Accounting Firms Sydney
Managing your money is highly important to the success of your business. It is why so many turn to City Tax Accountants for help with their accounting needs. As one of the best accounting firms Sydney has to offer, we understand exactly what it is your business needs. We have been working as accountants for more than 20 years and have helped businesses just like yours to manage financial accounts, go through audits, prepare taxes and provide general advice. We are ready to provide you with the service you need.
Accounting Firms for Private and Professional Accounts
City Tax Accountants specialise in working with clients of all calibres. We formulate our accounting strategy to what benefits you the most. Whether you are looking for personal wealth management or you need better direction and control for your business, we have what you are looking for.
Our team of professional accountants have a reputation for providing the best service and expertise in all realms of accounting. From managing ledgers to preparing tax reports, we have done the work and we know how to do it better.
We take great pride in the professional and personal relationships we develop with each of our clients. We will work with you to make sure you are receiving just the kind of help you need to be more successful. We look forward to showing you why we are the best of the accounting firms Sydney has to offer.
Better Management for Success
At City Tax Accountants, we will put our expertise as one of the best accounting firms Sydney has to offer to work for you. We are the leader in accounting services for individuals and businesses alike. We can help you to gain more wealth or to stay ahead of the competition with wealth building strategies designed just for you. Get Started today when you call us on (02) 9023 9977.
Your Business And Taxation
When compared with corporations and organisations, a sole trader doesn’t need to submit nearly as much paperwork as other business entities. There is however, still a lot of information to remember.
A person running a business as a role trader uses their individual tax file number. Alternately, they can apply for an Australian Business Number for their business dealings. An ABN can be requested for free from: abr.gov.au.
A sole trader is solely responsible for the tax that they pay. They must include all of their business income, and report on it. Naturally, it’s pertinent to deduct any expenses incurred. At tax time, that taxable income (or loss) is due to be reported to the Australian Taxation Office (ATO). This is a sole trader’s assessable income less any business deductions, salary, wages. And also includes income such as that from dividends, investments, rental income and other forms of income. If this all seems a little confusing, there are accounting firms in Sydney that offer taxation help. However, there is only one accounting firm in Sydney that really does the high quality tax returns Sydney needs during tax time. Accurate, professional and experienced City Tax Accountants, the tax agent Sydney has been waiting for.
The person running the business – i.e. the sole trader – controls and runs the business by using their individual Tax File Number (TFN), and can apply for an Australian Business Number (ABN) for their business dealings. You can apply for an ABN for free at abr.gov.au.
As a sole trader, you alone are responsible for any tax your business must pay. You must include all your business income, and report it on your individual tax return. Naturally, you may deduct any expenses incurred which were for the purpose of your business.
Come tax time you need to report your taxable income (or loss). This is basically your assessable business income, minus your allowable business deductions, as well as any other assessable income, such as salary or wages (those shown on a payment summary), plus dividends and rental income. The ATO has plenty of comprehensive user guides, which can help sole traders to find their feet. For a more thorough look into your financial affairs, get in touch with City Tax Accountants, the Sydney accountants and tax agents with the personal, friendly touch.
GST for Sole Traders
Sole traders will need to apply and pay for the GST, once their annual turnover reaches above 75,000. A sole trader cannot claim a deduction on money drawn from the business. These amounts that are taken from a sole trader business, are not tax deductible. If you require more information, Sydney accounting firms vary in the degree of service that they offer. There’s only one accounting firm Sydney has, that will exceed expectations every time – City Tax Accountants.
Pay As You Go Tax for Sole Traders
Sole traders will need to generally pay pay as you go (PAYG) tax for their end of financial year tax liability. This can be lodged before a income tax return is lodged. The amount of tax that a sole trader will need to pay is largely dependent upon marginal tax rates. So if the business has been slow in the past financial year, or a sole trader doesn’t earn much income from it, then it may well be possible to avoid tax all together, if one has earned below the tax free threshold. Still confused? turn to the reputable accounting firm Sydney and surrounds, City Tax Accountants. Based close to the action in Pyrmont, they are the accounting company Sydney has been waiting for.
Partnerships and Taxation
A partnership should lodge a tax return, however generally a partnership doesn’t need to pay tax as a separate entity. Instead each partner will pay tax on their share of the net partnership income .This will occur according to individual taxation rates for each partner. PAYG that is paid by individual partners, is credited against personal income tax assessments. For more information about how to make your tax work harder, speak with top accounting firms Sydney, City Tax Accountants. Their accountants have been certified by the Australian Society of Certified Practising Accountants.
Companies and Tax
A company is deemed to be a separate legal entity, and therefore has its own tax liability. A company pays income on its assessable profits or income, at the company rate. Currently this sits at 30%.
There is no current tax free threshold for companies. Therefore directors, owners and office holders will need to declare all of their wages, directors fees, dividends and anything else that they receive from the company on their personal tax return. They will then need to pay tax accordingly, using individual tax rates. Still need clarification? Speak with Sydney accounting firm, City Tax Accountants.
Trust Entities and Taxation
A trust is general has no tax liability. This is because a trust holds a property or income for the benefits of others (beneficiaries). Generally, each beneficiary will pay tax according to their own share of the net trust income, this happens according to individual taxation rates.
Understand Your Small Business Accounts
Understanding the figures and the financial health of your business is the key to getting ahead of the game. There are two financial statements that are primarily important to small business. These are profit and loss reports and balance sheets. Both of these provide a well-rounded financial view into an organisation.
1. Profit and loss reports: This incorporates financial statements and is important to small business including cash flow forecasting.
2. Balance sheets: This is a snapshot, taken at any given point in time, of the assets , liabilities and net equity of a business.
For more details about this, only speak with accounting firms in Sydney who know what they’re talking about. Speak with City Tax Accountants. Instead of getting out a crystal ball, these two reports will illuminate all of the financial data that’s needed in order to run a success business. It’s vitally important to make informed decisions armed with facts and not hunches or intuition. In any case, enlisting the help of accounting firms Sydney and surrounds, is never a bad idea. City Tax Accountants are different because they are one of the small accounting firms in Sydney that understands both corporate and SME business needs.
Record Keeping
Wrangling with figures and keeping a hold of them is easier with good records. This will paint a true and lasting picture of the business and good record keeping is an important part of making a business not only survive but thrive
Financial records and statements will provide an accurate summary of relevant financial information about a business. Financial analysis can then be performed to provide management with a direction so that they can make key crucial business decisions that will impact in the months or years ahead. When looking for taxation consultants Sydney is full of them. Very few Sydney accounting firms can understand the unique pressures that face SMEs and corporates. Try the accounting firm in Sydney that more and more business owners are turning to, City Tax Accountants. They have the experience and expertise to work through complicated tax issues.
Top Tip: Compare Ratios and Percentages
Comparing absolute dollar values on financial statements is never going to provide that much of an insight into how your business in performing. Instead think in terms of ratios and percentages. These will give a much more accurate and comparative figure, from which to make analysis.
