If you’re thinking of starting up a business it’s a good idea to get professional advice from the experts. AWTS can help you set up your company, sole trader, partnership or Trust. We can also help you:
- Get Australian Business Number (ABN) and Tax File Number (TFN) .
- Acquire a unique company, trust or partnership name.
- Create a business plan that will assist you in the future for all aspects of your business.
A great range of services:
AWTS has experience in all aspects of new business and can help you with:
- Software set up.
- Land Tax.
- Work Cover.
- Stamp Duty.
- ASIC Compliance.
- Financial Forecasts / Projections.
- Bookkeeping.
SMALL BUSINESS CAPITAL GAIN TAX CONCESSIONS
Small businesses may be entitled to CGT concessions. To get these concessions, small businesses have to fulfil some basic conditions such as the Maximum net asset value test, Active asset test and Controlling individual test. Also, various different concessions are available to small entities including:
- Small business 15 year exemption.
- Small business retirement exemption.
- Small business rollover.
So, plan ahead, contact AWTS before it is too late to access any benefits that may be available!
BUSINESS STRUCTURE
The changing tax laws and fluctuating availability of capital are the main situations that require owners and managers of business to look at the legal structure of their firms. The business structure you select should fit comfortably, because poor selection of structure can prove painful long-term.
There are various types of business structure including Sole trader, partnership, proprietary limited company, association and co-operative. It’s important to consider factors like the type and size of the business, taxation, finance requirements when choosing your structure. AWTS can help you find the most appropriate and relevant business structure.
SUPERANNUATION GUARANTEE
All Australian employers must pay super contributions, under the super guarantee law, into a complying super fund of the employee’s choice. If the employer avoids paying the super guarantee (contributions) on time, then the employer has to pay interest on the super contribution (10% per annum), administration fees ($20 per employee, per quarter) and the super guarantee shortfall. It’s in the best interest of the employer to know about the super payment obligation, how to pay it, and how to apply for the late payment offset if you have paid the super guarantee charge.
PREPARATION OF ANNUAL FINANCIAL ACCOUNTS
If we complete a client’s BAS, throughout the year, then we find that clients have their annual financial accounts ready to go just before any PAYG payment summaries are due for lodgement. We find, from the years of experience, that clients who prepare their own BAS often need to change their BAS to reflect the true and correct view of their accounts. We always recommend that clients let us complete their BAS throughout the year, to avoid confusion when it comes to reconciliation for tax and accounting purposes.
SELF MANAGED SUPER FUND COMPLIANCE
If you’re looking to reduce the stress of looking after you’re your own super call AWTS! Don’t get bogged down in doing your own books. We can look after the entire compliance side from start to finish. We even have in-house financial planners who will assist in getting the investments right.
BUSINESS PLAN PREPARATION
We understand that all businesses are not same and neither are their business plans. We can help you plan yuorr business according to your core objectives and prepare checklists to help you grow in the future. We can help you gain a clear vision of the products and or services you’re going to offer and understand your competition. AWTS helps many businesses undertake market and industry research and analyse the company’s strengths, weaknesss, probabilities and burdens.
BUDGETING AND CASHFLOW
The cash you expect to receive and pay out, over a period of time, is called cashflow. This cashflow budget gives you a benchmark for success. A proper cash flow will help you to make sound decisions when planning for additional expenditure, and is important if you need to show any person or institution how well your business is performing. Creating a strong cashflow budget development requires consideration of key data like sales forecast, e.g. cash receipts and cash payments. AWTS can plan and manage your cash flow effectively and help you expand your business.
ELIGIBLE TERMINATION PAYMENT (ETP)
ETP is a lump sum benefit (payment) made by an employer to an employee as a result of termination of employment or after the death of the person who was an employee. Payment types include: payment in lieu of notice, payment for unused sick leave, payment for unused rostered days off, a gratuity, compensation for loss of job or wrongful dismissal, etc. AWTS can help you calculate your termination payment situation.
221D VARIATIONS
The Commissioner of Taxation, under tax law, may vary the withholding amount for payer to meet the special circumstances of a particular case or class of cases. The central aim of this system is to ensure that the amounts withheld during the income year best meet your end of year tax liability. The ATO can grant the variation if taxpayer believes his/her circumstances warrant a variation of the rate or amount of withholding. The actual liability of a taxpayer will be considered at the time of lodgement of the tax return. Confused? AWTS can help you understand the jargon and get to grips with your tax situation.
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For more information on any of our services, please contact us.