The Accountants and Tax experts at R T Accounting & Taxation Services do more than you think. We give strategic advice and can find different methods to either save yourself or your business money and increase your income. We can also help facilitate the automation of tedious administrative tasks that take time away from your most important stakeholder – your customer. Contact us and you will be able to run your business with far more clarity and confidence.
So, what exactly do we do at R T Accounting & Taxation Services? Below is a rough guide on the services we can easily provide to you.
Help Set Up Your Business
Starting a new business, at the start may seem like a simple and easy process. You create a good idea and set off on your journey. However, many people seem to underestimate the work prior to setting up a business. You will need to know that it will make money, as well as convincing stakeholders such as potential investors and lenders the same idea. We can help you set out a clear plan on how to fully optimise your business prior to starting.
We can help test your idea, identify your start-up and operating costs as well as creating revenue forecasts to account for every possible scenario.
Along with these key pieces of planning, we can also carry out administrative tasks in setting up your business including, but not limited to:
Help with Business Strategy
When starting out a new business, it can often be clustered in that it is hard to know where you should focus your attention to. We can help you understand what is important and the attention you should be giving certain aspects of your business to increase optimal efficiency.
We can work with you to set achievable personal, professional, and financial goals as well as giving you the tools to measure your progress. Quite often, many Accountants and for that matter, small business managers, have fantastic business ideas, but do not know HOW to operate a business efficiently. The experts at R T Accounting & Taxation Services not only guide you in answering the important accounting and tax queries but how you can run your business to become its best possible self.
However, what happens when market situation dictates that sales will slow down. COVID-19 saw many profitable businesses fail simply because they ran out of cash flows at the wrong time and could not afford to pay suppliers or staff. Even if your business, deals in high frequency outputs, it will not go anywhere if your payments take too long to enter your company, or if your expenses are higher than the norm.
We understand that revenue can differ from time to time as well as your expenditure. Also, can help you plan as best as we can for events to manage bad situations so you can continue to operate even during the worst economic periods. We can organise cash reserves and ensuring that a proper schedule is made so there is always enough cash left in your bank. This will make your pay day a lot more efficient and allow you to think more freely and focus on your business.
Debt Management
Most businesses will have some form of debt in their lifetime. No entity starts off with $100,000 cash in the bank, to begin with. However, did you know that there is good debt and bad debt? We can help you differentiate these two key aspects of your business. We can help find you the least expensive borrowing strategies for your business, with the perfect about of principal repayments as well as the low interest garnered from a record low cash rate.
Also, has found that many businesses do not know when to pay back loans or use any residual cash to reinvest in their business. At R T Accounting & Taxation, we can help you make those key decisions to ensure that your debt levels are always manageable.
Setting Up Cloud Software
Rapid advancements in technology have made many Accounting medial tasks automated and far more efficient. One way of taking advantage of these advancements is to set up a cloud accounting software. Many of these software’s come with inbuilt sales and expense data flows directly linked with your bank accounts, as well as invoicing automation that can let you know what has been paid and what is still outstanding. Cloud Accounting Software makes BAS and Tax Reporting far simpler come due date.
At R T Accounting & Taxation Services, we not only look after your business, but also you, the individual. Below are just some of the services we provide for individuals looking to get their tax returns completed.
Tax Return Lodgement
The main thing is that we can lodge your tax return, saving you the stress of having to fill out every detail on MyGov, a task that is tedious and time-consuming. Along with this, as registered tax agents we have an extra 7 months to lodge your tax return. The ATO and other tax practices like to scare you into believing that 31st October is the deadline date for the lodgement of your tax return. This is only true if you are completing the tax return yourself. If you are lodging through a tax agent, the deadline is extended to sometime in May depending on your history.
Traded in Shares, Forex or Cryptos?
Several clients have come to us having traded in Shares, Forex and Cryptocurrencies and did not know that you are required to report any income (losses) made through trading in these methods. Every taxpayer is required to report any capital gains earned throughout the year in their tax return, no matter how often you may have traded throughout the year. Simply send us your end of financial year statement through your broker and we will be able to calculate the rest.
Want to calculate your gains during the year? No problem just message us and we will send you an excel template on what we need for reporting of capital gains come tax time. This process will make tax time far more efficient as well as help you identify which assets have made you gains, and which have made losses.
Residency Status
Many of our clients in the Eastern Suburbs of Sydney are Working Holiday Makers. Did you know that Working Holiday Makers have their own special tax rate? Most probably you did not. Coming to a new country is daunting, and the tax process in that new country can be even more confusing to understand. We have found that many clients were taxed at the wrong rate simply due to confusion with Australian tax laws.
We liaise with the ATO to ensure that you are taxed fairly and appropriately based on your visa status and future intentions for living in Australia or moving back. Get in contact with us to make sure you are not paying more tax than you need to.
No assignment is too big or small for us at R T Accounting & Taxation Services. Whether you are a large corporation or an individual taxpayer, get in contact with the Accounting & Tax experts at R T Accounting & Taxation Services today to optimise your earning potential.