Professional CFO Services

CFO provides affordable, professional services to individuals and small businesses in Australia. Based in Eastern suburbs, we blend experienced business knowledge with tax and accounting subject matter knowledge to bring these highly specialized services to a personable and personal way. We work hard to exceed your expectations and are committed to exceeding your expectations by providing cost-effective professional services with a personal touch. From day one, we understand that our goal is to work as closely with you as possible to give you professional tax, accounting, and general business advice from beginning to end.

Whether you’re looking for CFO professional services to handle the complex internal controls of your business or just a simple accountant, we’ll find the perfect match for you. Many people hire a CFO to handle their financial affairs because they understand that an accountant doesn’t have the same level of technological expertise. By contrast, a CFO understands how to use computers and the Internet to conduct business. The CFO also has extensive knowledge of payroll, profit & loss analysis, and financing. In short, a CFO is a go-between for you and your tax and accounting departments.

How Do You Select the Right CFO Professional Services for Your Business?

Budget

When selecting a CFO service provider, you must first determine what your budget is and then determine what the specific requirements of your business are. You will want to hire a CFO that not only has the ability to handle your financial affairs but also one that will put the needs of your business ahead of their own.

Time & Money

When you begin to develop your budget, ask yourself how much time and money you’re willing to invest in hiring a CFO. Are you interested in outsourcing services? Outsourcing services are often less expensive than hiring an in-house CFO and this can save you valuable time and money.

Experience

If you decide to outsource your CFO needs, be sure you choose a company that has ample experience in the field. Make sure the company has managed accounts, finance and internal controls. Look for a company that specializes in outsourced CFO services because this type of account requires a unique set of skills and experiences. A CFO that is experienced in an outsourced CFO service will understand all of your company’s needs and will have the ability to serve you effectively.

Solid Reputation

The company you select should also have a solid reputation within the industry. Ask friends and business associates if they have used the services of a CFO and if they are happy with their results. If they are not satisfied, then look elsewhere. You don’t want to waste money and time on a company that will not provide you with the services you need and deserve.

Benefits of Hiring CFO Services in Eastern Suburbs, Sydney

There are several benefits to hiring a CFO. They will provide

• significant support during times of trouble or turmoil within your business.
• Increase cash flow and improve profitability.
• Ensure that your business is efficient from an accounting standpoint
• Implement cost cutting measures.
• Analyze the operations of your business
• Develop a game plan for increasing sales and profits.
• A CFO can help you acquire new business so that you can maximize your potential.

Where to Get the #1 Professional CFO Services in Sydney?

As now you have understood the advantages of professional CFO services, You are looking for Professional CFO services in the Eastern suburbs of Sydney. RT Taxation & Accounting will be the best firm to outsource the CFO services.

Why RT Taxation?

1. Highly Professionals
2. 11 Years experienced
3. Best experts at accounting & taxation
4. #1 Accounting consultant in Eastern suburb
5. Cost Effective

Conclusion

The first step when choosing a CFO service is to do research online. You can find plenty of service providers on the Internet and learn about their strengths and weaknesses. Then, contact a few of these companies and evaluate the level of their professionalism. You may wish to even schedule a consultation with the company you select in order to learn more about their business and their experience. Hiring a CFO is an important decision and it is important to hire the right professional services for your business.

Business Tax Brackets

Business tax brackets are a way of calculating profits and tax payments for businesses. A company’s tax burden can be calculated using different methods depending on its earnings and cash flow. Business tax rates can also be determined by taking certain business variables into account. These include depreciation, taxes, and statutory charges.

What are Business Tax Brackets?

Business tax brackets are determined by taking one or more business factors into consideration. These include the amount the firm makes in profit, the total number of employees, and its geographic location. All corporations Tax Rate 2021/2021 must pay a specified amount of taxes on all profits earned by the company. This includes the gross income of the firm.

Income from the sale of property and accounts receivable, as well as gross receipts, must be reported by a corporation. Also included in these reports are the payments made by customers to the firm for goods. A firm may report any part of its gross income which is derived from sources outside the United States. Examples of such sources are dividends paid by shareholders, gifts, advances, and property sold.

Tax Bracket Systems in Australia

Most of the countries that a firm has its operations in have progressive tax systems. Consequently, as income is earned by a corporation, more tax brackets are paid overtime. The rate may increase if a company makes more sales or takes on more employees. Also, if a share of the firm is owned by an individual, dividends may also be taxed differently. In general, though, most small business owners are advised to get their companies’ tax brackets before investing so they don’t end up paying too high a tax due to corporate status.

This can greatly reduce a company’s ability to offset losses and therefore lead to hefty tax payments. Because most small businesses rely on borrowed money to finance operations, owners often have little choice but to pay the full amount of state and local taxes. In addition, because many businesses have only one location, they are frequently required to pay local taxes even if they operate out of state. Business owners, therefore, need to do all they can to minimize their taxable income.

IRS Services

All salaries paid to employees must be reported to the Internal Revenue Service. This includes any commissions paid to employees. All revenues acquired by the business and any excess must be subtracted from salaries to calculate the taxable income of a company. All net profits must be given to the appropriate tax authority.

Because of these factors, many people wonder whether a large corporation truly needs to file a form with the IRS in order to take advantage of the small business tax system. The IRS states that it merely requires information that would be available to any person. This means that virtually anyone can obtain the information necessary to calculate the business’ income tax liability. Many small businesses and sole proprietors have no desire to spend time filling out additional forms with the IRS. They prefer to keep things as simple as possible and pass on the required information to the tax authority without further hindrance.

Conclusion

Regardless of the tax type chosen, every business owner must remember that income and expenses must be properly estimated for tax purposes. This means that an honest business owner will not simply deduct expenses from income without ensuring that the amount of income is sufficient to cover those expenses. Every business owner should also remember to make sure all required tax deductions are properly claimed. Doing so can help ensure that a small business owner doesn’t owe more money to the government than he earns.

In Australia, the ATO usually conducts audits on businesses every 3 years, or if their data matching system triggers warnings that returns may be incorrect. If the tax returns contain incorrect information or the ATO finds that the figures do not meet GST obligations, the ATO may choose to audit your business immediately.

Due to the current pandemic, ATO has been cracking down on businesses and as a result, more audits are being performed than ever before to ensure every entity is paying its fair share of tax. The process is a stressful and time-consuming process that is best avoided by simply lodging returns in a correct and precise manner.

Common Ways to Trigger an Audit

What these triggers show is that tax compliance – annual income tax returns – are much more than a routine compliance process. It is the main way they interact with the ATO and manages their risk of being selected for audit.

Note that those businesses, who demonstrate best practice, will have an active tax risk management process in place involving both senior management of the business and their key external advisors such as those clients already with R T Accounting & Taxation Services. You can add significant value by being proactive in looking for (and addressing) likely audit triggers. Below are few ways businesses trigger an ATO audit.

Have out of normal Financial Performance not in line with your industry

1. The ATO has benchmarks and data matching software to compare your business entity with others in the same industry. If you are inconsistent with the industry you operate in, this can raise a red flag with the ATO and in turn, trigger an audit.

Not paying the correct super to your employees

1. If employees complain to the ATO that they haven’t been paid the correct super or nothing at all, this is a well-known way to get an Audit from the ATO. Most cases begin with a check of the employer’s superannuation obligations and snowball into income tax, GST and FBT if the superannuation obligations were found not to have been met.

Variances between Tax Return and BAS

1. If there is a variance between the income amount you reported in your BAS’s during the year and what you report on your final tax return, then the ATO may review you accounts to check which amount is correct.

Large fluctuations between years

1. This one is a little easier to manage currently as COVID has resulted in many businesses showing large discrepancies between their 2019 returns and their 2021 returns. However, be prepared for an ATO inquiry if it doesn’t match in line with other businesses in the same industry.

Have International Transactions

1. Any entity who deals internationally should seek a tax agents’ advice when dealing with international companies as legislative changes could increase potential risk in getting audited.

Consistently lodge tax returns late

1. It is important to lodge and pay your obligations to the ATO on time. It goes without saying, that if you regularly lodge and pay returns late then the ATO will submit enquiries about the reasons why you aren’t lodging these items on time.

Consistently show losses

1. If you have recorded a loss in 3 out of the 5 years the business is operation, the ATO will likely want to investigate these.

Own Motor Vehicles, but don’t lodge an FBT Return

1. A common mistake by small and medium sized businesses is to buy a car in their company’s name. The ATO have a data matching partnership with the state and territory motor vehicle registries to outline what cars have been purchased under whose name.
2. It is generally expected that these cars in the company’s name will be used for private purposes at some point, so if the company or trust fails to lodge an FBT return or include Fringe Benefit Employee Contribution in the tax return, the ATO audit is likely to be knocking on your door sooner or later.

Get in Touch with Us!

Nobody wants to be audited by the ATO. The Australian Taxation Office (ATO) and the audit are usually two of the most dreaded phrases for Australian SMEs. However, these are a few tips and tricks and some insightful, accurate and consistent advice we want to share with you to make any interaction with the ATO less stressful for you.