Lodgment Program Framework in Australia

BAS agents and registered tax agents play a crucial role in assisting taxpayers in meeting their superannuation and tax lodgment obligations. Taxation accountants provide a lodging option that allows for progressive lodging over a 12- month period in managing this workload. By assessing the success of the lodgment programme, registered agents are encouraged to complete on an even playing field.

The framework familiar agents who:

·        Have Quality Practice Management

·        Lodge Electronically

·        Are Consistently on Time

In order to acquire the lodgment programme due dates, you must:

·        Lodge electronic fringe benefits tax and income tax returns (unless there are extraordinary circumstances).

·        At least 85% of your clients’ current-year returns should be received on time.

“On time” refers to returns being received by the submission programme due date or in the case of a deferral, the deferred due date.

How to Fulfill the Performance Criteria?

To assist people to fulfill their performance, tax agent Melbourne recommended that:

·        If an unanticipated circumstance has prevented you or your client from lodging an obligation, you may think about requesting a lodgment deferment.

·        If an unexpected event has affected your entire practice, ask for assistance from the sponsored lodging programme.

·        Up-to-date your clients’ list.  

·        If your client is not required to file a return for any particular year, notify the government.

Electronic Lodgment

The Tax return accountant said that to get the deadlines for the lodgment programme, you must electronically lodge all of your customers’ tax returns.

The only electronic route for lodging your clients’ tax and annual returns is the Practitioner Lodgment Service (PLS) at the movement:

Individual and Trust Tax Returns

·        Company Tax Return

·        Partnership Tax Return

·        Fringe Benefits Tax Return

·        Self-Management Income Tax Return and Superannuation Fund Annual Return

If You Lodge By Paper

Only tax returns that are lodged electronically are subject to the due dates offered under the lodgment programme. Tax accountant Melbourne said that they may impose a late lodgment penalty if you file a paper tax return after the document’s statutory due date.

You must file electronically unless you are dealing with extraordinary circumstances. You can request a lodging deferral if extraordinary or unforeseeable circumstances in your practise prevent you from lodging by the deadline.

Electronic Lodgment Exclusions

We acknowledge that there are situations in which electronic filing is not feasible owing to schedule or software constraints. When either of the following applies, we shall exempt lodgment from the electronic requirement.

·        They haven't provided an electronic version of a tax return.

·        Software availability does not coincide with a crucial deadline.

Forms Excluded from Electronic Lodgment

Taxation accountants said that according to the framework for the Lodgment Program, the following tax return types are exempt from the electronic lodgment requirement for 2021–2022.

·        Returns for public unit trusts or large managed investment trusts

·        SAP (Substituted Accounting Period) tax returns, which are those that must be filed while the current year's software is not yet ready. These taxpayers are affected.

If You Do Not Meet the Performance Requirement

If you fall short of the benchmark performance goal of 85% for the 2020–21 programme years, it won't have a detrimental effect on your settling programme.

The Tax return accountant said that they want to support you in maintaining your logging programme and enhancing your performance. As a result, we might get in touch with you to talk about your situation. With your cooperation, we will use our diverse assistance strategies to guarantee that we are giving you the proper support.

Dealing with Unexpected Events

In order to help you deal with immediate problems that prevent you from submitting your paperwork by the deadline, the lodgment programme will continue to offer deferrals. Your performance in terms of on-time delivery will be evaluated using the postponed due date.

You can request assistance from the supported lodging programme to help you get back on track if you are dealing with longer-term extraordinary circumstances. Tax agent Melbourne said that they will collaborate with you and take into account your particular situation, such as:

·        COVID-19 Impacts

·        Serious Illness Within Your Family or Practice

·        Natural or Other Disasters

·        Sudden and Unexpected Staff Changes

Final Word

We hope that you are fully equipped with the knowledge needed for the lodgment program framework n Australia. Reliable Melbourne Accountants provides professional tax accountants Melbourne to individuals and businesses.

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?

What Should You Look for in Taxation Accountants for Your Business?

Every business owner has to wear various hats as they have to work to grow their business. For many business owners, a lot of tasks play an essential role in the growth of the business, including small business bookkeeping and accounting tasks, customer support, and labour force, and more. These functions are essential for any business, keeping finance sorted and organised is also vital for businesses.

If an accounting or bookkeeping task is done wrong, then it can devastate the business. One way to reduce the stress of managing accounting tasks is to hire a reliable and experienced accountant for your business. There are many accounting organisations that offer you full-suit accounting support. Generally, accounting tasks include those services that help to maintain a company’s accounting functions. It can include daily transaction recording, accounts payable, accounts receivable, processing payroll, creating financial reports, and implementing an accounting system.

How to Find the Right Taxation Accountants?

The success of the business depends on the right accounting and bookkeeping services because most decisions are based on business finance. Hence, it is necessary to choose the right accountant for your business. Tax accountants make tax strategies that minimise or remove tax payments and manage audits with taxation authorities.

Taxation accountants not only prepare tax documents, but they interpret tax laws and explain if any changes occur in the laws. After the preparation of tax documents, tax accountants file tax returns on behalf of your company and then prepare reports to explain their work. All these tasks can be done by tax accountants and you don’t need to worry about anything. However, make sure to choose the right tax accountant for your business. The following are a few tips to help you how to find the right tax accountant for your business:

·        Conduct In-Depth Research

When you are looking to hire an accountant Melbourne, then you should look for a certified public accountant (CPA), enrolled agent or licenced tax attorney. Ensure they have a Preparer Tax Identification Number (PTIN). Apart from this, you can take reference from your friend, or business owners who have already hired an accountant.

·        Ask Basic Questions

You can ask a few questions to accountants before you hire them:

1.     How many years of experience do you have in the tax business?

You may need someone who has at least 2 years of experience in the tax business. 

2.     Any tax issue you are specialised in?

If you know that you can be audited, then ensure hire someone who can deal with audits. 

3.     How much time do you need to prepare tax returns?

You should ask how much time accountant Melbourne takes to prepare tax returns. 

4.     What is your privacy policy?

Make sure the accountant you are hiring is reliable, and you can also ask them for their privacy policy. Ensure they are not selling your personal information. Tax return accountant can do so but they have to explain why and must take permission from you. 

5.     What tax software do you use?

You can’t hire or dismiss someone based on tax software they use, but you can ask them what tax software they use. Various tax software are available, but it is a general question that you can ask.

What are Accountants Responsible for?

The list of accounting services is written below:

·       Bookkeepers of Melbourne play an important role in business’s growth. As they do more than keep financial records. Bookkeeping is vital whether you are paying vendor bills, invoicing customers, or keeping track of credit card charges. Bookkeeping helps you with accurate reporting, and you can make the right business decisions.

·        Some businesses have simple payroll requirements because they have a small team of members. If you have complex payroll requirements, then you need an expert accountant for your business. Processing payroll can be difficult and needs time that most business owners don’t have. A professional accounting firm that gives you trained accountant that will manage payroll system.

·        Figuring out the cash flow of the business is a tricky job. Unexpected bills, fluctuating sales, etc. can shake your business economy. Accountants can manage and forecast your cash flow.

·       Apart from managing the daily financial transactions of a business, an accountant also prepares monthly financial statements for your business. They also reconcile the balance sheet accounts and check the results to make sure everything is working accurately.

·        A tax return accountant will be responsible for preparing and filing tax returns for your business on your behalf.

Conclusion

If you hire an accountant for your business, then you can create powerful business strategies and make a decision based on business finance generated by your accountant. When your business books and accounts are accurate and up-to-date, then you can focus on business growth rather than on managing business books and accounts. To hire professional accountants, you can contact Reliable Melbourne Accountants, which is a reliable accounting firm based in Melbourne.

Reasons Why Your Business Needs Accounting Services

Accounting is a record of the financial transactions of your business. An accounting firm offers you various accounting as well as bookkeeping services. With the help of accounting services, you can get complete information regarding the finance of your business, and these services are necessary to view the financial status of your business. Accounting services have different types as well. They play an important role in the business to track the expenses and income of a firm and these services can help you make the right business decision. 

Why Should Your Business Hire an Accountant?
Common mistakes that many business owners make are trying to handle business expenses and finances themselves. They think that they can manage it easily because they have a small business, but they don’t understand that it will not give a 100% guarantee to give you positive results. The following are some reasons why you should hire an accountant:

• Improves Cash Flow of Your Business 
  Cash helps your business to run effectively. If you don’t have proper control over your business cash flow, then at one point in life, you will run out of money. Cash flow management is essential to run a business successfully and grow your business. So, it is suggested to hire an accountant for your business to ensure that your business has good cash flow management policies and credit control so you can have important funds and information available to you.
  A company should produce appropriate cash flow from its business so you can survive in your niche. In this way, you can cover all expenses, grow your business, and repay investors. On the other hand, if you need proper bookkeeping for small business, then you can hire a reliable bookkeeper. 

• Reduces Workload 
  Once your business starts growing, then you need to focus on improving business strategies to prevent any business loss. When your business finances become complex, then it is a sign to hire an accountant for your business so you can remove the rush of complex business finances. When you hire an accountant, then all your day-to-day tasks will be managed, and they can also recommend a simplified process to improve your business. They will manage the financial and tax obligations and will also suggest some tools to save time and money.
  You can simply take help from a tax accountant that will help you file tax, and for this, you can search for ‘tax accountants near me,’ and the list of tax accountants will open in front of you. 

• Stays Updated with Regulations and Trends 
  In this modern world where technology is everything, an accountant should keep himself updated with new technologies, trends, and new rules and regulations. Because of expert analytics, presentation, and prediction skills, an accountant can help you understand major issues that your business is facing due to trend changes, economic uncertainties, and new rules and regulations. These can be identified by regular economic and financial evaluations of your business. 

• Provides Tax Services 
  Your business needs accounting services to prepare tax returns, record all financial transactions and calculate business expenses, etc. Therefore, you should seek help from a tax accountant Melbourne that can help you with the company’s tax requirements. 
  Accounting services are essential for any business, so you must hire a firm, which is reliable and offers professional accountants for your business. 

• Gives Valuable Business Advice 
  Accountants have the right skills, tools, and specialties to give the right advice to the business owner. They have knowledge that comes while working with customers from all niches, professional accountants will have already experienced many problems and challenges that can arise in your business. So they can easily manage your business’s finances and expenses. As a result, an accountant can share several ideas with you to prevent your business from potential risks and can inform you about great opportunities.
  Experienced accountants can help you implement business strategies and solve problems. 

• Lets You Stay Focused on Your Tasks 
  Managing business accounts and business books can be complex and time-consuming tasks when your business needs attention and a strong business strategy to grow more. At that time, you should take help from a bookkeeper and accountant for your business, so you can focus on other tasks that are important for your business growth. 

• Reduces Errors 
  When you think of managing everything on your own without taking any external help, then it might lead to mistakes that can cost you money. So, instead of making mistakes, you should hire an accountant for your business, so you don’t miss deductions on your tax returns or choose any wrong legal structure for your business. To avoid these mistakes, you should hire a professional accountant.

Summing Up
In a nutshell, your business needs an accountant so you can avoid mistakes that can cost you money. You can contact Reliable Melbourne Accountants to hire professional accountants for your business.

Is your tax return accountant liable for mistakes?

If you have hired a tax return accountant to complete your return, you expect that the work will be done properly. However, sometimes either intentionally or unintentionally, the tax return accountant could make a mistake on your tax return that may get caught by the ATO which could result in certain tax penalties.
After some alterations in law over a decade ago, anybody who prepares a tax return could be held liable for mistakes in the preparation of a return for someone else. A tax return accountant who made mistakes in your return could be subjected to an ATO monetary penalty. The accounting services provider may also get a non-financial penalty, like being unable to prepare any returns for some time.
This is an informative blog on the topic of what you must do if your accountant makes a mistake, and what is their liability?

Tax Return Accountant made a mistake – What may happen?

Here lies the twist! If the tax preparer makes a mistake, you must bear the penalties. If the mistakes were caused due to the omission of data from your end, you must work with your accounting services professional to make the corrections.
On the other hand, if the mistakes were caused by the tax preparer, you would be required to notify him about the correspondence that you’ve received from the ATO.
The professional accountant must analyze the mistakes by taking necessary measures. Such measures include filing an amended return at no extra charge. You must check the contract that you have already signed with the tax return accountant that mentions their liabilities.

As per ATO, below are some examples in which you may report your tax return accountant:

·       * Creating some alterations in the tax return data

·        * Creation or omission of income

·        * By creating false exemptions, generating large refunds

·        * Failure in signing tax returns they file and prepare

·        * Inability to provide a copy of the tax return to the client when they ask

·        * Waiting or holding the record of the client for some time for the preparation fee    to get paid

It depends upon you that how well you may convince the ATO about the negligence of a tax return accountant.
The ATO may then investigate and if it finds anything wrong, the license of a tax return accountant could be rescinded.

Can I sue a tax return accountant?
It is often the last resort as the taxpayer has to pay a certain legal fee. But, if the tax return accountant is not registered by the ATO or state-licensed, the only step is to take legal action. You may file a standard professional malpractice complaint with the state court in your jurisdiction.
To avoid dealing with such problems, it is the best option to research the candidate and find the best that suits your requirements. Like, if you deal with complex financial situations, you might need regular consultations by accounting services professional. 

If the tax return accountant has made a mistake, who will pay?
Originally the taxpayer is held responsible for additional income tax, but the tax return accountant could be held liable for the additional penalties in the form of interest and liabilities. According to economics, the tax preparer is left with certain small claims court as the only viable economic option.

What you must do if your tax return accountant makes a mistake?
Bring the matter to the attention of the tax preparer and quite often an amended return is warranted to correct the mistake. The reputable preparers cover the penalties and interest related to their own mistakes. 

Contact us to get the services of our tax return accountants
The tax laws are quite complex. So it is understood that mistakes may occur. But the ATO is not forgiving. Therefore, an efficient accountant must stay alert while filing the taxes.
The tax return accountants at Reliable Melbourne Accountant are enthusiastic enough that they are focused during the tax season and assure that you never have to face any hurdles in the path of success for your business. We know how to sort out the law and certain facts in tax controversy and take care of your rights with the ATO.

Call us now to grab our incredible services.

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”.