Financial Services
Accounting (MYOB accounting solutions, Financial accounts, Financial value added reports)
Taxation (Business structuring, Business planning)
Income Tax Returns (Company, Discretionary family trust, Unit trusts, Partnership & Individuals)
Fringe Benefits Tax (FBT return & salary sacrifice) and
Business Activity Statement (BAS, IAS quarterly statement)
What is Accounting?
The systematic recording (book-keeping), reporting (cash-flow, budgeting, forecasting, monthly or quarterly profit&loss, end-year-tax), and analysis(performance) of financial transactions (expenses and income) of a business. Accounting and Business go hand-in-hand. The accountant helping to run the business must have a good grasp of the business to ensure sustainable viability.
Accounting is about providing a real-time view of the state of the company. The recording is used to produce reports which allows management to make vital decisions. Without proper accounting procedures in place it would be like a captain steering his ship in the dark without maps or a compass.
What is Tax or taxation?
The dictionary says its “A compulsory contribution to state revenue, levied by the government on workers’ income, business profits and all types of investments. It is also added to the cost of some goods, services and transactions.”
A better definition for most people is “A strain or heavy load”.
We are all taxed; at times the burden of Tax can be overly taxing on our spirit. Taxation is complicated because laws change yearly and must cover such a large area of business that makes it confusing. That is why the financial services industry has boomed, to support a business or individual who cannot and do not have the time study every piece of legislation which passes parliament. Its not only new laws but also rulings by the high-court or changes which the ATO make.
In Australia, salary, business income and capital gains account for about two thirds of all the revenue government collects (federal and state). The business tax is 30% which is less than the 39% of the USA, but more than our trading partners. But our individual tax rates are competitive giving a higher standard of living for ordinary Australians.
BAS or business activity statements are reports(forms) the ATO require from all Australian businesses, typically quarterly (some annually some monthly). As a business in itself, the ATO wants to know what income (or losses) to expect. Some of the types of information which must be submitted include pay as you go withholding (PAYGW), pay as you go instalments (PAYGI – sometimes known as “Income Tax Withholding (ITW)), fringe benefits tax (FBT), and much more.