When taxpayers are facing tax debt, many turn to tax return services to find a knowledgeable professional to help guide them through the process. The tax return services providers in Eastern Australia are unique in their experience, knowledge, and in the quality of the tax return preparation that they can provide. Taxpayers in Australia, RT Taxation is recognized that only a one-size-fits-all approach will not minimize or maximize the amount of their tax liability or maximize what they legally owe to the government! In fact, the tax liability can be maximized by providing the Australian Taxation Office with a detailed examination of every taxpayer’s financial circumstance, thereby allowing the agency to maximize its collection of tax liability.

If you have been negligent about paying your income taxes, the Internal Revenue Service has remedies to collect these delinquent amounts. In some cases, the Tax Authority will pursue you through Tax Court, while in others it will negotiate with you. If you choose the latter course, you want to ensure you are properly represented by an experienced tax return services business in Eastern Australia. Taxpayers in Australia know that selecting a reputable tax services business can maximize their recovery of delinquent taxes, while Eastern Australia tax professionals can utilize their experience and knowledge to negotiate with the ATO in such a way as to obtain the best possible resolution for their client.

Why Do You Need to Hire a Good Tax Return Services Provider?

Trained Tax Professionals

The tax returns filed by taxpayers in Eastern Australia are prepared by highly trained tax preparation service workers. These tax preparation workers prepare federal tax returns, state tax returns, and provincial tax returns as well. In addition, these workers prepare payroll tax deposits and aid with filing federal tax returns. There is no question that if you work with a tax preparation service that is based in Eastern Australia, you can rest assured that you will be receiving only the highest level of professional tax advice and service.

Follow Complete Tax Code

Taxpayers should never attempt to prepare their own tax returns. The tax laws are very complex and there is no better way to receive legal help in resolving tax issues than through an experienced tax return services business. If an individual taxpayer is unable to follow the complex tax code, they can become subject to penalty fines. In addition, improperly filed tax returns can result in interest and penalties being added to the balance of the taxpayer’s liability. Even in cases where a penalty is not incurred, a delayed payment could result.

Resolve Tax Return Problems

If a taxpayer is not able to resolve their tax return problems with the ATO, there is even more potential for the tax burden to increase. The tax collection process is typically very efficient, but errors do occur. Errors can occur when a taxpayer does not understand the complex tax code, they are attempting to include too many items on their return, or they miss a deadline. In cases where taxpayers are not properly represented, the tax burdens can be significantly increased. This represents a waste of time and money for both the taxpayer and the ATO.

Networking Skills

Individuals that perform tax return services for a living are often integral members of the community. They interact with local merchants, vendors, law enforcement, the media, and more. Individuals that work in the tax return industry have strong networking skills and can often make a significant contribution to any community. For this reason, they are great additions to any civic group and are very popular amongst members.

Use of Tax Software

Individuals that utilize the tax software may also be involved in a volunteer position. Many times, these individuals are active in local community groups and have developed relationships that could lead to future employment opportunities. In some tax filing situations, the service provider may also be able to work as an organizer or consultant.

Where to Get the Best Tax Return Services in Australia?

There are many taxations and accounting services provider companies in Australia. RT Taxation & Accounting is one of them. We provide the best taxation, outsourced CFO, Accounting services, etc. So, if you are looking forward to getting the best company for your tax return services in the eastern suburbs, RT Taxation would be the best choice for you.

Why RT Taxation?

• We are experienced in taxation for 10 years.
• Best Tax Return experts
• Affordable service charges

Conclusion

In conclusion, a tax return professional is someone who aids with the filing of state taxes. The role they play varies depending on the state they live in, but there are several that cover all tax returns. The services provided may include filing taxes, giving advice and instruction on how to file, or offering tax preparation services. Some tax return preparers work exclusively for one party and some work for both state tax preparation parties and individuals. All in all, a tax professional is a person who has mastered the art of filing taxes and knows how to reach every individual that may need their assistance.

The business owners in the Eastern suburbs of Sydney can get the best of their deals by getting assistance from a business tax advisor. It is a place where they can find suitable tax consultants in the Eastern suburbs who can guide them in their business affairs. At present, business owners have so many problems to tackle regarding their business Taxation Services. They must face different and difficult problems such as tax investigation, tax payment, tax audit, and many more. If you are one of those business owners, do not worry about these things because the tax consultants in Sydney can get your problems solved for you. They can give you complete advice on various aspects of your business including taxation issues.

With the help of a tax consulting company like R T Accounting & Taxation Services, you can get your taxes sorted out so that your business stands free from all the tensions. As soon as you appoint a tax consultant at R T Accounting & Taxation Services, you will see the difference in their service. The first thing that you will feel is the professionalism of the people in this organization. They will handle your business matters in a very friendly manner. Even if you must make some corrections in the tax records of your business, they will provide solutions for that also.

Business Tax Consultation

In addition to this, there are many other advantages that you can enjoy by getting the services of a business tax consulting company. For instance, you can get a reliable expert who can help you get the right kind of tax concession that you need for your business. Moreover, he will also know the right tax regulations that you need to follow for your business. This will help you save a lot of time and money.

Save a Lot of Money

Apart from this, a professional business tax consultant from RT Accounting & Taxation Services can also help you save a lot of money on your tax return. This is because he will help you find the tax discounts that you can avail for your business. If you do not know what tax discounts can be availed for your business, then it is best to consult a tax consultant in Sydney. He will tell you about all the options that are available for you.

Business Tax Discount

There are two types of business tax discounts that you can use in Australia. These are the concession and the deferment. If you have a big business, then you can seek a tax reduction on your concession. This means that you can get a 50% discount when you pay taxes for your business on a yearly basis. This is one of the most preferred tax breaks by business owners.

Opt for a Deferment!

However, if you have a small business, then it is advisable to opt for a deferment. This means that you will not have to pay taxes on income that you earn before you pay tax for it. This is a very good business tax consultant in Sydney that will ensure that you get to benefit from every advantage that is provided to you.

Tax Consultant Will Calculate Everything

When you contact a business tax consultant in Eastern Suburbs, you should give him all the required information regarding your business. This includes your staff, assets and liabilities, cash and assets of investment, expenditure, turnover, and profit margin. The tax consultant will then do his homework and study your business and then draw up a tax calculator that will help you work out how much you can save. This will help you arrive at the right amount of concession and deferment that you can avail for your business. All you need to do is to give him the right information and you will get the right tax benefits.

Where to Find the Best Business Tax Advisor in Eastern Suburbs?

There are many business tax advisors in the eastern suburbs of Sydney. RT Taxation & Accounting is one of them.

The best business tax consultant in Sydney is RT Accounting & Taxation Services. You will be able to find plenty of consultants online that will be able to guide you towards the right path for your business. Sydney has become quite an important financial hub and people from all over the country as well as from other parts of the world are heading towards Sydney for their business needs. To be in the limelight, you need to start looking for a professional who can help you with your business tax return.

Did you know that you can take ownership of your own superannuation, and start a Self-Managed Superannuation Fund (SMSF)? In a financial climate that shows uncertainty, it is enticing to take complete control over your financial future. In 2021 – the markets have been volatile and have reached new highs. Pair this with the feeling of ambiguity the large super funds leave you. And you are left questioning if you should be taking charge of your own finances by opening your own self-managed super fund. But before you start preparing all your paperwork and take the plunge into managing your own super, you need to understand if a self-managed super fund is the right solution for you and your business.  An SMSF is not for everyone – but it comes with advantages. However, there are also risks associated. If you are not compliant with superannuation rules. 

What is a self-managed super fund? 

A self-managed superannuation fund is a super fund that you manage yourself. These self-managed super funds are different from the industry and retail super funds that you see in the workplace. When you are in control of your own self-managed super fund, you put the money that we would normally put into a retail or industry super fund into your own SMSF. You have total ownership of the investments and insurance. 

A self-managed super fund is a fund with less than five members, and each of those members is a trustee of the fund or a director of the trustee company. These other four members (including that you are the fifth member) can be friends, family, or colleagues. As all members of the fund are trustees, all are responsible for the fund. And it is important to note that a super fund is a form of trust. And a trust deed is required for the fund to function. The trust deed and superannuation legislation determine all activities of the fund. 

A self-managed super fund works like a retail super fund – where the superannuation benefits will be paid upon retirement. In addition, self-managed super funds receive the same concessional tax treatments whilst in the growth stage and payment phase. Due to the concessional tax treatment, there are strict rules and penalties to ensure that all funds adhere to receive retirement benefits. It is these rules and regulations that often deter individuals from starting their own self-managed super fund. The additional work and risk outweigh the ownership of the self-managed super fund. Nevertheless, there are individuals that are taking ownership of their super. 

Benefits of Self-Managed Super Funds

In a recent SMSF quarterly statistical report it is stated that nearly 43 percent of new self-managed super funds were opened by individuals. Between the ages of 25 and 44. They are gaining more and more popularity through the younger to middle-aged workers. Because of the control members must make their own investment decisions. Also, given the opportunity to invest in funds that are not included in the mainstream retail super funds. Some of the main benefits of managing your own self-managed super fund include: 

Investment freedom

Members can manage their own funds and control their investments. They have the liberty to a greater pool of investment choices – and can jump on investment opportunities.
This also allows members to act quickly on investment decisions. You have the freedom to adjust an asset allocation very quickly if market conditions change. 

In addition, you can choose to invest in asset classes that you would not have the opportunity to invest in if you were with a retail super fund. As an example, you can buy physical gold or invest in art. These are all possible with a self-managed super fund. 

Ability to purchase a residential property.

A very interesting benefit of self-managed super funds is the fact that you can buy an investment property through your self-managed super fund. And go on to earn income from the rental payments. You will also enjoy the capital gains against the value of the property. The property purchase is your responsibility. And you have control over what you choose to buy. And who you rent it to (provided it is not a direct family member). This benefit is only for those who have a self-managed super fund – and not a standard retail fund. 

Fund tax position

Similarly, to industry superannuation funds, your self-managed super fund is taxed at a lower rate of only 15 percent. This is considerably lower than a marginal tax rate for work-related income which can be up to 45 percent. 

You can gain a tax benefit by contributing to your self-managed super fund through concessional contributions. Your employer can pay the compulsory superannuation guarantee (9.5 percent p.a) into your self-managed super fund. This will then be taxed at the concessional rate of 15 percent as opposed to your full tax rate (according to your salary). 

Family pool

When you start a self-managed super fund, you can have up to another four members join the fund. These members can be anyone you choose. As an idea, you can choose family members – pool together your collective super balance as a family. And invest more together and reduce the overall fees of a self-managed super fund (and retail industry super fund). 

Is an SMSF right for me? 

Even though self-managed super funds offer some enticing investment and tax benefits – they are not the right option for everyone. Before you consider opening your own self-managed super fund, be sure to know what is involved, what admin work is required to make it work, and the costs that are involved. And most importantly you must know the risks that come with opening a self-managed super fund.

Below are some points that outline if a self-managed super fund may be the right choice for you. 

1. Your super balance (or accumulated family super pool) is over AU$200,000. This is not mandatory, however, considering the costs involved in setting up a self-managed super fund, it is a good amount to consider. 
2. You understand investments, the share market, asset classes, finances, and tax. You will need to have the knowledge to buy and manage an investment property and how to invest in international markets, even during volatile climates. 
3. Managing an SMSF is time-consuming. You need to ensure that you have the capacity to invest your time (not just invest your money) into your self-managed super fund. If you are not capable of dedicating time, then your investments may suffer, and you may not be able to stay ahead of your reporting required by the Australian Taxation Office.  
4. Need to understand legal requirements. Everyone required to adhere to legal obligations such as setting up a trust deed. You may not have legal experience, but an understanding will help.

Starting your own self-managed super fund is a lot of work and comes with risk. If you are 100 percent committed and understand what is involved in opening your own fund, then consider professional advice. Have a chat with us at RT Accounting & Taxation Services about your self-managed super fund. We can help you start your super fund and steer you in the right direction – allowing you to feel confident in your investment decisions.

Australian Small Business Tax Guide

The information on this Australian Small Business Tax Guide can help you take all the deductions you can from your income tax return. It is basically a set of general advice about all the Australian tax deductions. And what you can do to claim them. A lot of people think that tax deductions are only for people who earn very large incomes. But that’s not true. All kinds of taxpayers can make the most of tax deductions, including those who have a base salary or salaries, those who receive rental accommodation as their principal residence, and those who use their home as their principal place of work.

Things That Covers Tax

Rental Income

The first area that the Australian small business tax guide covers is rental income. Rental income is something that might be claimed back every year. If you rent a part of your house as your principal residence, you can claim a deduction on this basis every year. You can also claim it back if you use a car or other depreciated asset to help you get to work, such as public transport. You also need to ensure that you’ve paid enough rent over the years to make you liable to take the deduction.

Rental Business Benefits

Another area covered by this Australian small business tax guide is the rental business benefit. This area of the guide focuses on the tax relief that is available if you have invested in a rental property over a period of at least 2 days. This comes from the fact that you will be eligible to claim a tax reduction if you use the rental property for more than a year. This tax relief is based on the percentage of the value of the property that has been used.

Business Assets

Business assets are one of the areas that this guide focuses on, especially if you’re running a business that earns enough to be able to claim expenses related to capital gains, capital expenditure, and other standard commercial taxes. To qualify for a large amount of instant asset tax write-offs, you can claim a business asset in your income tax return.

This is a special tax benefit that will save you a lot of money. This Australian small business tax deductions guide will teach you what things to include in your business asset statement and how to maximize the number of credits you get.

Various Deductions You Can Take

When it comes to working out what deductions you can take, the Australian Taxation Office provides a website that contains a wealth of information on all of the various deductions you can claim. The website also provides a glossary of terms that you’ll need to become familiar with. If you need assistance with any of the terms or resources listed there, a tax advisor with knowledge of the Australian taxation system would be a wise person to consult. You can use the Australia tax reference number (AFR) to call them for help. The AFR is a unique number that is assigned to each individual Australian taxpayer, so it’s important to memorise it if you want to refer to it during the course of your consultations with the AFR consultant.

Consumed Tax Deduction Guide

To be eligible for many of the deductions that are discussed in this Australia tax deduction guide, it’s necessary to show that you have consumed a particular amount of rental property within a year. The most common type of deduction is the business expenditure discount. When you incur expenses for office amenities – office furniture, computers, supplies – and that include a room or rooms that are used exclusively for business purposes, you can claim a deduction for that expense. The rules for how much of a deduction you’re eligible for depending on several factors. The location of the business and the nature of the business matter. Your deduction may be limited if you rent one or more premises.

It’s helpful to see an Australia tax guide when you’re thinking about incorporating a business from scratch or expanding your existing business. The guide will cover the importance of classifying your rental property properly with the tax office. It will discuss the types of deductions related to leasing a place to rent, such as depreciation. It will also explain which expenses are allowable and which are not. Taxation laws are very complex and it’s possible that an accountant will miss a qualifying instruction or reference in a tax return.

Conclusion

Using a tax guide to understand your tax obligations is very valuable. If you’re a first-time user of the tax rules and want to save more money, it would be helpful to consult an expert who can walk you through the process. You can get free help online. All you need to do is visit a website that offers assistance to taxpayers like you. By consulting an expert like R T Accounting & Taxation Services, you can save time and money on your business expenses.

For small businesses, financial management is a key issue. The budget is always very tight, and there is a lot of room for error. Making the slightest error can cause a lot of trouble in the long run, and that’s where getting outsourced CFO services help.

Generally, small businesses do not have the financial capability to hire a financial expert full-time. However, having an expert to support your finances can take your business to the next level. However, receiving outsourced CFO services can be somewhat technical. In this article, we are going to discuss everything you need to know about outsourced CFO services to help you make your decision. Let us begin!

What is an Outsourced CFO Service?

Outsourced CFO services refer to consulting a certain company or individual that has expertise in financial matters. They provide you with expert advice, suggestions and help your business find its groove. 

Generally, a CFO is a person who takes over all the financial matters of a business and micro-manages all the ins-and-outs of that business. However, since small businesses don’t have considerably experienced finance experts or the financial means to hire an expert, they can reach out to an outsourced CFO service for help.

Services Provided by Outsourced CFO Services:

Helps to Find Stability:

Businesses often go through rough patches. Whether that is struggling with the lack of finances or improper financial management, struggles are prevalent in the world of business.

A financial export understands these situations and knows how to tackle these. As a result, he can easily show your business to get out of these sticky situations, eventually giving your business the stability, it needs.

Short and Long-Term Planning:

The key to survival for a business is to plan for its future. However, considering how uncertain the business world is, planning efficiently is the key. With an experienced CFO at the helm, you can get short term and long-term forecasts of the market and ideas on how you should make the best of it. Having a proper idea about the future can help your business survive any uncertainty coming in its way.

Financial Reporting:

Understanding your companies reports and making decisions based on them is another benefit you can get from outsourced financial services. Suppose you have multiple products available in the market. However, not every product is providing your preferred output, that’s where your outsourced CFO services play their role.

To begin with, the financial expert can see the policies enacted by your products and provide valuable suggestions. They will conduct in-depth research and provide reports on why certain products are performing worse than the others, and how to get a better outcome from these products.

Budgeting:

Having a clear budget helps to make your future financial plans. Consulting an outsourced CFO service, you can get help regarding your account for several years.

The CFO will take a few things into account, such as current expenses, investments, assets and liabilities, payroll management, etc. and chalk up a financial plan that will help you sustain your business for a few years. 

Having a clear budget means you know how much money you need to spend to make your business grow and sustain. As a result, you can easily find investment ideas in the long run.

Structuring and Raising Capital:

How much money you have as your capital is crucial for your business. You need to find the right combination of assets, debts, and liabilities to make your business stand out. A good CFO can help you find the right spot that protects your business as well as accelerates growth. Also, having an idea about capital can massively help during taxation.

Furthermore, experienced finance professionals have a plethora of connections and networks that they can connect your business to. These will ensure more potential for your business as they get more potential investors to improve its capital.

Pros of Outsourced CFO Services:

Cost-effective:

Having outsourced CFO services mean that you do not have in-house staff to pay for. As a result, you do not have to pay extra costs such as insurance and employee benefits. For a small business, these benefits can really save a fair bit of money for your business.

Reduced Workload:

As the head of your business, it is your responsibility to manage everything. However, having someone to share the workload can really make your life easier. Having an experienced CFO managing your finances can reduce your businesses’ additional hassle of financial management, thus reducing your shoulders’ workload. Allowing you to focus on your work.

Time-efficiency:

Small businesses generally suffer from a lack of manpower. As a result, it takes time to manage certain things that could otherwise be done much sooner by a group of professionals.

When you are getting outsourced CFO services, you are also getting a team of experts to manage your financial matters. As a result, you can save up on a fair bit of time from managing everything.

Cons of Outsourced CFO Services:

Hidden Costs:

When you are hiring an agency for outsourced CFO services, prepare for some additional costs. While this is not a case for every company, certain companies might charge you higher than usual or add extra costs over the initial fees in certain fields. So, preparing beforehand is a good idea.

Lack of Freedom:

Although this is entirely subjective, a lot of people personally struggle with the addition of people who are not in-house employees. When you are getting an outsourced CFO service, you are essentially handing over a crucial part of your business to an expert. Many people might find this limiting to their business, and eventually, find it hard to work. 

So, if you are someone who enjoys taking decisions and working at your own pace, getting outsourced CFO services might do more harm than good.

Get in Touch with Us Today!

For people running small businesses, every decision is crucial. Miscalculating the smallest of steps can be disastrous in the long run. And when it comes to something as technical as finances, there are a lot of complications involved.

Getting outsourced CFO services can really benefit your business in specific scenarios. In this article, we have discussed all the technicalities of outsourcing your CFO services to help you out.

When searching for CFO services for startup businesses, it is essential to know what services your company needs. This is because services vary depending on the nature of your business and the type of business you are operating. A CFO service for your small & medium business would not be the same as a CFO service for a financial services company. While all businesses require CFO services, the needs of different types of companies may differ.

Services companies assist a business in getting bank loans, setting up a business operation, and closing the business. The services include accounting, bookkeeping, human resources management, and payroll administration. A CFO is the head of finance for a company, so their duties will focus on those elements of a business. A CFO services company will typically provide these services to new or small businesses in Australia.

Source to Hire CFO Service

CFO services for hire can be obtained through many different sources. Hiring a CFO at a reputable business location may be the best option. This person will have CFO experience, know the ins and outs of the business, and likely offer sound financial advice. Finding a CFO that has experience working with a similar type of business and who has a good reputation can be helpful.

CFO Services for Startup Businesses

Many startup businesses will hire an accountant and a bookkeeper initially. However, in some cases, the industry may want to work with a CFO on a part-time or hourly basis. Part-time CFO services will give a startup business the ability to function without paying for full-time CFO services. They may also be more affordable options if a startup business cannot afford CFO services. For instance, a startup business that does not expect to make more than $100k may be able to work with a CFO on a part-time basis and only pay for the service when they need it. Working with a CFO for a startup business can help them save money in the long run because the startup company will not need to pay for CFO services as often.

Duty of a CFO

On a part-time basis, a CFO may be responsible for keeping track of a business’s invoices and expenses. They may be responsible for maintaining records on employees and outsourcing certain services. A CFO can handle these types of services by making sure the paperwork is filed correctly. CFO services for startup businesses can help entrepreneurs save time by ensuring that they are doing everything correctly. There are many different aspects to running a business and keeping all of the necessary information organized. A CFO can help with running a business and maybe the solution that the business needs. Many startup businesses that are not expanding will find that hiring a CFO will be beneficial. These services will give the company extra time to focus on other aspects of the business without having to worry about handling their financial responsibilities. A CFO can also be beneficial if the company is not growing too quickly because a CFO can help manage finances and cash flow.

How Outsourcing CFO Service Can Help Your Businesses

• CFO services can help with All tax matters
• Tax reporting and filing, which all businesses need to do to comply with the various tax codes in place. 
• A CFO can take care of the entire process for a business. 
• They will ensure that all of the necessary tax returns are filed, and they can help with the payment of taxes. 
• A CFO service for startup businesses can help a company succeed if they use the exemplary service for their company.

Conclusion

There are many CFO services for startup businesses, and there is a great deal of responsibility involved. Because of this, a company must choose the exemplary CFO service to handle its financial commitments. A service such as RT Taxation can be an ideal option for a business that wants to be as transparent as possible regarding finances. CFO services for startup businesses can provide a company with a fast way to succeed in the world of business.

Why is it essential to outsource payroll services for small businesses? Simply really, payroll administration provides many benefits. It not only includes the above: weekly paychecks, overtime payments, and tax deductions. It can also have:

These benefits come from the laws of wage laws in countries like Australia, Canada, and the United States. The governments of these countries have implemented strict laws to ensure fair labor practices. This has been done to protect small business owners from exploitation by unscrupulous labor agents. These labor agents may be paid a commission based on the amount of money they can get from the employees as remuneration. In some countries like Australia and Canada, this is illegal. The small business owners must therefore find an alternative means of ensuring fair labor practices.

Outsource Payroll Services For Small Business

Therefore, outsourcing payroll for small businesses is one of the best ways to protect the interests of small business owners. Now, if you are asking how, you would have noticed that many outsourcing companies offer to take care of all your small business payroll needs. However, you have to be very careful while selecting these service providers.

Many scams are available on the Internet. The scammers usually offer attractive solutions to outsource payroll for small business owners. These companies require advance payment and charge a hefty fee for processing. Apart from that, the payroll outsourcing company would fail to deliver results, and you would never hear from them again. Therefore, you must perform due diligence before hiring an outsourcing company to outsource payroll for small business duties.

How to Identify a Good Payroll Service Company

The best way to identify a good outsourcing company is by checking with the Better Business Bureau. If you do not want to spend money on Bureaus, you can use the World Wide Web to identify a company. All you would have to do is enter the name of the organization in Google and check whether there are negative reviews or positive reviews for the company. Once you are satisfied with the results, then contact the company through their website. You can ask as many questions as you like until you are satisfied.

Outsourcing is Beneficial

Outsourcing payroll has been quite beneficial to many small businesses. Before this concept came into existence, the employees of the company had to maintain their records themselves. Besides, they had to keep track of their earnings and expenditures separately. Thus, they were running the business on their own. With the introduction of this system, the company employees no longer have to worry about anything and just pay their employees according to the number of hours worked.

Benefits of Outsourcing Payroll Services for Small Businesses

Small businesses need to keep track of all the payroll details of their employees, so they should opt for payroll outsourcing. Even though this is a perfect idea, they should also keep in mind the cost factor. If the costs involved in hiring the payroll company are more than what they are paying their employees, it might not be feasible. Though this type of solution is usually accessible for small businesses, it may increase costs if the outsourced payroll provider requires additional software like a database and other software. Small businesses may also face difficulty training their employees once the payroll is handed over to them because the process is complex.

Conclusion

Outsourcing payroll is beneficial for business owners as well as employees. Small business owners can save a lot of money if they hire a payroll outsourcing firm because they do not have to maintain or pay attention to the employees’ payroll details. This saves a lot of time and energy and also results in more efficient and comprehensive services. The small businesses that outsource their payroll requirements to different service providers enjoy several benefits. They get more expert employees, don’t have to spend money on software and other technology, and focus on their core business activities.

Many small to medium-sized entrepreneurial businesses reach a certain point in their growth. Where they will need in-depth data and expertise to plan, measure risk, improve performance. And profits, secure company financial health, and growth. In a large entity, this role is filled by a full-time Chief Financial Officer (CFO).

Times have changed, and many SME’s no longer need a traditional full-time employee to look after the services mentioned earlier. They can easily tap into the knowledge and expertise of an experienced CFO without putting them on the payroll. And enjoy greater benefits than they would if they hired an in-house CFO.

Significant Cost Savings

Hiring a full time CFO is a massive financial commitment. Many small businesses simply do have the money to pay close to $200,000 per year plus benefits to a qualified CFO.

Outsourcing your CFO requirements to R T Accounting & Taxation Services will come at a fraction of that cost. You will not need to pay us employee benefits, commissions, bonuses, or profit-sharing incentives often attached to hiring an in-house CFO. You can scale up your services as your organisation grows to minimise your expenses. And more importantly, put more money in your pocket.

Collaborative Strategic Planning

As a business owner, you know what you want to achieve from a business perspective. However, do you know the financial steps required to reach that goal? At R T Accounting & Taxation Services, we pride ourselves on being among the best when it comes to giving you financial advice personally tailored to YOUR situation. We can spot weaknesses, recommend improvements, and capitalise on strengths.

This process will often involve the development and implementation of Key Performance Indicators to hit performance and growth objectives, along providing forecasts and budgets to help your organisation gain traction.

Understandable Information at Your Fingertips

As your organisation grows, the data collected becomes exponentially important. The basic financial reports generated by accounting software will only show you a part of the picture. They will not explain where your business currently stands and the future for your organisation.

An outsourced CFO at R T Accounting & Taxation Services will tailor the reports to provide key insights to help you succeed. We can translate in-depth financial data into commonly understandable information you can use to make informed decisions to help your organisation grow and expand.

Financial Accountability

Financial complexity increases exponentially as your organisation grows. Nevertheless, your business needs to maintain internal controls to ensure compliance, accuracy, and data security. At R T Accounting & Taxation Services, one of our employees has firsthand experience as an internal controls officer at a multinational aerospace manufacturing firm. We can use this experience to help you implement similar controls to your business if that is what you require.

We ensure that you have the checks and balances to provide independent oversight over in-house operations to deter fraud away from your business.

If there is no control’s function, many organisations have struggled to get out of first gear as it is almost impossible to secure capital as your business grows. This information is also important during mergers and acquisitions and when reporting to potential investors and shareholders.

First-Class Knowledge & Service

At R T Accounting & Taxation Services, we are dedicated to the success of your company and are readily available beyond the tradition hours. You will not need to go through an extensive hiring process or pay a huge salary. You can immediately hit the ground running with a qualified and experienced CFO with deep industry knowledge immediately.

The experienced CFOs at R T Accounting & Taxation Services have a proven financial background, strong qualifications, and glowing testimonials. We work collaboratively with your business and its partners to provide a truly first-class experience.

If you are interested in exploring our outsourced CFO Services, contact us for a free consultation. Let us help you grow your business and succeed.

Many start-ups begin in the unique position where they begin by entering a large market with a product or service. Which is demanded by an array of customers. Potentially, you could be breaking into a unique niche where you will be dominant in your industry. Or you may have a good service that offers a solution or benefits for a long-standing problem that your target market has.

During this time, it is imperative that you concentrate on building your customer base, filling orders in a timely manner, and addressing customer concerns. Essentially, this time should be used to put the customer first! The accounting and taxation aspects of your organisation are often too demanding and time-consuming to deal with, with no real value being added to your product or service, or you may not be mathematically and financially savvy to handle your own accounting and taxation preparation and lodgement. For start-ups who are dealing with these unique issues, outsourcing your accounting and taxation services to a firm like R T Accounting & Taxation Services, uniquely located within 10 minutes from the Sydney CBD may be the perfect solution.

Benefits of Outsourcing Accounting Departments

The use of an outsourced Certified Practicing Accountant (CPA) firm has a vast array of benefits for start-ups and small businesses. During the early stage of your start-up, often, you will not be in a position that hiring an in-house team of accounting experts would be beneficial for your company to progress in your desired industry. At R T Accounting & Taxation Services, you are getting your local accounting, tax & payroll experts best equipped to help you with your specific operations when you need them. 

Operational Efficiency

You need your employees to work toward selling your services or products, not focusing their time on non-value adding functions such as office tasks and administrative tasks. With R T Accounting & Taxation Services taking care of your day-to-day accounting function, your employees should be able to put a hundred percent into the organisation to help you build your company and increase profits.

Cost Savings

For you to employ one CPA member to be a part of your team, they will often require a six-figure salary, annual leave, sick leave, or even accounting training if they are not fully qualified yet to entice them to work for you. 

With R T Accounting & Taxation Services, those costs are scrapped for a one-off fee calculated using the size and capacity of your business. We guarantee that we will come at a cheaper price than for you to hire your own in-house accounting team.

On Demand Access to Experts & Technology

With R T Accounting & Taxation Services, you have access to a combined fifteen years of experience and knowledge in the accounting and taxation field. Financial and tax reporting compliance is changing on a yearly basis, and as a result, you will want to ensure that your reporting obligations are up to date and lodged in a timely manner when required. We pride ourselves on staying on top of changing regulations to benefit you, our client, so you can focus on enhancing your business, and we can look after your compliance reporting.

You will also gain access to our special accounting software rates with our partners, MYOB & Xero, which you can access any time of day to keep a track of your financial, payroll and tax information to ensure accurate accounting work.

Scaling Accounting Easily

R T Accounting & Taxation Services have the amount of availability to scale your services significantly without any lag. For example, if your accounting and taxation tasks are too much for one employee to handle, this is no problem as we have our staff members ready to handle any challenge you throw at us. This removes the need to go through a rigorous recruitment process, not wasting precious time on a non-value-adding process, allowing you to focus on what matters most – the customer.

When you Should Consider Outsourcing your Accounting & Bookkeeping

From our experience working with various businesses located around Australia, outsourcing the accounting & taxation function tend to work best when.

• A business does not require someone to work full time but needs a person with more skills than an average office manager, or receptionist can provide.
• A company of any size cannot find a full-time employee with the required capabilities at an affordable cost to your organisation. 
• A rapidly expanding company, looking for opportunities to scale their accounting & finance functions at any time.
• Temporary extra services are required at certain times in the year, extra time required for Business Activity Statement lodgement and annual tax lodgement at certain times in the year,

However, it will be important to note that even if you do choose to take R T Accounting & Taxation Services upon our outsourcing services, a skilled and qualified person (generally the director) will still need to be actively involved in the process while approving invoices, making deposits, reviewing timesheets for employees, etc.

Get in Touch With us!

We are conveniently located just 10 minutes from the Sydney CBD in Kingsford. If you are intrigued on how to become our client and gain access to our services, please get in contact with us to help you focus on what truly matters – your customer.

Managing your business tax obligations is one of the most daunting and important responsibilities when starting a new business. The piece de resistance of tax obligations is lodging your tax return at the end of every financial year. However, what most businesses do not realise is how and when you can lodge your tax returns. It is dependant on the structures of your organisation. Below is a guide on when to lodge tax returns for each of the four main business structures. They are Sole Trader, Company, Partnership, Trust.

Sole Trader

If you are a sole trader, you just need to file your individual tax return. Which covers all your personal and business income. You can lodge either by yourself through the ATO myGov portal or through R T Accounting & Taxation Services.

If you lodge yourself then your return is due by 31^st October. However, if you lodge through R T Accounting & Taxation Services and are on our client list before 31^st October. We will tell you when your tax return and tax payments are due. Often it is due by end of March the following year. 

As a sole trader, you are required to fill out a separate section of the individual tax return. And professional items schedule for individuals. Fear not if you are on our registered agent list as well will sort that out for you.

Partnerships

If you are involved in a partnership you are required to lodge a partnership tax return through the ATO myGov portal or through R T Accounting & Taxation Services.

So, if lodging yourself the lodgement date is 31^st October. If you are lodging through R T Accounting & Taxation Services, we will tell you what date we need to lodge the tax return. Which is often not before March the following year.

It is important to note that the partnership itself does not pay tax on the income it receives. But shows how much each partner to list as income they received on their personal individual tax return. If you have a partnership, you should not prepare and lodge your individual tax return. Until the partnership has completed its tax return.

Company

If you are a director of a company, you are required to lodge a company tax return through the ATO myGov portal or through R T Accounting & Taxation Services. 

The lodgement date for a company is generally the end of February, however it is beneficial to check with your registered tax agent as to the specific date your company tax return is due as it changes from business to business. A company’s income is separate to personal income so it is important to separate the two, as well as meaning you will have to submit 2 tax returns come year end (individual and company).

Please not if you do not lodge your previous financial year tax returns on time, the company tax return is due by 31^st October.

Trusts

If you are involved in a trust you are required to lodge a trust tax return through the ATO myGov portal or through R T Accounting & Taxation Services. 

And, if lodging yourself the lodgement date is 31^st October. If you are lodging through R T Accounting & Taxation Services, we will tell you what date we need to lodge the tax return by, which is often not before March the following year.

It is important to note that the trust itself generally does not pay tax on income it receives but shows how much each beneficiary to list as income they received on their personal individual tax return. If you are part of a trust, you should not prepare and lodge your individual tax return until the trust has completed its tax return.

Get in Contact with Us!

We are conveniently located just 10 minutes from the Sydney CBD in Kingsford. If you are intrigued about how to become our client and gain access to our special perks, please get in contact with us to help you get what you deserve.