Small business tax accountant in Camden
Hire small business tax accountant in Camden that is perfectly suited to you
For every small business owner in Camden that engages with Fitzpatrick + Robinson we provide a choice of;
so that the right level of assistance can be dedicated to your small business requirements. Each member of our accounting team have been specifically chosen for their respective skill set, experience and breadth of knowledge with helping business owners with their financial requirements including tax returns, tax preparation, company tax preparation or even payroll tax management.
As a small business accounting service in Camden we provide a choice of working specifically with our tax accountant or our CPA who has extensive tax management experience that specialises in small business requirements. We will help you determine which type of accountant is going to be more suitable for you to use.
We deeply understand the financial landscape, regulations, and unique challenges that local small business owners face. Our dedicated team of seasoned accounting professionals in Camden are committed to providing personalised tax and accounting solutions, tailored to support the growth and prosperity of your business. We’ve crafted our small business tax accountant service to be comprehensive, offering a one-stop solution for all your financial needs. Our mission is to simplify your business finance management, ensuring compliance, optimising tax positions, and fostering sustainable growth.
The benefit of working with a CPA is the extensive finance, accounting and business management experience it gives you access to, especially in relation to taxation laws. This can ensure you are compliant with all applicable tax regulations, navigate tax issues, prepare business or company tax returns, and ensure that you are not exposed to any legal or financial risks.
Yes, we pay taxes to the government as well, so we know how you feel. That is why we have hand picked experienced tax accountants for our team who love working with business owners.
We’ll help you minimise your tax obligations and improve the profitability of your business.
Rick Fitzpatrick + Bryn Robinson, Directors
Hire a small business tax accountant in Camden
When you want to minimise your tax obligations then seeking a professional tax accountant in Camden is the right choice.
A tax accountant can maximise deductions for a business using the latest ATO rulings to your benefit.
Business tax return preparation
A tax accountant can work closely with you to prepare your tax returns to be ready for processing by the ATO.
A tax accountant can analyse your financial performance & identify ways to reduce your tax liabilities.
ATO filing &
A tax accountant can help you engage with the ATO for things like filing of tax returns or payment plans.
A tax accountant has extensive knowledge about running payroll systems & tax implications.
If you are thinking of buying a business or want your's looked at, a tax accountant can conduct an audit.
Dealing with bankruptcy
A tax accountant can help you deal with processing a bankruptcy of a small business.
A tax accountant can help prepare a BAS submission with the relevant financials required.
As a small business owner in Camden, you know that managing your taxes can be a daunting task. That’s where a tax accountant can make everything much simpler for you. Hiring a tax accountant can help you save time, money, and headaches, while ensuring that your tax obligations are met with the ATO.
One of the primary benefits of working with a tax accountant is their expertise. ATO tax laws and regulations are constantly changing, and it can be challenging to keep up with them. A tax accountant is trained and knowledgeable about tax laws and can ensure that your business is compliant with the latest regulations.
A tax accountant in Camden can also help you save money. They can identify tax deductions and credits that you may not be aware of, which can reduce your tax liability and increase your bottom line. They can also provide advice on how to structure your business to minimise your tax burden.
Working with a tax accountant in Camden can also save you time. Tax preparation can be time-consuming, and it can take you away from running your business. A tax accountant can take care of your tax preparation, organise ATO payment plans, prepare BAS, deal with instant asset write-offs and other activities such as;
- Provide advice on business structure: A tax accountant can advise on the best structure for your business to help minimise tax liabilities.
- Assist with BAS preparation: A tax accountant can help with Business Activity Statement (BAS) preparation and lodgement. Accurate preparation and timely submission of GST and BAS statements, ensuring compliance with ATO regulations.
- Manage payroll: Streamlined payroll processing, employee tax filing, and compliance with employment laws, ensuring your team is paid accurately and on time. A tax accountant can manage payroll, calculating PAYG withholding and superannuation obligations.
- Work with profit share schemes: we can help set up, design, communicate and manage profit share schemes including implications with PAYG withholding tax etc.
- Advise on GST: A tax accountant can provide advice on whether to register for GST and help with GST returns.
- Manage tax audits: A tax accountant can manage tax audits and liaise with the ATO on your behalf.
- Help with financial statements: A tax accountant can help prepare financial information, such as profit and loss statements and balance sheets.
- Assist with tax planning: A tax accountant can assist with tax planning to ensure that your business is in the best position to minimise tax obligations.
- Provide ongoing support: A tax accountant can provide ongoing support and advice throughout the year, not just at tax time, helping your business to stay on track and minimise tax liabilities.
- Tax Preparation and Filing: Accurate and timely preparation and filing of business taxes, ensuring compliance with the latest tax laws and regulations, while optimising your tax position.
- Bookkeeping: Accurate record-keeping of all financial transactions, providing clarity and insights into your business’s financial health.
- Financial Reporting: Comprehensive financial reports, customised to your business needs, offering actionable insights for informed decision-making.
- Cash Flow Management: Expert strategies to optimise cash flow, ensuring your business remains financially healthy and prepared for future investments.
- Tax Planning: Proactive strategies to minimise tax liabilities, leveraging available deductions, credits, and allowances to optimise your tax position.
For small business owners in Camden, understanding when and how to submit tax payments to the Australian Taxation Office (ATO) is paramount. It not only ensures compliance with legal obligations but also fosters a healthy financial environment for business growth. This post delves into the specifics of tax payments in NSW and highlights the invaluable role a tax accountant plays in simplifying this intricate process.
Tax Payment Obligations:
1. Goods and Services Tax (GST):
When: Businesses registered for GST are required to lodge Business Activity Statements (BAS) monthly, quarterly, or annually, depending on the business’s size and preferences.
How a Tax Accountant Helps: They ensure accurate calculations, optimize GST credits, and facilitate timely submissions to avoid penalties.
2. Pay As You Go (PAYG) Income Tax Instalments:
When: Typically paid quarterly, though some small businesses may be eligible to pay annually.
How a Tax Accountant Helps: They calculate the right instalments based on income, expenses, and credits, helping businesses to manage cash flow and avoid under or overpayments.
3. PAYG Withholding Tax:
When: This needs to be reported and paid regularly, depending on the size of the business’s payroll.
How a Tax Accountant Helps: They manage payroll, ensuring accurate withholding and timely payments, and assist in annual reporting obligations.
4. Fringe Benefits Tax (FBT):
When: Paid annually for businesses that provide certain fringe benefits to employees.
How a Tax Accountant Helps: They identify liable benefits, calculate the tax, and ensure compliance with FBT regulations.
5. Company Tax:
When: Generally paid annually after the end of the financial year when the company tax return is lodged.
How a Tax Accountant Helps: They facilitate accurate tax calculations, identify deductions and credits, and ensure timely filing.
How our tax accountants can help you
Tax accountants demystify complex tax jargon, laws, and obligations, offering clarity and simplifying compliance.
With their in-depth knowledge of tax laws, they ensure businesses take advantage of all applicable deductions, credits, and allowances, optimizing their tax positions.
3. Time and Resource Saving:
By handling all tax-related processes, tax accountants save business owners time and resources, allowing them to focus on core business activities.
4. Risk Mitigation:
Their expertise reduces the risk of errors, omissions, and non-compliance, mitigating potential penalties and legal issues.
Navigating tax payments in Camden requires a comprehensive understanding of various tax obligations and deadlines. A tax accountant plays an indispensable role in simplifying this process, ensuring accuracy, compliance, and optimisation of tax positions. By enlisting professional help, small business owners can navigate tax waters with confidence, focusing their energy on steering their business towards greater heights of success.
Working closely with a small business tax accountant means you work with a qualified professional to minimise your liabilities.
Ready for a small business tax accountant in Camden?
We have structured our small business tax accountant service in Camden to accommodate any situation sell either products or services.
From the very first conversation you have with anyone in our accounting team in Camden we will structure a working relationship that fits into your business situation. With a choice of accounting services available we will quickly determine what level will make sense for you.
In some situations working with our small business tax accountant will be the best option, especially if you are a business with three or more employees that needs help with taxes, managing payroll, preparing BAS statements, dealing with instant asset write offs and more.
We can tailor a support package to suit your requirements that may also include our bookkeeping services working with our CPA or even using our business advisory services so that your financial activities are managed consistently & you have support needed to grow long term.
Allow us to navigate the complexities of tax and finance, positioning your business for a prosperous future rooted in financial clarity and freedom. Your success is our most rewarding achievement, and we are ready to embark on this financial journey with you, turning every challenge into an opportunity for growth.
We can structure an hourly, weekly or monthly fee depending on your needs so that tax accountant costs are predictable.
Our tax accountant service can be performed in our office, at your site or even remotely using the latest online accounting software.
you need it.
Our team is available during working hours to help you with any questions you may have so that it is easy to run your business.
Set up &
We provide a wide range of set up or training services to make it easy to learn how to use the latest tools & applicaitons.
Qualified. Awarded. Trained. Innovative.
Give your small business a competitive advantage by using a Certified Practicing Accountant.
Not all accountants in Camden are the same, it is not just about filling in a ledger and balancing the books each month. Our accounting team includes senior accountants, tax accountants and a Certified Practicing Accountant (CPA).
Our team has won numerous industry awards, recognised for our forward thinking methods of helping business owners. These have been achieved by embracing the latest online accounting tools to improve efficiency, cut costs & let you get on running your business.
A small business tax accountant in Camden that uses cloud accounting software
Our bookkeeping and small business tax accounting services in Camden are supported by cutting edge cloud software applications.
Technology is redefining our world and how we conduct business, and our bookkeeping and accounting services are backed by the latest cloud accounting applications. Our focus is to be leaders in this space so your business can be efficient & organised.
We are able to provide solutions to help anyone from a start-up company through to established businesses with teams of five employees or more.
New software and apps are driving financial operational efficiencies, saving business owners time and money. We are a Xero cloud accounting software specialist and this can remove double entry processes with automation, reduce labour requirements & reduce mistakes with real time financial information available via your phone or computer.
In addition to this cloud accounting software, we use & support a number of other apps including;
- Workflow Max
- Receipt Bank
- Office 365
- Debtor Daddy
- Practice Ignition
We have also been involved in implementing different apps across clients in a multitude of different industries. We won’t recommend something we haven’t tried and tested so that we can see its benefits.
In Gregory Hills a small business tax accountant can explore and challenge the status quo to facilitate changes to your financial practices to then minimise the tax you are paying.
Remember, in business as in life, if you keep doing the same thing, you can’t expect different results. We are recognised industry leaders in advising businesses on what technology and apps to use to automate systems and processes to improve profitability.
If you’re ready to discuss how accounting software technology can create more capacity in your business, contact us today.
Let us help you thrive with a wide range of accounting, bookkeeping and business advisory services.
Xero Accounting experts
We are a Platinum Champion Partner, qualified to provide expert advice and training on the cloud-based accounting software.
We use technology to work smarter, to identify any manual processes that can be automated to give you the best value.
Save time & money
Is bookkeeping taking too much of your day? Let us tick it off your ‘to do’ list, so you can spend time on the things that matter.
Access extensive services
We set up Xero, process pay runs, lodge your BAS, IAS & Super – we can do it so you can focus on driving your business forward.
Our specialised bookkeepers are across the latest legislation, so you know we have your back and you can breathe easy.
Make commercial decisions
We will present you with a clear and precise view of your finances, helping you make informed business decisions.
Frequently asked questions about working with a small business tax accountant in Camden
Explore the answers to the most common questions we get asked about our small business tax accountant service in Camden.
A small business tax accountant in Camden specialises in helping businesses manage their tax obligations. They prepare tax-related financial information making sure your business or company’s finances comply with the latest ATO rulings and regulations while also providing financial advice.
Accountants that specialise in the laws, rules, and regulations for the preparation and calculation of federal, state, and local taxes are typically known as tax accountants. Tax accountants provide a range of tax-related services to businesses, which can include preparing and filing tax returns.
So it is being a specialist within the accounting field and having a strong focus on tax related matters. Some people will be concerned about the cost of using a tax accountant, but it can be worth the expense, as many people find that they actually save money by going to an accountant because their tax refund increases significantly.
Yes a small business tax accountant helps to work out what expenses are deductible. They have extensive knowledge to work out accurately the deductibility of certain expenses by first determining whether the expense is ordinary and necessary to the operation of the business.
This means that the expense must be both common and accepted in the industry and directly related to the business. Once this is determined, the tax accountant will then determine if the expense is deductible in full or if it must be depreciated over time. The deductibility of certain expenses can vary depending on the type of business, the industry, and the purpose of the expense.
For example, expenses related to marketing and advertising are generally considered deductible, while expenses related to entertainment and personal use may not be. Similarly, expenses related to travel and meals may be deductible, but only to a certain extent and under certain circumstances.
To work out the deductibility of certain expenses, tax accountants will typically review the business’s financial records and assess the nature and purpose of each expense. They will also consider any relevant tax laws and regulations, as well as any rulings or interpretations by the Australian Taxation Office (ATO).
In some cases, tax accountants may need to conduct further research or consult with industry experts to determine the deductibility of certain expenses. For example, if a business operates in a niche industry, there may be specific rules or guidelines that need to be followed.
It is important to note that deductibility can also be affected by factors such as timing and business structure. For example, expenses incurred before the business starts generating income may not be deductible, while expenses incurred for personal use may not be deductible if they are not related to the business.
A tax accountant can play a crucial role in helping small businesses manage payroll tax obligations. Payroll tax is a state-based tax on wages paid by employers, and it can be a complex and time-consuming process for small business owners to manage on their own. A tax accountant or CPA can help:
Registering for payroll tax: A tax accountant can assist with registering for payroll tax with the relevant state authority. This can involve determining whether the business meets the state’s payroll tax threshold and completing the necessary registration forms.
Calculating payroll tax liabilities: A tax accountant can calculate the payroll tax liabilities for the business, taking into account any exemptions, deductions or concessions that may apply. They can also advise on the appropriate rate of payroll tax to apply, depending on the state in which the business operates.
Lodging payroll tax returns: A tax accountant can assist with lodging payroll tax returns on time, ensuring that the business meets its tax obligations and avoids penalties or interest charges.
Managing payroll tax audits: In the event of a payroll tax audit, a tax accountant can manage the audit process on behalf of the business. This may involve liaising with the state revenue office and providing any necessary documentation or evidence.
Keeping up-to-date with payroll tax laws: Payroll tax laws and regulations can change frequently, and it can be challenging for small business owners to keep up. A tax accountant can stay up-to-date with the latest payroll tax laws and regulations, ensuring that the business remains compliant.
Identifying opportunities to minimise payroll tax liabilities: A tax accountant can identify opportunities to minimise payroll tax liabilities, such as by taking advantage of available exemptions or deductions. They can also advise on the best payroll tax strategies for the business, such as restructuring or changing the composition of the workforce.
Yes, our small business tax accountant team can manage Profit Share Schemes (PSS) for a small business. Profit Share Schemes are a type of employee incentive program that enables employees to share in the profits of the business. The scheme can take various forms, such as a bonus or a share of the profits, and it can be offered to all employees or a select group.
Here are some ways in which a tax accountant can assist with managing Profit Share Schemes:
- Advising on the tax implications: A tax accountant can advise on the tax implications of the Profit Share Scheme, including whether it is subject to income tax, PAYG withholding tax, or other taxes. They can also advise on any tax exemptions or concessions that may apply, depending on the structure of the scheme.
- Designing the scheme: A tax accountant can assist with designing the Profit Share Scheme to ensure that it aligns with the business’s goals and objectives. They can advise on the most appropriate structure for the scheme, the eligibility criteria, and the performance metrics used to determine the share of profits.
- Communicating the scheme to employees: A tax accountant can help to communicate the scheme to employees, ensuring that they understand the terms and conditions of the scheme, as well as the tax implications.
- Managing the implementation of the scheme: A tax accountant can assist with implementing the scheme, including setting up the necessary payroll systems, preparing the relevant documentation, and ensuring compliance with tax laws and regulations.
- Reviewing the scheme: A tax accountant can review the scheme periodically to ensure that it remains effective and aligns with the business’s goals and objectives. They can also advise on any necessary changes to the scheme, such as changes to the eligibility criteria or the performance metrics used to determine the share of profits.
A small business tax accountant can help to manage a range of different accounting tasks, here is an example of the most common ones we get asked about;
- What is the deductibility of certain expenses
- General tax planning and advice
- Instant asset write off assistance to plan and manage the process
- Manage payroll tax
- Profit Share Schemes
- The valuation and aale of a business
- Organising ATO payment Plans
- Deciphering, explaining and advising on ATO correspondence
- Managing an ATO audit
- Working out plans to manage defaulted payment plans or organising to get approval for a payment plan with the ATO
- Being an auditor for a business
- Advice on liquidating a company
- Handling business bankruptcy
- Preparing BAS statements
- Becoming an ASIC agent
- Getting help with accessing and using the business portal
Do you need an accountant for a small business in Camden is not a simple yes or now answer.
Technically you do not need one if you are prepared to do it yourself, but like any qualified trade it might mean you are not doing it properly, so therefore you will pay more tax than you should or could be missing out on other financial benefits. As a small business owner in Sydney, handling your own accounts can be akin to navigating the intricate web of the city’s charming yet complex streets. While some business owners choose the do-it-yourself route, others see the undeniable value of enlisting a professional to guide the journey. So, the question lingers – do you need an accountant for your small business?
The Landscape of Business Accounting
Complexity of Tax Laws
Australian tax laws can be intricate and ever-evolving. Staying abreast of the latest amendments, deductions, and allowances while focusing on growing your business can be challenging. An accountant not only ensures that you comply with the tax laws but optimises your tax position to benefit your business.
An accountant possesses expertise in financial management, from streamlining your bookkeeping processes to offering insights on cash flow management and financial planning. Their skill set can be pivotal in making informed business decisions, fostering growth and profitability.
Tasks an Accountant Can Handle
Ensuring accurate and systematic recording of financial transactions, leading to clear insights into your business’ financial health.
Streamlining payroll processing to ensure accuracy and compliance with employment laws.
Preparing and filing business taxes timely, while optimizing tax positions to ensure that you harness all available benefits.
Offering comprehensive financial reports for informed decision-making.
Providing strategic advice tailored to foster business growth and long-term success.
The Value Proposition
Hiring an accountant frees up your time, allowing you to focus on core business operations and strategic planning.
Gain insights into your financial data, facilitating informed decisions and strategic planning.
An accountant acts as a financial partner, aiding in the strategic growth and development of your business.
So, do you need an accountant for your small business in Camden? While it’s not a legal necessity, the value that an accountant brings can be instrumental in navigating the complexities of business finances, ensuring compliance, and fostering growth. By enlisting a professional, you imbue your business with financial clarity, strategic insights, and the freedom to focus on what you do best – running your enterprise.
If the intricacies of financial management are a journey you’d prefer not to take alone, consider an accountant as your trusted companion, turning every financial challenge into an opportunity for growth and success.
What do you need to give an accountant to get your small business taxes done in Camden? Well tax season can evoke a mix of emotions for small business owners in Camden—from anxiety and confusion to the hopeful anticipation of returns. However, a well-prepared entrepreneur who works with a seasoned accountant can confidently turn this period into a structured, stress-free process. If you are wondering what exactly you need to hand over to your accountant to facilitate the smooth filing of your small business taxes, below, we break down the essential documents and information you need to provide to ensure an efficient, accurate, and optimised tax filing process.
Of course all of this is made much easier if you are using Xero Accounting Software that does a lot of the hard work for you.
A detailed account of your business’s revenue, expenses, and profits over the tax year. It gives a clear picture of your business’s financial performance.
An overview of your business’s assets, liabilities, and equity, offering insights into its financial health.
Cash Flow Statement
A record of cash transactions, providing a snapshot of how cash is flowing in and out of your business.
Business Expense Records
Receipts and Invoices
Detailed and organized records of all business expenses, including receipts and invoices. These are essential for claiming deductions.
If applicable, records of vehicle-related expenses, including maintenance, fuel, and mileage logs if the vehicle is used for business purposes.
Documentation of all sales transactions, giving an account of the revenue generated over the tax year.
Bank statements highlighting all transactions made through your business bank accounts.
Employee and Payroll Information
Detailed records of employee wages, bonuses, and other compensation, necessary for accurate tax and payroll calculations.
Information on contributions made to employee retirement funds.
Records of any new assets purchased, which can impact depreciation calculations and capital allowances.
Information on business loans, including the principal amount, interest paid, and outstanding balances.
Previous Tax Returns
Copies of previous years’ tax returns can be beneficial for reference and trend analysis.
Gathering and organising these crucial documents and pieces of information in preparation for tax season can dramatically streamline the process, ensure accuracy, and optimise your tax position. Your accountant will leverage this data to ensure that your small business complies with Gregory Hills’ tax laws and takes advantage of all available deductions and credits.
Remember, a proactive approach to tax preparation, characterised by organised record-keeping and timely access to essential information, transforms tax season from a time of stress to a structured, manageable process that positions your business for continued financial health and success.
In the dynamic world of small business finance, Xero Accounting Software has emerged as a trusted ally for Gregory Hills’ entrepreneurs, offering user-friendly, efficient, and real-time solutions. However, as intuitive as Xero may be, partnering with a small business tax accountant can unlock unprecedented levels of efficiency, accuracy, and strategic financial management. This is how a Gregory Hills-based tax accountant can enhance the experience for a business owner utilising Xero.
Customisation and Set-Up:
1. Tailored Configuration: – An accountant helps in customising Xero settings to align with the specific needs and nuances of your business, ensuring a bespoke financial management experience.
2. Data Migration: – Assist in the seamless migration of financial data from existing accounting systems to Xero, ensuring accuracy and integrity.
3. Integration: – Help integrate Xero with other business software and apps to create a cohesive, streamlined business management ecosystem.
1. Real-Time Collaboration: – Utilise Xero’s cloud-based features for real-time collaboration, offering instant access to financial data and facilitating informed decision-making.
2. Reconciliation: – Aid in the timely and accurate reconciliation of bank statements with Xero data, ensuring up-to-date financial records.
3. Payroll Management: – Leverage Xero’s payroll features to streamline employee payment, tax calculations, and reporting, ensuring compliance and efficiency.
Tax Preparation and Compliance:
1. Tax Filings: – Utilise Xero data to prepare and file tax returns, ensuring accuracy, compliance, and optimisation of tax positions.
2. GST and BAS: – Efficiently prepare and lodge Business Activity Statements and manage GST obligations using Xero’s organised data.
3. Financial Reports: – Generate comprehensive financial reports from Xero for insights, analysis, and strategic planning.
Advisory and Strategic Planning:
1. Financial Analysis: – Leverage Xero’s reporting tools for in-depth financial analysis, offering insights for informed decision-making.
2. Cash Flow Forecasting: – Utilise Xero data to forecast cash flow, aiding in strategic planning and resource allocation.
3. Business Advisory: – Provide strategic financial advice based on real-time Xero data, fostering business growth and sustainability.
While Xero Accounting Software is a robust tool for small business financial management, the expertise of a tax accountant amplifies its potential, transforming it into a strategic asset for business growth. Camden’ small business owners can benefit from a combination of Xero’s intuitive features and an accountant’s expertise to navigate the complexities of financial management, tax compliance, and strategic planning with confidence and precision. Together, they create a synergy where technology and human expertise converge for optimal financial management and business success.