Importance of Small and Large Business Accountants

If you’re planning to start a small business, it is important that you understand the business taxation system. Tax accountants can help you with the taxation aspect of setting up your business. It’s important that you file your tax returns on time and accurately to remain in compliance and avoid costly penalties.

Tax accountants evaluate and prepare financial information relating to tax matters as well as communicate and advise their clients on tax-related issues. Accountants track and report cash flows. They also produce financial documents required by the revenue authorities and other third parties.  Thus, an accountant is a necessity for any business.

It is a misconception that small businesses do not require a quality accountant. The responsibilities of a small business accountant are many. Huge corporations may have lesser problems finding one but small businesses might need more effort to hire them and in such a scenario it is better to search in advance.

Every business does require professional for tax returns, apply for a loan to expand your business, or for certain legal purposes, so for all these accounting is necessary. Accounting for your small business is important so you are able to assess your financial performance.The financial statements such as the balance sheet and cash flow statement show financial information that is important in the success of your business. In the tough economic times we are facing today, having accurate accounting is necessary.There are so many firms that can assist you in accounting for your small business and large businesses. So many small business owners believe that they need to be able to do their own finances and take the accounting in their own manners.

However, that surely is not the case. It is much better to hire a firm that is respectable and can help assist your company in the accounting department. We, at Silver and Young do provide valuable taxation advise to our clients.

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Changes To Phoenix Legislation

The Government has drafted The Corporation’s Amendment (Similar Names) Bill 2012 to curb phoenix activity in Australia. Phoenix activity involves the intentional transfer of assets by a director of an indebted company at a price below market value to a new company, of which they are also a director. The indebted company is then placed into liquidation and the director continues trading with the company’s assets of the indebted company without any existing liability.

The Bill seeks to apply personal liability, jointly and individually, to directors of failed companies by making the directors personally liable for debts incurred while they were a director of a company which has a similar name to the pre-liquidation name of the failed company.

A pre-liquidation name is any name in which the company was known in the year leading up to the winding up of the failed company. This includes its actual name or any name used to carry on its business, including business names.

The Bill will extend a director’s liability for debts incurred by phoenix companies within five years of the commencement of winding up of the failed company. A director’s liability may be avoided by obtaining an order from the Court or an exemption from the Liquidator of the failed company.

Questions have been raised regarding situations where a person is the director of a number of companies with similar names. Exemptions are available to directors in this situation. The exemptions provide that where the similarly named company was carrying on business in the year prior to the failure of the failed company, the director will not be held liable. It has been raised that this legislation amendment does not adequately provide a solution to phoenix activity.

Some believe the Bill only addresses a phoenix company with a similar name to that of a company in liquidation. A person who wishes to engage in phoenix activity may simply circumvent the Bill by starting a new company, which does not have the same or similar name.

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Reliable Business Management Accounting Solutions from Silver & Young

Tax planning for your acquisition can be a lot more complicated that what it looks like. Whether you are an employee, a baron or a high net wealth individual, tax planning is an important part of getting the legal clearance of your income and property.

Silver & Young Chartered Accountants is predominantly an accounting firm that helps to run your life and business without any concern by giving tax planning and business management solutions.

At Silver & Young we live and breathe taxation, allowing us to help you achieve the best possible outcome for your overall tax refund. Our vast knowledge of tax laws and legislation will help you to leverage on your tax position through our latest tax strategies that will ensure that you receive all the tax deductions that you’re rightfully entitled to.

Our other most important service which is business management accounting, helps you achieve long term business success. Through Silver & Young’s business management services, businesses get an accurate picture of overall financial performance. We will help you make well-informed business decisions that can vastly assist you in both the present and the future.

With our network all around the New South Wales state of Australia, our experienced employees have been serving as Company accountants in Moorebank & small business accountants in Wetherill Park.

Whether it is just a start up or a well-established company, Silver & Young can help with quality business advices as small business accountants in Liverpool and Company accountants of Liverpool.

Having seen the growth of business in the suburban areas of Australia, we have decided to expand our service areas by deploying our Small business accountant in Moorebank, accountants in Fairfield and Company accountants in Ingleburn to provide consultancy on tax planning and business management accounting.

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Amendments To Tax Law

Amendments to tax laws by the Australian Taxation Office (ATO) aim to protect employees’ entitlements by making directors personally liable for any unpaid superannuation.

Currently employees of failed companies may seek to recover their entitlements through the Government’s General Employee Entitlements and Redundancy Scheme (GEERS). However this does not include outstanding superannuation and is not available to employees unless the company is placed into liquidation.

The amendments also allow the ATO to withhold tax credits from a director’s individual tax returns where a company of which they were a director has failed to pay withheld amounts to the ATO.

Concerns have been raised that these changes may result in payments being made by the indebted company to the ATO in preference to other creditors in order to reduce a director’s potential personal liability.

If you have any concerns about these amendments, talk to your Chartered Accountant.

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Carbon Tax Price Increases

Making False Claims

The carbon tax has been in place for a few months and businesses are beginning to more accurately estimate the effect it is having on their costs. Before blaming the carbon tax for a price increase however, business owners need to consider the Competition and Consumer Act 2010 (Cwlth).

The Act states “you must not make false, misleading or deceptive claims about the price of goods or services.” This

includes false, misleading or deceptive claims linking price rises to the carbon price. The Australian Competition & Consumer Commission (ACCC) has cracked down on a number of businesses making false claims about carbon tax increases influencing price rises. If you intend to make similar claims ensure you are able to justify your claim. In one high profile example Genesis Fitness Club (GFC) in Berwick paid an infringement notice of $6,000 in relation to a carbon price claim made about the cost of gym membership fees.

In April 2012, GFC Berwick Pty Ltd sent a letter to 2,122 of its members promoting a ‘RATE FREEZE’ offer. In it, they offered members a range of lengthy contract extensions at current or reduced membership rates. The letter represented to members that by taking up this offer members could avoid a fee increase of 9-15% due to the carbon price.

ACCC chairman Rod Sims said, “The ACCC believes that GFC Berwick did not have a reasonable basis for claiming the carbon price would increase the cost of gym memberships by 9-15%. We understand that over 200 members took up the offer and extended their contract. We are concerned that the false claims about the carbon price may have encouraged these people to sign lengthy contract extensions they otherwise would not have.”

“Businesses are free to set their prices as they see fit but must carefully consider the basis for making carbon price claims and ensure such claims are truthful and have a reasonable basis,” Mr Sims said. As part of the resolution of this matter, the CEO of the Genesis Division of Belgravia Health & Leisure Group Pty Ltd, the company which manages the franchise network, wrote to all affected members on behalf of GFC Berwick offering them the opportunity to withdraw from the contract extensions at no cost.

Before making a claim, ensure you have hard evidence including:

  • Invoices showing the impact of the carbon price on your supply chain or business input costs – for example, raw materials, packaging and transport cost increases
  • Notices/invoices showing the impact of the carbon price on the cost of services – for example, gas, electricity, waste disposal and travel cost increases
  • Information from your industry association and the government. This may provide guidance as to likely price impacts as a result of the carbon price in certain industries. Information dealing with your specific business model is more likely to reflect your particular costs.

The ACCC has published a paper called Carbon Price Claims: Information to support your claims and can offer further guidance on this issue at www.accc.gov.au/carbon.

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Silver and Young Small Business Accountants in Moorebank

As a small business owner you require an accountant who can manage all financial statements and reports. Silver and Young has the best small business accountants in Moorebank, Wetherill Park and in Liverpool. These professionals will provide supports as and when required, without the need for an annual subscription. We will ensure that consumer’s enterprise is running easily the accountant will provide risk-management by identifying alternatives for decreasing prices, improving processes, and verifying that resources are used effectively and accounted for accurately.

You may also need advice on self-managed superannuation funds in Campbelltown that are often regarded as a highly tax effective way to prepare for your future retirement. Tax advisors in Bankstown will provide customers with the essential support to carefully plan for the years ahead and maximize tax position. Highly needed services will be provided by our small business accountants who are ready to provide cost-effective solutions.

Silver & Young is a professional accounting firm offering a complete accounting solution for individuals, businesses and other professional firms. We believe that each and every client deserves the best experience possible and we achieve this through providing our services with pride and enthusiasm.

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Hire Professional Small Business Accountants in Moorebank for Efficient Management

If you are running a small business and wish to have excellent financial management, you should pay attention to hire professional small business accountants for they provide the highly needed services. Best part with such professionals is that they provide cost-effective solutions which can be compared to the expenses you incur when you hire a personal accountant.

The Services Offered by Small Businesses Accountants

They provide a range of financial management services wherein they do management reporting, costing analysis, budgeting & cash-flow forecasting, management consulting, business valuations, etc. amongst others. These are the specialized services wherein they provide a clear understanding of performance of client’s businesses.

Professional Small Businesses Accountancy Services

If you wish to hire a business accountancy firm that helps you avoid the red tape and get involved with you in your business in cities such as Moorebank, Wetherill Park, Bankstown, Moorebank, Wetherill Park, Bankstown, Campbell town and Liverpool, you need professional services. Though a number of companies operate from these cities, only few can be trusted.

Trust the Experienced Small Business Accountants in Liverpool

If you wish to hire a professional accountancy services provider that helps you with Business management accounting, Business advisory, Business compliance, Tax planning,  Tax returns, Self managed superannuation funds & Professional services for accounting and legal practices, etc. amongst others, do a primary inquiry to stay assured.

You can visit the website of the company and have a glance to know about the services and experience in professional small business accountancy. It will help you analyze and decide on the right company i.e. whether its expertise is relevant for your firm or not.

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Small Business Decpreciation

2012 Changes To Small Business Depreciation Rules

Since 1 July 2012 there has beeen significant changes to the small business depreciation rules. The amendments will apply to small business entities as defined in Section 328-110 of the Income Tax Assessment Act 1997 (Cwlth) that have an aggregated turnover of less than $2m for an income year.

The changes included are as follows:

Instant Write Off Threshold

The instant asset write off for small businesses will increase from $1,000 to $6,500. Allowable items may include photocopiers, laptops, fridges and desks.

Other Depreciation Assets

Small businesses will be able to write off all other depreciable assets in a single depreciation pool at the rate of 30 per cent. This means they can consolidate the long life small business pool and the general small business pool into a single depreciation pool to be written off at one rate.

Motor Vehicle Write Off

Small businesses will be able to claim an accelerated initial deduction up to $5,000 for vehicles costing $6,500 or more acquired during the 2012/2013 income tax year. These changes will provide significant opportunities to small businesses in terms of initial depreciation write offs.

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Professional Asset Protection Specialists in Fairfield to Help You Save Your Wealth

The traditional wisdom says that though it is hard to accumulate assets it is even harder to maintain or sustain the same i.e. keep the same safe and secure for long term use. Nevertheless, if you have made successful life and generated lots of wealth/asset and you are unaware of the ways/methods to do asset management, you have the services from the specialists at your disposal. If you are living in any of the cities that may include inter alia Ingleburn, Bankstown, Campbelltown and Fairfield, you have the professional asset management services providers to do the job on your part.

 

How Asset protection specialists in Bankstown Help you Manage Your Wealth?

The eternal fear that kills humans is that they may lose their asset thanks to unfortunate developments. Losing the accumulated wealth or asset is a mortal fear and one of the greatest insecurities that people have in their mind. However, it is also true that such a risk can be reduced to a significant level by hiring the asset protection specialists in Bankstown and other cities in Australia. They assist you on how to manage family home, investment assets and business assets.

 

Do You Really Need Asset Protection Services?

The answer is yes, you need the services even if you do not have mammoth sized properties or immense wealth. However, the requirement is more for those who are running some business and do risky business transactions. The services from the professional tax advisers can be of great benefit to save money and that too within the legal parameters. The qualified professionals who are associated with various bodies such as Institute of Chartered Accounts Australia, CPA Australia, and Tax institute of Australia, Tax Practitioners Board, and the Law Society of NSW, etc. are the trusted names for asset protection services.

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Silver & Young, Best Tax Advisors and Assests protection specialists

Silver & Young is a professional accounting firm offering a complete accounting solution for individuals, businesses and other professional firms. With over a decade of real-life experience and with numerous clients, we are the nation’s leading and most respected asset protection law firm in Fairfield. We can protect their hard-earned assets better than anyone else. Every year we set up hundreds of structures to protect residences, rental real estate, investments and retirement plans.

Our goal is to help ease the stress in your life through effective taxation planning as your own Tax advisors of Bankstown and help you see the bigger picture and maximize your tax position. Our tax planning includes strategic tax planning, retirement planning, tax effective investment reviews, negative gearing and private rulings. Apart from Tax Advisors of Bankstown and surrounding areas such as Tax advisors of Ingleburn, Tax advisors in Fairfield and others, we as a group of chartered accountants, functions as Small business accountants in Liverpool and surrounding areas, Company accountants of Liverpool.

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