How Taxation Accountants Can Benefit You When Filing Taxes?

Many business owners find tax season stressful, especially when they have to manage everything on their own without taking help from a tax return accountant. Therefore, if you don’t want to make your tax season stressful, then it would be beneficial for you to hire a tax accountant. If you are not aware of possible tax deductions, then you may be paying more than necessary. However, tax accountants are experts in managing taxes and have wealth of knowledge regarding tax deductions to help you save money. In today’s blog, we’ll talk about what benefits you can get by taking help from a tax accountant for your business.

Let’s get started:

Methods through Taxations Accountants can Benefit Your Business

With greater accuracy, less stress, and optimised funds, we understand every business owner is hiring a tax accountant for their business. No matter whether you are a startup business owner or have already a large business, if you want to grow your business, then you need to focus on each and every business activity but if you are only focusing on business accounts and taxes, then it would become difficult for you to focus on business growth, right? What if you hire a taxation accountant for your business? Well, if you hire someone to look after your tax returns, then you are more likely to grow your business without concern about taxes. Take a look at the following section to know how a tax accountant can benefit you:

·        Reduce Your Taxes

An experienced business accountant knows tax rules and regulations and will use the wealth of knowledge to help you reduce the taxes that you have to pay. As a business owner, you will have several opportunities to reduce your taxable income, but the thing is that you need to grab those opportunities. However, many business owners don’t know what and how to grab opportunities to minimise their taxable incomes, this is where tax accountant Melbourne can help you.

·        Increase Tax Deductions

When you hire a tax accountant for your business, then you will notice that your tax deductions and tax refunds are increased. Business accountants who are specialised in helping small business owners will know how they can help businesses get the most from their tax returns. A professional accountant also helps you in spotting all the tax deductions that you are entitled to. They will help you with potential tax deductions to help you pay less.

·        Up-To-Date with Tax Laws

Can you confidently say that you are up-to-date with Australian tax laws? If you are not, then this is the time when a small business accountant in Melbourne can help you because accountants understand that this is not your field of expertise. Everyone knows that Australian tax laws are continuously changing. If you are not aware of these new tax laws, then you could accidentally go against those laws. If you don’t want to pay penalties or fines for accidentally violating tax laws, then you should take help from a tax accountant. As a result, a tax accountant can save the business money.

·        Avoid Errors

As a startup business owner and if you are managing your taxes on your own, then there is the possibility that you could commit some mistakes. When you have to maintain a work-life balance simultaneously, then the chances of mistakes occurring double. In addition to this, if you don’t have enough time to look after your business books and business accounts, then you need to get a bookkeeper service as well as an accounting solution.

·        Save You Time

Nothing can beat the convenience of hiring a professional accountant to get your accounting job done accurately the first time. Hiring a tax accountant for a tax return is a good idea. Many of you may think that why hire a professional tax accountant if you can do it on your own, right? Well, you can do it on your own only if you have sufficient time, but business owners, who want to grow their business and don’t have enough time to prepare and file taxes, are required to hire a tax professional for their business. You can save time and invest your precious time in making a robust business strategy to boost your business growth.

Conclusion

If you are confused about whether you should hire a business accountant or not, then you can read all the above benefits of hiring a tax accountant. Moreover, you can get accounting solutions for your business by reaching Reliable Melbourne Accountants.

Important Tax Return Information 2022

 

Who can Complete Your Tax Return?

You can hire a best small business accountant Melbourne to finish your tax return for you:

·        You can get assistance from friends or family, but they are not allowed to charge you.

·        Tax help is a free service delivered by neighbourhood volunteers who have been trained to support persons making $60000 or less with the preparation of their tax forms. Volunteers with Tax help do not charge a fee for their services. Volunteers with Tax help can help you in person at a tax help centre, over the phone, or online.

·        You can only be charged for filing your taxes by a registered tax agent.

Lodge Your Tax Return by 31 October 2022

Unless they have given you permission to file it later or you have a later due date because a registered tax agent prepared your tax return, you have until 31^st October 2022, to file tax return.

If you are unable to file your tax return by 31^st October 2022, contact small business accountant Melbourne as you can before that date to inquire about your options for filling at a later time.

Failure to Lodge on Time Penalty

If people unable to filed tax return by the deadline, they may impose a late filling penalty.

Typically, up to a maximum of five penalty units, they add one penalty unit for each 28 days (or portion thereof) that your tax return is over late. Refer to failure to lodge on time penalty for further details regarding penalty units. 

Tax accountant near me said that even if there is no tax due, they have the right to impose the penalty. However, it is against government policy to impose a fine when:

·        No tax is payable

·        You willingly file your tax return

Where to Send Your Tax Return

Within Australia

We will lodge your tax return online with myTax for information on how to do so. The majority of myTax refunds are sent out in within two weeks. To file a paper tax return, we mail it in the included, pre-addressed envelope. For paper tax returns, the majority of refunds are handled in 10 weeks.

From Overseas

Accountants near me said that the majority of myTax refunds are sent out in within two weeks. To file a paper tax return, we mail it in the included pre-addressed envelope. We address the letter in your own envelope and mail it. For paper tax returns, the majority of refunds are handled in 10 weeks.

When can You Anticipate Receiving Your Assessment Notice?

Your tax return will typically be processed within the following time frame:

·        Two weeks if you file electronically

·        Ten weeks for paper filings

Your assessment notice will be:

·        Regardless of whether you lodge online or on paper, if you have a myGov account, it will be sent to your myGov mailbox.

·        Best small business accountant Melbourne said that if you do not have a myGov account, it will be mailed to you.

Your Right to Make a Complaint

They encourage your right to file a complaint if you feel that they have not lived up to your expectations or have not behaved in a manner consistent with the Taxpayer’ charter. They pledge to take complaints seriously, respond to them immediately and fairly, and use them as opportunities to improve.

You have the right to request a formal review of a technical decision they made on your tax affairs if you disagree with it (disagree with or object to an ATO decision) can protest an ATO decision by referring to dispute.

Small business accountant Melbourne advised you to attempt to resolve the issue with the ATO officer you have been working with (or the phone number you were provided) before deciding to file a complaint. Talk to that officer’s manager if you are still unsatisfied, and if you are still unsatisfied, think about filing a formal complaint. 

How to Make a Complaint?

To voice a complaint:

·        You can lodge your online complaint at Complaints, Compliments, and Feedback. 

·        You can also call on their complaint number which is 1800 199 010 from 8.00 am- 6.00 pm Monday to Friday except public holidays.

·        You can phone the National Relay Service on 13 36 77 (if you have a speech, hearing, and communication problem).

·        Send FAX to 1800 060 063

·        You can write to below mentioned address suggested by tax accountant near me. 

Australian Taxation Office

PO Box 1271

ALBURY NSW 2640

Final Say

We hope that you are fully equipped with the important tax return information 2022. Reliable Melbourne Accountants provides professional accountants to individuals and businesses with better accounting services. By searching accountants near me you can take our professional services at very reasonable rates can. 

Reasons Why Business Owners Need Accounting Services

Accounting is the most vital aspect of any business because it helps you assess the financial status of the business. Through accounting, you will get essential information related to profit and loss, spending and earnings, assets for decision making, and controlling processes within the business. The primary objective of hiring small business accountants is that they will record financial transactions to address and communicate economic information. To keep business on track, it is important to perform proper accounting tasks and improve business growth possibilities.

What is the Role of Accounting Services in Businesses?

Accounting tasks can be performed better by a professional accountant. Thus, it would be better to hire a professional accountant for your organisation to get your accounting tasks done more professionally. An accountant will offer you value-added services that will help you minimise risk, improve business growth, save money and time. As a business owner, all your important decisions will be made by considering your business finance, and your business finance must be accurate to make an accurate business decision.

·        Recording Transactions

The main role of accounting is to record each transaction of a business. These financial transactions are important for any accounting system. Business owners can review these financial transactions when required. Bookkeepers of Melbourne can help you keep your business books updated with all financial transactions.

·        Preparation of Financial Statements

Many small business owners avoid preparing financial statements, such as cash flow statements, balance sheets, and income statements. These are important documents that need to be prepared on time that provides business owners with the financial reporting data they require to run their business. Accountants not only prepare these statements, but they can also help you understand what these financial statements are so you can make better decisions.

·        Improve Your Cash Flow

Proper control of cash flow will help you make better decisions to grow your business. Cash flow management is essential for your business, even a successful business needs proper cash flow management. Hiring professional accountants for small businesses will ensure that you have good cash management policies and credit control so that you have the required information available to you. A company must produce cash flow from its business to survive, and it also allows the business to cover expenses and expand the business.

·        Planning and Budgeting

Business owners have to plan how they assign their resources to meet business requirements, and accountants can help them to plan. An accountant can also help them in planning and budgeting that allow businesses to plan ahead by evaluating requirements and resources.

·        Prepare Taxes

Preparing and filing taxes can be complex and time-consuming. During tax season, your tax accountant will help you prepare and file taxes to avoid tax penalties and fines. A professional tax accountant in Melbourne will always be up to date on things like changes in tax laws, tax credits or incentives. Regardless of whether you are making your tax structure at the starting of your business plan or filing taxes, your accountant can help you reduce your tax bills and get the most from your return.

·        Reduce Workload

Once your business grows, you will need time to focus on business growth rather than on managing day-to-day accounting and small business bookkeeping tasks. When business finance becomes complex, you will need someone to look after your business finances. Hiring an accountant will help you reduce workload and manage accounting tasks by suggesting process improvements. They also suggest new tools to save you time and money as well.

·        Measure Business Performance

With the help of accounting reports, business owners can measure their business performance. The financial reports are a greater source of measuring business performance so business owners can compare their business performance against their past performance. For better business performance, your business books need to be updated too, for such a reason, you should need bookkeeping for small businesses to keep your business books updated.

Is Accounting Useful for Business Owners?

The most common reason for business failure is poor financial management in the first year of the business. Accounting benefits:

·        Accountants keep track of business cash flow. They prevent your business from running out of money.

·        Your accountant will act as a business adviser and help you in budgeting and monitoring cash flow. Thus, you can hire a reliable accountant near your location by searching ‘accountant near me.’

·        With the help of accounting, business owners can better understand the financial status of their business. You can do this by understanding the income statement, balance sheet, and cash flow statement.

·        Help you identify and avoid fraud by suppliers, customers, and employees.

Conclusion

Everyone knows that business accounts must be accurate and updated so you can make a wise decision for your business, which will impact your business in the future. To keep your business accounts accurate, you need to hire someone that will keep an eye on the accounting tasks of your business, for such a reason, you should hire an accountant. You can seek a professional accountant’s help by reaching Reliable Melbourne Accountant, which is a professional accounting firm.

Other useful blogs:-

1) Role of Accountants in Enterprise Risk Management (ERM)

2) When Do You Need To Hire Small Business Accountants?

How can Small Business Accountants Help You Make Informed Decisions?

When it comes to small business accountants, people think of taxes. However, accountants do more than prepare taxes. An accountant is responsible for analysing the financial data collected by a bookkeeper and gives advice to the business owner based on that information. No matter what the size of your business, you can rely on accountants because they can help you grow your business.

You may overlook hiring an accountant for your business in favour of doing taxes on your own, but do you know that professional and trained accountants can do more than you expect for your business.

Responsibilities of Small Business Accountants

The following are some responsibilities that an accountant has to perform:

·        Manages Taxes

When it comes to preparing and filing tax returns, you will have two options. One is to hire a tax return accountant, or you can prepare and file tax returns on your own. It will be up to you whether you want to hire someone to prepare taxes for you or you want to do it on your own. Doing the taxes on your own is a time-consuming process, and you won’t be able to focus on other things. That’s why hiring a tax accountant would be the best thing you can do. They will take care of tax-related tasks and keep you updated with new tax laws. The accountants will also notify you if there are any problems related to taxes. It will help you get the best claim award.

·        Manages Complex Financial Systems

Accountants also have knowledge of using accounting software to prepare reports and statements. This type of software will help you get information when you need it. In short, an accountant can help you manage your taxes, and you can relax.

·        Analyses Financial Data

An accountant is responsible for analysing your cash flow reports and other documents related to finances to know the financial status of your business. Accountants for small businesses will use that information to suggest to you where you can make improvements and set new budgets. When your finances are properly managed, then you can grow your business and determine that your business is in good financial condition.

·        Increases Savings

Every business needs to keep cash flow under control. When you have a lot of expenses, then you may forget about saving money. When you don’t save money for the future, then you may have to face various financial issues in the future. For such reason, hiring reliable accounting services for your small business will be the right thing that you can do. Accountants will help you know how to manage cash flow and make saving plans for your business that will save you money in the coming future. In this way, accountants can help you save money and time.

·        Reduces Stress

Running a business is not a small thing. Business owners have to face various challenges to run a business. The responsibility of managing business accounts will add stress. To make the accounting process simple, you can hire reliable and experienced accountants for your business. If you take help from accountants, then they can help you save money and reduce stress. By managing accounting tasks on your own, you won’t be able to focus on business growth. However, accountants will let you focus on business growth. Moreover, if you want to hire tax accountant near your location, then you can search for ‘tax accountant near me.’

·        Manages All Your Business Assets

Managing all business assets properly is difficult when your business starts growing. This is the right time to hire accountants for your business. Professional accountants are trained in managing business assets so that they are not misused. Accountants will keep track of losses, profits, credits and debits. They will also suggest to you how to keep business assets safe and how to properly use them. Apart from accounting, small business bookkeeping services are also important for every business to keep business books organised and updated.

Find the Right Accountant for Your Business

When it comes to taking help from an accountant, it is important to hire someone reliable and who has enough experience in the field of accounting. You can look for qualifications and experience when hiring an accountant. You can also ask other accounting-related questions to know the level of information they have about accounting. You can ask them how they deal with a specific problem when arises during the accounting process to know their problem-solving nature. Well, the best method to find a reliable accountant is by searching ‘accountant near me’ in the search bar and the list of accountants will appear in front of you. Reliable Melbourne Accountants would be the best option for you.

Conclusion

Managing bookkeeping and accounting tasks is easy when you don’t have to pay attention to multiple tasks. When your business grows, then you will need someone to manage your business books and accounts. You can apply new strategies to your business to grow your business. Accounting and bookkeeping for small businesses will help your businesses succeed. Accountants can help you manage finance-related tasks. To hire accountants for your company, you can also contact Reliable Melbourne Accountants.

Other Useful Blogs:-

1) How Can Small Business Accountants Solve Accounting Errors?

2) What is the Need to Hire Tax Accountants for Small Businesses?

Tips for accounting in Melbourne to keep the books balanced

Accounting plays a crucial role in businesses of all sizes; however, it is of less priority for small business owners. Although it’s a matter that fetches less attention, it must never be treated as an afterthought.

In case things get tougher, the right accounting could assist you to save your business. In this post, we’ll put the best and proven tips by small business accountant Melbourne to keep the books balanced by avoiding the mistakes that could be detrimental to your business. 

·       Keep an eye on Cash Flow

When it’s all about small business accounting tips, education is everything. Consider producing a cash flow statement, as you perform weekly or monthly financial reviews. Such statements give you a complete understanding of cash movement within the company. A cash flow statement analyzes the income direction. It also involves an element of time, enabling you to visualize the payment cycles and seasonal expenses.

Cash flow statements may provide you the knowledge you require to anticipate expenses and allocating income. These are also quite useful in building financial trajectories. Your small business accountant Melbourne can do this for you.

You don’t have to generate a cash flow statement but in order to understand monetary motion. Just make use of an efficient technology that may get a holistic vision of the method in which the cash is functioning in the business model.

·       Record the cash expenses

It is important for you to track the expenses that are related to your business. This is the way these costs could be eliminated from the amount of the total income when it’s all about doing taxes. 

This will provide you more accurate and efficient sense of overall profitability for the year. It is quite easier to look at expenses paid for in cash. You must ask for the receipt from your vendor or log the expense immediately to assure that it makes it on the books.   

·       Understand the difference between Receipts and Invoices

Mixing up receipts and invoices is a common way for small business owners to manage their books. To follow the difference between the two is the simple piece of accounting advice by tax return accountants. After receiving the services, the invoice is the bill that is sent to the customers.

These are the detailed bills that must outline everything that the customer has received from the company.  The invoices remind the customers that they owe you money. They are also helpful for speeding up the cash flow, ensuring you are getting paid and keeping the financial records.

A receipt shows the proof that the transaction has happened and it is what you provide your customers after the transaction gets over.

When the receipts and invoices get mixed up, it makes accounting in Melbourne a nightmare. You cannot mention what’s completed and what’s still in progress. When you need to balance your books, you will just be landed in a lot of trouble.

 

·     Leverage Technology

It’s a quite complex process to keep the accounts accurate. The whole process even becomes more stressful with the growth of your business. A single transaction may make distinct entries into different accounts. It will be overwhelming to keep a record when there are numerous such transactions.

Here comes the assistance of technology. The accounting systems are quite easier to use than recording each transaction that your business makes into physical ledgers.

If you took the decision to make use of software for such accounting requirements, assure you still keep a copy of all such receipts either digitally or physically. In this manner, you may go back and analyze everything in case of any discrepancies when you need to balance your books. 

·        Communication with your tax return accountant

It is quite crucial to make clear contact with your tax agent Melbourne or small business accountant Melbourne to manage your books. While working with such professionals, you may notice the jargon is quite confusing. It is significant to let them know if you don’t understand the terms that they use. Obviously, you are an entrepreneur and not a financial professional.

You have no reason to be informed of the latest technology terms that are used in the financial industry. You must view your tax return accountant and other accounting professionals as a part of your team. They are responsible to watch your back and giving you some accounting tips that you may bank on.  

Hire a Professional

Some people try to save money by just doing their taxes on their own. In reality, not hiring a professional may cost your business a lot of money down the road.

The tax return accountant at Reliable Accounting Services stays up-to-date with the changing tax laws so that you may plan ahead for tax hikes that could be coming your way in the future.

We can prove ourselves as the best tax agent Melbourne by working efficiently for your business. We claim that we are the topmost result of your search “tax accountants near me”.