Business Accounting Services

It’s important to keep the finances of your business well organised and up to date, but as a business owner, that’s not always easy. You may not enjoy accounts and invoicing – or you may simply not have time. It makes sense to get expert help and free up your time to concentrate on growing your business.

ATX Accounting can help with many aspects of your day to day business Taxation accounting and financial management.

Bookkeeping

We offer a full bookkeeping service, using Xero, MYOB or Quickbooks.

If you’re a new business, we can set up your software for you, including chart of accounts, bank feeds and an invoice template.

As experts in financial management, we know all the regulations and ensure your books are compliant and up to date.

With a clear idea of what you have billed and what you have owing, you can tell how your business is really performing. It’s much easier to plan for large payments and to stay in control.

We provide management reports and cashflow projections to help you understand your business. Even more importantly, we take the time to sit down with you and explain those reports, so you know your situation and what your options are.

GST and BAS Preparation

 

If your annual business revenue is more than $75,000 ($150,000 for a non-profit organisation), then you must register for GST (Goods and Services Tax).

If you provide taxi, limousine or other ride-sharing transport services, or if you want to claim fuel tax credits, you have to register for GST even if your revenue is under $75,000 per annum.

Once you are registered for GST, you must

  • add GST to all sales amounts where it applies
  • complete a Business Activity Statement (BAS) every month or every quarter (may be every year for non-profits)

Registered organisations can also claim back GST on invoices they have paid to suppliers.

You are legally required to keep track of GST you have charged and you have paid. This can be time-consuming, especially if only some of your raw materials and supplies attract GST.

ATX Accounting and Taxation can take care of all the detail for you and make sure your records are accurate.

ATX can also advise you about the most suitable timing for you to pay GST, and prepare and submit your BAS.

 

 

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PAYG Withholding

As an employer, you have a role to play in helping your payees meet their end-of-year tax liabilities. You do this by collecting pay as you go (PAYG) withholding amounts from payments you make to:

  • your employees
  • other workers, such as contractors, that you have voluntary agreements with
  • businesses that don’t quote their Australian business number (ABN).

A few things to remember:

  • You must register for PAYG withholding before you are first required to make a payment that is subject to withholding. This is required even if you don’t withhold an amount from a payment made.
  • If you cease to be an employer you should cancel your PAYG withholding registration.
  • Before you enter into a work agreement or contract, you need to check that the worker is legally allowed to work in Australia.
  • PAYG withholding is different to payroll tax, which is a state tax.

 

The most common payments you withhold amounts from are those to:

  • your employees
  • your directors
  • businesses that don’t quote their ABN to you
  • contractors who have a voluntary agreement with you.

If you operate your business as a sole trader or partnership and you draw amounts from the business, this is not a wage and you don’t have to withhold from these drawings. You make some provision for your income tax liability through PAYG instalments.

Other payments that may need tax withheld

Payments, other than income from employment, may also need tax withheld, including:

  • investment income to someone who does not provide their TFN
  • dividends, interest and royalties paid to non-residents of Australia
  • payments to certain foreign residents for activities related to gaming, entertainment and sports, and construction
  • payments to Australian residents working overseas
  • super income streams and annuities
  • payments made to beneficiaries of closely held trusts.

Payroll and PAYG

Payroll is complicated.

Your staff may be on award rates. If they work shifts or their hours vary, what you pay them may change every pay period.

Most businesses with staff have to calculate and withhold PAYG (pay-as-you-go) tax, and report this on the regular BAS. You also need to manage leave accruals, workers compensation and superannuation payments. Even if you use contractors, you may need to withhold tax, depending on the paperwork. There are also requirements for payments to foreign residents and Australian residents working overseas.

You may also be liable for state payroll tax.

ATX Accounting and Taxation is a registered tax agent, fully informed and up to date about all PAYG and payroll tax requirements. We can handle all your PAYG and payroll related tax matters, including government reporting. So you won’t get fined, and you won’t get a sudden shock when you find you have to pay more tax than you expected.

 

Mohammad has been very professional and responsible in the many years he has been my accountant. I have referred many clients to ATX and all my clients have been very pleased with the support that Mohammad has given them in their businesses.

Mohammad treats my business like his own and puts all his heart into making sure I understand and am compliant in my business.

Also he is very nice and I love the tea he makes me every time I see him.

Andrew Vargodi

 

Do you need help with your business accounting, GST, PAYG, payroll and general bookkeeping?

As a business owner, you already have too many things on your plate. Why not free up some hours to focus on sales, marketing and growth? Or maybe even go home early and enjoy time with your family?