A business activity statement (commonly referred to as BAS) is required by most Australian businesses. BAS’ are lodged with the Australian Taxation Office monthly, quarterly, or annually depending on your set-up. Business activity statements are reports you (or your accountant) prepare. Included in the report are all your sales (and purchases) that have GST as well as reporting on other taxes such as fringe benefits tax. Also included are the gross wages you have paid and the PAYG that you have withheld and paid during the period.
Since GST was introduced in 2000, business owners have often found themselves scratching their heads. If your business is registered for GST, you will be required to report on GST-related sales and purchases you have made as a business. \
If your total amount of GST payable is higher than expected, this could be due to a range of reasons such as having some expenses that are GST-free listed. We can review your previous lodgements and help you with future lodgements to ensure all your data is correct. Most importantly, we will ensure you are paying only what is required.
We have a range of competitive and affordable prices for all our clients and business structures.
Is your business up to date on tax lodgements? Have you had a business restructure recently? Wondering what to do about capital gains tax? We can help you navigate your tax return and ensure you get the best return possible.
Contact us for a quote on your business tax return that is specific to you and your business structure.
If you are an individual looking for a certified accountant to prepare and lodge your personal income tax return, we can help! Personal tax returns can be completed from $198.
There are several well-known and lesser-known brands of accounting software available. MYOB & Xero are quite reliable. If you are a sole trader or freelancer, you may find a well-designed spreadsheet will be suitable – particularly if you are not registered for GST or paying employee wages.
Yes, our accountants are highly qualified and have years of experience in small business. Not only that, but our team are also passionate about seeing small business in Australia succeed.
Single touch payroll (STP) was introduced in stages in 2018 and 2019. The system was designed to save business owners time reporting on payroll. With the automated system, every time you pay an employee, the PAYG withheld, superannuation and wages/salaries are automatically recorded.
If your car is a key part of your business, you may be able to claim all or some kilometres, fuel and/or maintenance. The ATO is particular about when a car can and cannot be claimed as a business expense. They also require you to keep evidence such as a logbook of all business-related travel. Also, remember to keep a copy of fuel and car repair receipts in case your accountant asks you for these at tax time.
The ATO does not allow any deductions for getting to and from your normal place of work. If your work/job role falls out of this scope, it may be worth getting expert advice on what you can and cannot claim. For example, if you are a tradesperson who needs to transport bulky equipment to and from (and between) different worksites (and the equipment cannot be stored at the worksite), you may be in a situation to claim some of your car expenses. All situations are different and have to be reviewed individually.
It is always worth asking so please feel free to contact MGB for advice. We gladly offer all new clients a first consultation free of charge.
Family trusts must be set up by a solicitor. We can connect you with our external solicitors who will be able to easily set you up. In addition, we can help you manage your trust and stay on top of all taxation obligations.
Self-managed superannuation funds work like any other superannuation fund however you are both the manager/owner of the fund and the trustee. Setting up your fund correctly is important as how it is set up will impact future tax concessions and obligations. Once set up, we can also assist you in managing the fund and ensuring you comply with all relevant laws.
For identification purposes, we will ask for two forms of identification and your tax file number. To get you the best return, we will require all logbooks, receipts for work expenses, and your PAYG summary. Let’s get started on your tax return!
As interest rates differ from lender to lender and between loan types, there is no set interest rate for all business loans. We have a board of over 20 lenders who we use to get the best interest rates for our clients.
In addition to ensuring you get the best interest rate for your loan; we take the time to discuss your business and find the right business loan for you. Whether you need a more flexible repayment schedule or the option to pay your loan out early, we can help you find the best loan for you.
There is no one-size-fits-all for business structures. Sit down with one of our accountants to learn the advantages and disadvantages of each, which structures would apply to your business and the taxation obligations that relate to each.
Just like a secured car loan, a chattel mortgage is the official term for a financier providing you with a loan to buy business equipment. This may be a fleet vehicle, a new grain silo or something else. The loan is secured against the equipment or machinery you are purchasing until the loan is paid out. Once the loan is finalised, you will own the equipment or machinery. Chattel mortgages allow you to claim the GST you will pay at the time of purchase.
To lease, get finance or pay with cash? What is the best choice when you need a business vehicle? Generally speaking, we would suggest financing a vehicle, and either keeping or investing excess working capital. Not sure what to do? Feel free to discuss your options with our accountants.
Invoice & trade finance is a facility that gives you instant cash flow. Instead of waiting to be paid, the financier can you give you up to 80% of the invoice within 24 hours and the final amount is paid once the invoice is paid. Trade finance allows you to get your goods straight away and your supplier is paid on the spot. This can give you a good negotiating tool in getting your goods at a discount price. Call our accountants for further information.
There are pros and cons to buying in your name or a trust. One option may be better suited to your personal situation and financial goals than the other. We recommend sitting down with a financial expert and discussing your options before making a decision.
The value of your business depends on a range of factors and the methodology used to do the valuation. Our accountants have extensive experience in this area and can share more information on the process and answer any specific questions you may have.
Yes, we do. In addition to helping set up your self-managed super fund, we can also manage your portfolio and all SMSF tax-related affairs. We have a range of plans for portfolio management. Please feel free to contact us to discuss these.
Your initial consultation is 100% free (and obligation-free). Follow up consultations and any work we do for you will be priced depending on the type of work. We structure all our fees with our clients in mind, so you are assured we offer competitive and affordable rates without sacrificing work quality.
Absolutely! Our bookkeepers understand that you may not have the time to come to our office. We can visit you at your office, worksite, or home.
Call us to organise our mobile bookkeepers today!