Business Accounting for Small Business
Zero Tax offers small business accounting on the Sunshine Coast. We are here to support you with all aspects of your business setup and ongoing obligations.
Hassle-free innovative accounting solutions
With a deep understanding of the financial and legal challenges involved in running a business, Zero Tax provides innovative accounting solutions that help you achieve your business goals and put yourself ahead of the game.
When you work with a professional accountant, you’ll have peace of mind knowing that your taxes, finances and all the complicated numbers are being taken care of by a specialist.
Additionally, having your accounting organised and up to date can give you real-time overviews of your business health and performance. This is extremely valuable to any business owner, since it provides accurate insights into a company’s financial status, allowing well-informed decisions to be made.
Professional business accounting
Our business accountants on the Sunshine Coast have extensive expertise and knowledge and always work with your company’s best interests in mind. We offer the highest quality of accounting and taxation services for individuals, partners, companies and trusts.
Whether you are setting up your new business or looking at improving your accounting processes, Zero Tax can assist you and your company at any stage of your business development.
- Company, Trust, Partnership and Sole Trader set up
- Annual company returns and financials
- BAS/IAS preparation and lodgement
- Financial statement preparation
- Application for Tax File Number and ABN
- Business name registration
- ASIC management
- QBCC reporting
- XERO set up and management
- Registration for PAYG withholding
- Payroll assistance
- Tax returns, planning and minimisation strategies
Starting a new business?
Starting a new business is an exciting and daunting experience for everyone. You will need to plan and prepare for the financial responsibilities that come with the new venture.
If you are struggling with the financial side of your new business, don’t worry. We know that it can be quite overwhelming and that’s why we are here to take some of the load from you.
Schedule a call with us and we’ll walk you through all the necessary steps and relevant aspects involved in setting up your business and how we can assist you throughout your journey of running and growing a healthy and successful business.
Too busy or too far to meet?
Don’t worry! We also provide online accounting services.
Demystify your tax obligations
When you have any questions about tax rates, refunds, rebates, or whether they apply to you or not, do not hesitate to contact us. Zero Tax is committed to the highest levels of customer service and availability to discuss any concerns you may have.
Our services are not limited to getting you or your business the maximum possible refunds, but it also involves advanced tax planning and minimisation strategies to reduce and manage any potential tax liability.
Why Zero Tax is people's preferred accountant
FAQ
According to the ATO, you are a small business if your turnover in previous years or your estimated turnover for the current year is less than $10 million.
The referring “turnover” is actually the annual turnover, which is “all ordinary income you earned in the ordinary course of running a business for the income year plus the annual turnover of any entities you are connected with or that are your affiliates”.
So, the small business status and eligibility for concessions and loans have to be assessed year by year. This means that you may have been a small business in previous years, but not anymore and vice-versa.
When deciding on a business structure, firstly, you have to consider the type, size and management aspects you have in mind for your business.
Each business structure has different key aspects, requirements, obligations and critical areas, such as taxation, expenses and ownership. Therefore, it is crucial to understand carefully what is involved in each business structure so you can choose the best solution for your scenario.
Starting simple usually is a good approach and down the road, as your business grows, you can always revise and change your business structure if necessary.
The Australian Government has created a tool to help you work out what business structure might be the best for your case, but remember it is always recommended (including by the Australian Government) to seek professional advice before making a final decision.
If you are a Sole Trader, Trust or Partnership and plan to trade under your own name, you don’t need to register a business name.
On the other hand, if you plan to trade under a different name, even if the name you will operate with is only slightly different from your own, or your business structure is a Company, you will need to register a business name.
You can register your business name with the Business Registration Service or with the ASIC (Australian Securities and Investments Commission).
You must register for GST:
- when your business or enterprise has a GST turnover (gross income from all businesses minus GST) of $75,000 or more – see Working out your GST turnover
- when you start a new business and expect your turnover to reach the GST threshold (or more) in the first year of operation
- if you’re already in business and have reached the GST threshold
- if your non-profit organisation has a GST turnover of $150,000 per year or more
- when you provide taxi or limousine travel for passengers (including ride-sourcing) regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
- if you want to claim fuel tax credits for your business or enterprise.
The “Business Activity Statement” (BAS) applies to businesses registered for GST and it has to be filled out quarterly if the business has a GST turnover above the GST threshold.
The “Instalment Activity Statement” (IAS) is similar to a BAS but it applies to the prepayment of your future tax liability for the upcoming year based on your prior year lodged tax return.
