One solution is to liquidate specific products that aren’t doing so well and focus on those that are in high demand to ensure proper allocation of resources. 

It can also help to cut down on unnecessary expenses, such as specific subscriptions that are no longer useful during this pandemic period. It can also help to take a loan from external investors but ensure that accounting reports and proper planning are done before going through with any loan. Lastly, a great way to make sales nowadays is to shift online, so start investing in an eCommerce site for products-based SMEs to drive increased sales. 

Conclusion

Staying on top of finances is essential in making it through COVID-19, as only a few industries are thriving and making money. Realistically, business in 2020 is the most difficult to get into, but those that can manage money and improve their cash flows can pull through and make it into the coming year. 

RT Accounting & Taxation Services is a premium bookkeeper service in the Eastern Suburbs, NSW. The world of the pandemic does not have to be difficult for any business, which is why our accounting solutions for SMEs and other startups can be the catalyst to survival. Contact us to know more about how we can help with accounting services in Australia. 

For many start-ups, Accounting is viewed as a non-value adding expense until the company has grown to a certain level. But for smaller companies, trying to do their own accounts and taxes, the cost may be greater than hiring an Accountant since inception. Granted, newer companies have found ways to limit their expenses and look at different ways to maximize growth while keeping overhead low. However, no matter how well you can manage your companies books, investors prefer Accountants to provide them with detailed growth projections, figures, and hard data to evaluate a pitch.

There are many benefits to having an Accountant on call whilst you are a start-up. The most important benefit is that an Accountant allows you and your team to focus on developing products and relationships and improve sales and marketing campaigns. When your business is initially established, you must learn the different areas of the business, and classify them as “essential” and “non-essential” to maximize growth.

The Accounting Services at R T Accounting & Taxation Services can provide your company with financial information of the highest caliber. These include:

• Month End Reporting
• Payroll Services
• Industry Benchmarking & KPI Analysis
• Working Capital & Cash Flow Management
• Development of Policies and Procedures
• Regular updates on Tax Legislation

Another great advantage to an Accounting Service is having another valued business partner on your side. Since Accountants usually have years of experience assisting start-ups, they can provide a wealth of information for the services listed above. Having insight into the trajectory of your business can be invaluable to your business starting up and help you in developing the most effective business strategies.

Essentially, if you believe that your start-up may need the assistance of an Accountant, then time is of the essence to begin finding one that fits your needs. The earlier you acquire one, the easier it will be to fix any financial difficulties that occur in the future. It is always beneficial to have a firm financial system in place as this will serve as a strong base for your business and support its overall health. Research has shown that start-ups that begin with erratic financial planning often end in demise, making the assistance of an Accountant even more valuable for a new business.

Get in touch with our Accountants in eastern suburbs at R T Accounting & Taxation Services to enquire about our Outsourced CFO Services and Business Tax. Also, Advisory Services to see how having an Accountant can be beneficial to your start-up, and let’s see your business grow during these difficult times.

Australia’s first recession budget since the early 1990s was delivered last week. This will be the blueprint for successive federal budgets. This will focus on repairing the economic destruction caused by COVID-19.

The government has not held back, with major spending initiatives targeting taxpayers, job creation, infrastructure, manufacturing, and regional recovery.

Taxation

For lower and middle-income earners there was an established law for income tax cuts. The government will also retain the Low and Middle Income Tax Offset for an additional year providing further relief.

Business Support

There is an extension of the instant asset write-off to businesses with a turnover of up to $5 billion until June 2022 along with the introduction of a tax loss carryback, which will provide much-needed cash to previously profitable businesses that are now making losses due to COVID-19.

The Digital Business Plan measures support digital transformation. But ultimately is a missed opportunity to directly help Australian businesses. They will take up technology to enhance innovation and job growth.

Superannuation

The creation of superannuation accounts will not happen every time when a worker starts a new job. When you change jobs, Your superannuation account will ‘follow you’ preventing the creation of multiple super accounts.

For further information on how the 2020 Federal Budget affects you, feel free to get in contact with our Accountants at R T Accounting & Taxation Services.