Frequently Asked Questions
On top of running your business, there is so much else to be done compliance wise; risk wise; growth wise.
We answer some of the most common conundrums for you right here, on our accounting FAQ page.
Check our frequently asked questions below for answers to the most common business problems and opportunities.
If you can’t find the answer you’re looking for on this accounting FAQ page, pick up the phone and call us – we love to help businesses succeed.
Cloud accounting allows you and your team to access your accounts from anywhere. From an accountant’s perspective we are able to monitor and access your files on a regular basis to advise areas of concern or opportunity. Read more about the benefits of cloud accounting.
There are many cloud accounting packages available to businesses in Australia. The major cloud accounting software used are Xero, MYOB, QuickBooks, Reckon, Saasu and Sage one. Each of these cloud accounting providers have different features and are designed to work for different size businesses and industries.
Talk to us today about which software will be most useful for your business and how we can transition your accounting records to the cloud.
Asset Protection FAQ's
In business things can go bad, and fast. You will know if your assets are protected if you set up your business structure correctly when you began the business. This would mean your personal and business assets were adequately insulated from possible future financial setbacks, family disagreements and/or business failure. If our accounting FAQ page did not answer your question or if you are still unsure, send us an email and we will arrange to check whether your assets are protected.
When it’s time to sell your business, you want to ensure that you receive the best price possible and with the least tax implications. Prospective buyers and their financiers have specific requirements on what information they need to see before purchasing. We can provide the correct and relevant P&L statements and Balance sheets required for selling your business.
Planning your legacy is not just about having a will. In fact, as a business owner it’s much more than that. While a will may be a good place to start, a comprehensive estate plan is far more effective in being able to protect your assets, reduce the risk of disputes, and minimise your taxes.
Many people make the mistake of assuming that everything they ‘own’ in including their business, home and super forms part of their estate. In the majority of cases this is simply NOT true.
Most of us would prefer to live in the here and now and enjoy what we have now without thinking about what the future has in store. However, none of us know what’s around the corner and you hear of too many horror stories to use this as an excuse to procrastinate.
Not acting now can make the difference between ensuring your assets are protected today and pass to the right people when you’re no longer here and a complete stranger making decisions about to who and where your wealth should go. You’ve spent too many years building up your wealth to leave it to chance.
Self Managed Super Fund (SMSF) FAQ's
If you have over $100,000 in superannuation or are able to contribute this amount over a twelve-month period, then it is highly recommended that you consider setting up a self-managed super fund. The benefits and costs of having your own SMSF, certainly add up over time. Talk to us about setting up or managing an SMSF.
To achieve the best tax benefits and advice on growth, speak to us about setting up an SMSF. We make the process easy, compliant and designed with your risk investment profile in mind. Learn about about ‘How Do I Set Up a Self Managed Super Fund‘ here.
New rules were introduced on July 1 2016 governing what advice accountants can give regarding SMSFs. Only accountants that have obtained the authority can provide advice and administer SMSF’s.
Taggart & Partners successfully obtained a limited Authority from an Australian Financial Services (AFS) licensee, enabling us to provide our clients with SMSF advice.
Reducing your taxes can be easily and legally achieved via a few methods. The ones we can help you with immediately are by a tax planning review and an analysis of your existing business structure. This should reduce your tax payable to 30%.
Businesses that individually try to negotiate payment plans with the ATO, often do not have the bargaining power that a registered accountant does. Before talking to the ATO (and after reading our accounting FAQ page) discuss with us your options and allow us to deal with experience with the ATO. (Plus, you won’t have to wait on hold – we have a direct line to them)
Most businesses that do not have the correct structure or tax planning in place are paying too much tax. Over 95% of businesses that we meet with ARE paying too much tax. Talk to us today about analyzing your past and future taxes to determine what ongoing tax reductions can be made.
There are many business structures available to meet your business needs, reduce tax and protect your business and personal assets. Meet with us for a free consultation and we can determine if your current structure is correct or needs amending for the best protection and profitability situation.
Setting up a Trust can be useful when there are beneficiaries of a business. A Trust is not a separate legal entity. The advantages are asset protection and income distribution. Setting up a Trust may be a great option of your business or have no impact at all depending on your structure. Talk to us today to see if a Trust is a beneficial option for your situation.
Your business is valued according to several factors including, revenue, debt, profitability, good will, assets, number of clients and time trading. To get an accurate picture of the value of your business talk to us today. Learn more about ‘How Do I Value My Business‘ here.
Many of our clients, take out audit insurance for piece of mind in case the ATO decides to target them or their industry. Often auditing fees if the ATO decides to target you can run into tens of thousands of dollars. Audit Insurance is only $550 per year and is tax deductible so we do recommend that everyone in business takes out this insurance for peace of mind and pocket.
Cash flow is the lifeblood of all small businesses. When you do not have enough it can cause major stress and operational difficulties. Taggart and Partners will help you to put a cash flow plan in place and help you meet your tax and super obligations, including GST, PAYG and fringe benefits tax.