Accounting Industries

For any business structure, the set-up steps and costs involved can be time-consuming and confusing. You need to perform an initial research and then follow steps correctly to get registered without delay.

The more time you spend on the task, the longer it will take your business to start operating quickly and efficiently. We can assist with every touchpoint and save you time to focus on what you do best.

Our goal is to make it as easy and convenient as possible to hit the ground running. Most of our clients form early associations and engage us over the long term. We help them identify the right business structure, register for tax file numbers and take care of accounting and financial reporting. Our pricing structure is fixed. You can conveniently engage us through our user-friendly online platform.

Applying for a ABN may sound easy given that you can provide your tax file number (TFN) and proof of identity (POI) online. However, it is important to provide the right information and all the required details the very first time. This will help ensure that your application proceeds forward and doesn’t get delayed.

The process can also be a bit confusing if you are a first-time entrepreneur.

Let Accounting Industries provide the fastest and easiest way to set up a corporate structure and register for ABN, TFN and GST. Our services are tailored to your specific needs. Whether you’re a non-resident individual or business who is required to follow special rules or you need your ABN information within one business day, we can make it happen.

We have a simple, fixed pricing structure. Choose from a range of accounting services for efficient bookkeeping and consistent compliance after you’re a registered your business.

Over 50% of Australian taxpayers rely on tax planning strategies. Accounting Industries assists with strategic tax planning to aid business growth and success. They include:
Annual distribution of income within a trust;
Tax consolidation;
Rolling gains into other assets
And more

Tax planning is fundamental to the financial planning process. Accounting Industries helps you understand your tax responsibilities and become more tax-efficient.

We will answer important questions such as:

How do your business decisions impact your tax contributions?
What are the various deductions and concessions available to your business?
How can tax planning align with your short and long-term goals?
What are the areas you can potentially leverage for significant direct tax and indirect tax savings?
Leverage special incentives
Meet your compliance obligations

Forecasts may be required for various reasons including finance applications, business plans, targeting and management of financial resources. A business budget is necessary for efficient cash management, proper allocation of resources and predicting cash flow difficulties.

Cash is the lifeblood of a business. Then why should budgeting and cash flow forecasting be treated as annual events? Incoming and outgoing cash must be regularly monitored to avoid a financial crunch. Accounting Industries provides you critical insights on cash flow forecasting to make smart decisions:

Visualise cash shortages and surpluses;
Close cash gaps;
Determine what your bank balance is likely to be at a particular point in time;
Plan new equipment purchases;
Assess if you should hire additional employees;
Identify if you need to secure a small business loan.

Benefits:
Curb unnecessary spending;
Track revenue, expenses and cash flow;
Prepare for busy and slow seasons;
Create a financial roadmap;
Have concrete numbers in place to make informed decisions;
Put internal controls to safeguard against major financial risks.
A well-prepared budget is critical to your success. We can help you prepare a balanced budget and improve your financial management process.

Legislation requires for any entity to prepare financial reporting at least annually. Also, if you are a reporting company, you have obligations to submit your financial reports to ASIC.

How do we help:
Annual, semi-annual and quarterly financial reports to stockholders;
External statements that include balance sheets, income statement, cash flow statement and equity statements;
Information that is featured on official websites of corporates;
Statutory reports to ASIC;
Assets depreciation calculation;
Bookkeeping and account reconciliation;
Inventory reports and financial audits;
Preparation and lodgment of income tax returns;
Additionally, we can prepare and lodge your business activity statement (BAS), payroll tax and fringe benefits tax (FBT).
Your benefits:
Meet your reporting obligations;
Manage costs more efficiently;
Plan or improve operational strategies for bigger revenue and profit;
Gain an accurate understanding of your company’s financial standing;
Keep shareholders happy.

When you entrust your accounting and financial reporting to Accounting Industries, you can be assured of:

Stringent accuracy and quality checks;
Real-time documentation and reporting;
An expert team of dedicated financial professionals;
Delivery of reports well ahead of schedule;
Custom reports using cutting-edge software.

You need to lodge your financial statements with ASIC, if:
there are large sums of money involved;
the public has invested in the company;
the company exists for charitable purposes only and is not intended to make a profit;
the small proprietary companies controlled by a foreign-entity;
directed by shareholders (5% of votes).

Registered foreign companies may also need to lodge balance sheets, profit and loss statements, cash flow statements and other documents with ASIC.

How we help:
Prepare financial statements in accordance with AASB accounting standards;
Dealing with external auditors;
Lodge annual and half-yearly financial reports with ASIC;
Help you understand your financial reporting obligations;
Inform you about the new accounting standards issued by ASIC;
Communicate how new standards will impact reporting

More and more businesses are moving to the cloud software to run the bookkeeping side of the business as there are many great benefits such as:

Real-time data to work with;
Online access from anywhere;
Run your business on the go;
Creation of invoices and invoice reminders;
Data protection and backups, etc.

Our practice operates using Xero accounting platform. If, however, Xero is not suitable for your business, we will advise you on the most effective software for you.

How we help:
Xero conversion;
Xero training;
Advice on suitable software and add-ons.

To help you get familiar or learn to better utilise Xero’s many functions, we provide specific training in:

Personalising your Dashboard to easily visualise your business at a glance;
Bank reconciliation and Xero’s auto features to save your time;
How to quickly and easily create and send invoices as well as payment reminders;
Keeping on track with your bills and setting up recurring payments;
Automating payroll and superannuation with just a few clicks;
Customisation of Reports and Accounts;
Using Xero’s convenient Apps and other Apps compatible with Xero.

Based on your specific business needs, we will demonstrate how to take advantage of other features such as Inventory, Fixed Assets and Depreciation, Xero Expenses and Xero Projects.

It is mandatory to lodge a return even in the absence of tax liability. And, of course, you want to lodge the tax return if you have a refund!

Whether you are a sole trader or business entity, income tax is levied based on the net taxable income. Income tax is calculated by deducing certain allowed deductions from your eligible income. It can be time-consuming and confusing to understand how to calculate your income tax precisely.

On the other hand, your small business may be eligible for multiple tax concessions as well if you meet certain criteria.

We assist in the following matters:

Preparing income tax returns for individuals, companies, trusts, partnerships, self-managed superannuation funds (SMSF);
Annual Tax planning and effective strategy;
Requesting tax refunds;
PAYG installment;
Tax consolidation;

As well as returns for other taxes:

Fringe Benefit Tax (FBT);
Tax residence and clearance certificates;
Payroll Tax;
Business Activity Statements (BAS, IAS).

Your benefits:
Lodge tax returns on time to stay compliant;
Avoid unwanted ATO scrutiny;
Keep up with new or changing tax rules;
Correct a mistake or amend a return;
Save energy and time.

As a business owner, you might have found it stressful to deal with the preparation of Business Activity Statement (BAS) and Instalment Activity Statement (IAS). It is important to understand the difference between IAS and BAS while knowing when to file each activity statement. The BAS is issued monthly or quarterly and contains, apart from GST and PAYG instalments, Fringe benefits tax (FBT) instalment, Pay as you go (PAYG) withheld tax, Fuel tax credit, Wine equalisation tax (WET), Luxury car tax (LCT).

When you have to register:
GST registration – if the sales/ services exceed $75,000.
PAYG Withholding registration – if you have employees.
PAYG Instalments – if you paid income tax in prior year, the ATO will give you the options to pay income tax for current year either as percentage of the turnover or as a fixed amount calculated by the ATO.
FBT registration – if you provide benefits of more than $300 each to employees.
How we help:
Accounting Industries assists with BAS and IAS management to ensure your business stays on the right side of the law. As a Registered agent we can help you with:

The preparation of IAS, BAS and GST statements along with the bookkeeping services;
In time lodging IAS and BAS electronically to avoid penalties;
Accurate GST reporting;
Ensuring accuracy of instalments and wages.

There are many obligations to worry about, from PAYG Withholding, workers’ compensation and termination payments to payroll tax, fringe benefits tax and so on. Australia’s tax system is both complex and evolving. Employment taxes are a key compliance and cost concern for businesses.

How we help:
Accounting Industries offers you a full picture of your payroll tax obligations. This includes:

Registering for payroll tax;
Informing you about payroll thresholds and rates applicable to your business;
Monthly payroll tax returns;
Annual reconciliations;
Group consolidation and interstate payroll tax.

Your benefits:
Avoid common payroll tax errors;
Compliance with applicable state payroll taxes;
Keep up with changes in employment tax rules;
Review and audit your payroll;
Strengthen employees’ confidence in your business;
Cost and energy savings.

To deliver a great product or service and drive business growth, you must attract and retain top talent. A common strategy to boost motivation and engagement is to offer employees financial incentives beyond their remuneration.

These benefits include giving employees a car, low rates of interest on loans, private expenses reimbursement and other benefits they will appreciate.

If and when you offer fringe benefits, you must also be aware of the tax obligations that come with them. Fringe Benefits Tax (FBT) refers to the tax employers have to pay for these extra benefits and is based on the taxable value of each fringe benefit provided.

How we help:
Estimating your FBT liability;
Registering for FBT;
Bookkeeping and maintaining FBT records;
Reporting the benefits of payment summaries;
Accurate advice on the exempted benefits;
Preparing and reviewing of FBT returns.

If you offer fringe benefits, but don’t have the time or in-house talent to assess your FBT, please contact us. We will calculate the FBT liability in time prior to lodging your FBT return at the end of each FBT year (starting 1 April and ending 31 March).

Self-managed superannuation funds have emerged as a popular choice of Australian individuals and business owners aiming to supercharge their retirement nest egg. If you wish to control your retirement savings, you should also be prepared to handle the administrative tasks of your SMSF.

Running a SMSF is tough. Let us do the heavy lifting for you.

We establish your SMSF correctly to simplify administration, receive contribution and get tax concessions.
Put necessary elements in place, such as a Trust Deed, Trustee Declaration, and assets.
We use the Australian Business Register to register your SMSF.
Take care of annual SMSF taxes, audit, preparation of fund accounts.
Lodge SMSF tax returns on or before due dates.

Your benefits:
Maximise time efficiency;
Efficient administration;
Compliance and risk mitigation;
Assist with financial statements and maintain financial records.

Many hours a month on bookkeeping means less time to devote to business activities that actually earn you income. Australian businesses outsource bookkeeping to professionals to keep finances in order and live a balanced life.

Accounting Industries manages your books and keeps financial management firmly under control, including:

Bank reconciliation;
Keeping track of accounts payable and receivable;
Profit and loss statements;
Monthly, weekly, quarterly and annual reporting;
IAS and BAS preparation.
Our bookkeepers are certified in the leading accounting software. We use reliable tools and calculators to ensure accuracy, timeliness and maintain audit logs. We offer secure and confidential services.

Your benefits:
Improve your cash flow;
Free up valuable time;
Save on costs of a full-time/part-time bookkeeper;
Benefit from bookkeeping expertise;
Focus on your clients/customers;
Adjust easily to business cycles.