There are both opportunities and challenges when it comes to running a small business in Parramatta. As an entrepreneur, you would like to focus on operations, customer service and growth of your business. However, you should not ignore the compliance of your business with the Australian Taxation Office (ATO). If you fail to meet the requirements of the ATO, there can be audits, hefty fines or even heavy damage to your business reputation. This is where you can find the assistance of accountants in Parramatta to be invaluable. Find out how they can help your business to stay ATO-compliant.
Accurate bookkeeping for compliance
They can help you to ensure accurate bookkeeping for your business. As a small business owner, it can be overwhelming for you to manage day-to-day records of your income and expenses. Accountants can set up dependable systems to track all your financial transactions. They can properly document your receipts, invoices and cash flow.
They can make you easily understand the financial health of your business. When the time comes, you can also lodge your tax returns properly and ensure the propriety of all the figures that you submit, thus staying in compliance with the ATO rules. You can avoid or minimize the risk of penalties when you eliminate errors in record-keeping.
Business Activity Statement (BAS) lodgement
Preparation and lodgement of Business Activity Statements (BAS) is another critical area. The ATO needs businesses registered for GST to submit BAS on a regular basis, report GST collected and paid as well as PAYG instalments and withholding. Expert accountants can handle this process on behalf of your small business.
They can help you to meet all deadlines and keep accurate reports for proper submission. Due to this reason, you can claim legitimate credits for your business, prevent over payment and keep compliance intact. There will be no unwanted audits triggered due to calculation mistakes or missed deadlines.
Payroll Management and STP Reporting
The services of accountants in Parramatta can also prove to be invaluable in the domain of payroll management. You have to pay your employees correctly but it is more than just about transferring salaries. You have to deduct the right amount of tax, pay superannuation on time and abide by all the existing employment laws.
Accountants can help you to set up payroll systems that satisfy ATO standards. They can also ensure seamless execution of Single Touch Payroll (STP) reporting, which has become a legal requirement in Australia. You can be relieved of the burden of staying up-to-date with continuously changing payroll regulations. You can make sure that all your staffs are paid fairly and in compliance with the ATO standards.
Tax planning and strategy
While reducing your tax burden and striving to stay in compliance, you should also ensure proper tax planning. Expert accountants can guide you on how to structure your finances efficiently. You can get proper guidance on choosing the right structure for your business as well as identifying deductible expenses.
You can easily keep up with tax-law changes and maximize savings without crossing any compliance boundaries. It can help you to reduce tax liabilities and make your business operate within the ATO’s legal framework.
Audit Support and ATO Representation
Other than tax planning, they can also help you to manage audits and respond to ATO queries. At times, small businesses can get notices for clarifications regarding large returns or for random audits. Without any professional guidance, it can be stressful for you as an entrepreneur to handle all these.
When you have one or more qualified accountants by your side, you can ensure timely and accurate responses, address all issues, prepare all the necessary documents and ensure smoother resolutions.
Superannuation compliance
As an employer, you are legally required to contribute to the super funds of your employees. Paying incorrect amounts or missing deadlines can result in significant penalties for you. Accountants can calculate all contributions properly and make payments on time, helping your business to satisfy all obligations consistently.
Guidance and education for business owners
They can also inform you about your responsibilities, guide you about what the ATO expects from your business and also provide you with tailored recommendations, updates about legislative changes or any other proactive guidance. It can help you to make better financial decisions and stay in compliance at each stage of your business journey.
Go for the expert accountants in Parramatta, Prowess Business Advisers. You can easily abide by all the relevant laws, regulations and standards in place. You can make your business grow with proper financial guidance at each step.