We understand how tough it can be to start a new business, because we were there once. Come and talk to us, let us guide you through the journey.
Before you start the new journey, make sure you choose your business structure and consider the following:
- Your business objectives?
- Is there a business plan?
- The type of business you would like to develop?
- Your current financial position and status?
- Your level of expectation in achievement in terms of sales, net profit and investments?
- When is the time to stop or exit?
All this information should be included in a business plan, regardless of borrowing money or preparing for tax return. A good business plan shows you the current financial position and provides you with a foundation in analysing for future possibilities. Another imperative aspect to a good business plan is that most Banks and Financial Institutions identify a company through a good and well-prepared business plan. Tax Ideas Accountants & Advisers are experienced accounting team that knos very well how to establish such an element for you.
GST registration applied to most Australian Businesses
It is your choice to register for GST at the start-up of a business, the main advantage of getting a GST registration is that it entitles you to make a claim to GST on most purchases before the commencement of the business. However, at a later point in time, reclaiming GST is also made possible by ATO, provided that the claim is made within acceptable time frame. Tax Ideas Accountants & Advisers can help you to identify the appropriate time frame for your GST registration.
Here are several Tax Traps to be careful with
- GST Tax Trap – Always consult with a qualified accountant before you make any major financial decisions to avoid future tax penalties. E.g. The recent overhauled GST rules in closing loopholes in the business of developers.
- Tax Penalties – For a late lodgement of tax return, especially with several years outstanding, the ATO often issue default assessment based on data held within the system, and it is rarely accurate as this assessment commonly shows you a higher tax liability than you would actually have.
- Receipts and invoices – Make sure that you keep a strict record of proper invoices for any business purchases (GST invoices if you have registered), as failure of doing so will lead to a denial on claim of your GST from ATO. Receipt bank is the solution we provide to our clients.
Tax Ideas Accountants & Advisers can provide a careful review for your business and suggest the best suitable business plan for your needs.
Call (02) 8318 1545