Our team of specialist business accountants provides a range of services to help your business grow and prosper. Whether you are a startup, a sole trader or a growing enterprise, we can assist you to manage your bookkeeping, accounting, and tax compliance, as well as provide a range of other services designed to ensure you are keeping your finances on track.
We specialise in helping small to medium businesses to control cash flow, and utilise cloud-based accounting software and real-time financial reporting to make sure you always have accurate and up-to-date information so you can plan and implement strategies for growth. In addition, we help ensure your compliance with ATO and ASIC regulations, and can assist you to design systems to manage your budget, resources, staff and customers more effectively.
We’ve put together some commonly asked questions to give you more information about our services.
Most of the expenses that you incur when running a business can be claimed as a deduction. For instance, you may be able to claim expenses associated with running a vehicle(s) or business- related travel. Any expenses associated with repairs, maintenance and replacement of assets can also be claimed. If you work from home, a portion of your home office expenses can also be claimed as a tax deduction.
However, you need to ensure that: any expenses relate directly to earning your income; any expense is for your business, not for private use; if an expense is a mix of business and private use, the portion that is used for business only can be claimed; and you have records to substantiate your claims.
If you operate as a sole trader, you and your business are considered to be a single entity, meaning you use a single Tax File Number (TFN) and Australian Business Number (ABN). If you operate as a company, you and the business each require a separate TFN and ABN. This means you are separate legal entities, which can be a very effective asset protection strategy.
Each of these set ups bring with them advantages and disadvantages, depending on your sector, business size, employees, etc. If you are unsure about whether operating as a sole trader or as a company is right for you, talk to Ashmans Accounting and our specialist business accountants will be able to advise you.
Sole traders, partnerships, companies and trusts that qualify as a small business entity can access a range of concessions. The concessions available will depend on your aggregated turnover being less than $10 million.
These concessions include: simplified and accelerated depreciation; PAYG instalments concession; simplified trading stock rules; deductions for professional expenses for start-ups; immediate deductions for prepaid expenses; excise concessions and more.
However, businesses that the ATO does not consider to be small businesses because they have turnover in excess of $10 million but less than $50 million, may still be eligible for some small business entity concessions. Your eligibility for these concessions is reviewed annually. One of our accountants will assist you to determine your eligibility and which concessions apply to you.