Tax Time is Here - Make it Simple with Small Business Accounting in Zetland
Does tax time make you nervous? There’s something about tax lodgements and the possibility of owing money or finding errors in your documentation or records that has small business owners sweating. The good news is that when you engage a small business accountant in Zetland, you have the ongoing support of a financial professional who is local to your business. This means you can catch up regularly, ask them questions when needed, and you will be on their radar should anything change in terms of your taxes throughout the year.
Not all taxes are created equal
Yet another thing to get your head around when it comes to taxes, is that not everyone is taxed equally. Whether you are a sole trader, partnership or small business, your taxes may be subject to certain rulings which will affect your lodgement. This may include a tax-free threshold for some, and whether you are taxed as an individual or as a company in one return under your tax file number.
Making sense of it all
One of the best skills of any accountant is that they break down tax related tasks and components of your business and explain them to you in a way that you absorb and apply that knowledge to your business. If you feel that you need support in deciphering tax terminology, important dates and the many changes that occur throughout the financial year, a business accountant in Zetland is your go-to.
Understanding GST and PAYG
For small business owners, understanding GST and PAYG is very important. While your accountant can help you understand these and action any elements that must be carried out under their services, it is critical that you know where your money is going and why.
GST refers to the 10% that you will add to the sale of goods and services as part of your business. You essentially must add the 10% fee to your rates in order to accommodate paying the GST directly from your business.
PAYG refers to the deductions or withholding from the gross wages which are paid to the staff who you employ. While there are some exemptions to paying these taxes and PAYG instalments, most small business owners will need to understand the ins and outs of both of these items.
Here at M.A.S Partners, we tailor our services to manage the accounting components that you no longer want to manage in-house. For two decades we have served the local community by supporting small businesses specifically. We enjoy working within the community of Zetland and helping our customers manage their accounting effectively and efficiently.
If you would like assistance with your business taxes, please contact us here to get started on your accounting project today. We look forward to working with you and supporting you with our wide range of professional accounting services.