Business Taxation
Expert business tax services in Sunbury. Answers about deductions, BAS, GST, company tax and ATO compliance.
Penalties for late lodgement are based on penalty units (one unit per 28-day period overdue, up to a maximum of five units for small entities). For small businesses (turnover under $1 million), the current penalty per unit is $330 (five units = $1,650 maximum). Medium and large businesses face higher amounts per unit. General Interest Charge also applies daily to unpaid amounts at a rate set quarterly by the ATO. Penalty unit values and caps change; check Failure to Lodge on time on the ATO website for current figures.
Australian small businesses can generally claim deductions for operating expenses such as rent, utilities, wages, and supplies, plus the $20,000 instant asset write-off for eligible equipment purchased and first used or installed between 1 July 2025 and 30 June 2026 (subject to eligibility rules). Business travel, professional development, and home office expenses (business portion only) may also be deductible. Keep receipts and records to support all claims. Deduction rules change over time; check the ATO or your tax adviser for current guidance.
Quarterly BAS lodgements are typically due on 28 October, 28 February, 28 April, and 28 July for the respective quarters. Monthly lodgers must generally submit by the 21st of the following month. Electronic lodgers may receive extensions for some quarterly returns. Due dates can vary; always check current BAS due dates on the ATO website.
Small businesses withholding up to $25,000 annually generally pay PAYG withholding quarterly by the 28th of the month following each quarter. Medium withholders ($25,001 to $1 million) pay monthly by the 21st, while large withholders (over $1 million) must pay within 6–8 days electronically. Payment thresholds and due dates can change; confirm current PAYG withholding obligations on the ATO website.
Yes, eligible small businesses can instantly deduct assets costing under $20,000 until 30 June 2026, based on rules current as at 2024–25. To qualify, your aggregated annual turnover must generally be under $10 million, and the asset must first be used or installed ready for use between 1 July 2025 and 30 June 2026. Assets over $20,000 go into the depreciation pool instead. Rules can change; check the latest instant asset write-off guidance on the ATO website or with your tax adviser.
Late BAS lodgement can result in a Failure to Lodge on time penalty. For small businesses (turnover under $1 million), the penalty is currently calculated at one penalty unit per 28-day period (or part thereof) that the BAS is overdue, up to a maximum of five penalty units. The penalty unit amount is set periodically (as at late 2024 it was $330 per unit). The ATO also charges General Interest Charge on unpaid amounts at a rate set quarterly. Check current penalty unit and interest rates on the ATO website, as these figures change over time.
Australian businesses must register for GST when their annual GST turnover reaches or exceeds $75,000. Non-profit organisations have a higher threshold of $150,000. You must register within 21 days of exceeding the threshold, though ride-sharing services must register regardless of turnover. Thresholds and rules can change; check current GST registration guidance on the ATO website.
Australian companies generally pay 25% tax if they are a base rate entity (aggregated turnover under $50 million), or 30% for other companies. Base rate entities must have 80% or less passive income to qualify for the 25% rate. These rates apply for the 2024–25 income year and may change in future. Always confirm current company tax rates on the ATO website or with your tax adviser.
Individual Tax Return
Professional individual tax return services in Sunbury. Answers about due dates, deductions, refunds, thresholds and working‑from‑home claims.
The standard deadline is 31 October following the end of the financial year (which runs 1 July to 30 June). If you use a registered tax agent, you may qualify for extended deadlines, but you must engage them before 31 October. Paper returns may take up to 50 business days to process compared to electronic lodgment.
Track your tax return status through your myGov account linked to ATO online services, which provides real-time updates on processing progress. You can also use the ATO app on your mobile device for convenient status checking. Ensure your contact details are up to date to receive notifications about your return.
For the 2024–25 income year, the fixed rate is 70 cents per hour worked from home, which covers electricity, gas, internet, phone usage, and stationery. You must keep actual records of all hours worked from home during the year. The ATO does not accept estimates or representative samples of hours.
Yes, you can request an amendment through myGov online services or by submitting a paper amendment form to the ATO. Corrections can be made for mistakes, omissions, or if you receive additional income information after lodging. It’s best to amend promptly to avoid potential penalties or interest charges.
Generally, you don’t need to lodge if your taxable income is below $18,200 and no tax was withheld from payments. However, you must lodge if tax was deducted from any payments during the year, even if your total income is below the threshold. Use the ATO’s online tool to confirm your specific obligation.
Late lodgment can result in penalties starting at $330 for returns 1-28 days overdue, increasing up to $1,650 for returns over 113 days late. The ATO may also apply interest charges on any tax owed and withhold refunds until your return is lodged. Contact the ATO promptly if you have valid reasons for delay.
Yes, you can claim work-from-home expenses using either the fixed rate method (70 cents per hour for 2024–25) or the actual cost method. You must keep records of all hours worked from home and show you incurred additional expenses. The fixed rate covers electricity, internet, phone usage, and stationery costs.
Electronic tax returns are typically processed within 2 weeks, while paper returns can take up to 10 weeks. Once processed, your refund may take an additional 5 business days to appear in your bank account. You can check the status of your refund through your myGov account linked to the ATO.
Accounting Services
Full‑service accounting support in Sunbury. Answers about financial statements, advisory, cash flow, review frequency and how accountants support growth.
Accounting software handles data entry and basic reporting; an accountant provides strategic financial advice, tax planning, and helps ensure compliance with changing regulations. Software typically can’t replace expertise needed for complex tax situations, financial analysis, or audit support. Many businesses use software for daily bookkeeping and rely on accountants for tax preparation, financial planning, and advisory.
Gather bank statements, receipts, invoices, payroll records, tax documents, and any previous financial statements. You may also need business licences, contracts, loan documents, and records of major purchases or sales. Organising these by category and date helps your accountant identify deductions and issues more efficiently.
Many small businesses meet quarterly for financial reviews; monthly meetings can be useful during busy periods or when making significant decisions. Annual meetings may be sufficient for simple businesses with straightforward finances; complex businesses may benefit from monthly or more frequent contact. Regular communication helps your accountant stay current and provide timely advice.
QuickBooks and Xero are widely used by small businesses; QuickBooks is popular among those working with accountants. FreshBooks is often chosen by freelancers for its simplicity, and Zoho Books offers comprehensive features for growing businesses. These cloud-based platforms typically provide invoicing, expense tracking, payroll management, and integrations with third-party apps. Choice depends on your size, industry, and whether you use an accountant.
You can handle basic bookkeeping yourself using accounting software, but hiring a professional becomes important as your business grows or faces complex tax situations. DIY accounting may work for simple businesses with straightforward finances; professionals can save you time, reduce errors, and help you maximise deductions and avoid penalties. Many businesses use a hybrid approach: daily tasks in-house, with tax preparation and financial analysis outsourced.
Bookkeepers record daily financial transactions such as invoices and expenses. Accountants analyse, interpret, and report on that financial data to provide strategic insights, prepare financial statements and tax returns, and offer business advice. Bookkeeping is the foundation that accountants build upon. Think of bookkeepers as data-entry specialists and accountants as advisers who help you make informed decisions.
Consider hiring an accountant when you’re starting a business, experiencing rapid growth, or facing complex tax situations that require professional expertise. You may also benefit if you’re spending too much time on bookkeeping, making financial mistakes, seeking loans, or making major financial decisions. Many businesses use professional help during tax season and for ongoing compliance and planning.
Small business accounting services typically range from about $300 to $1,200 per month, depending on the complexity of your financial operations and services needed. Basic bookkeeping often starts around $300–$600 monthly, while full-service accounting can cost $600–$1,200 monthly. Tax preparation typically costs $450–$1,000 annually, and many firms offer flat-rate subscriptions for predictable monthly expenses. Costs vary by provider, location, and scope of work.
Bookkeeping
Reliable bookkeeping services in Sunbury. Answers about records, software, update frequency, service scope and tax benefits of good books.
Keep invoices, receipts, bank and credit card statements, payroll records, tax documents, and contracts related to your business finances. The ATO generally requires you to retain records for at least five years from the date you lodge your tax return or the transaction date. Digital storage using cloud-based bookkeeping software can make record-keeping easier. Check ATO record-keeping requirements for current guidance.
Common mistakes include mixing personal and business expenses, failing to reconcile accounts regularly, incorrect categorisation of transactions, and not backing up financial data. Others include missing receipts, wrong tax classification, and letting records pile up. Regular reconciliation, proper categorisation, and consistent data-entry habits help avoid these issues.
Keeping personal and business finances separate is strongly recommended for all businesses and is legally required for companies and trusts. Sole traders have no legal mandate, but the ATO strongly recommends separate accounts. Mixing finances complicates bookkeeping, can create tax compliance issues, and may affect legal protections such as limited liability. Separate accounts make it easier to track expenses, prepare reports, and demonstrate business legitimacy. See ATO guidance on record-keeping.
Xero and MYOB are leading options for Australian small businesses, with strong local integrations and ATO-related features. QuickBooks Online offers comprehensive features and integrations; Wave provides free basic bookkeeping for very small businesses. Cloud-based options allow access from anywhere and automatic backups. Choice depends on your size, workflow, and whether you use a bookkeeper or accountant.
You can handle bookkeeping yourself if your business has simple transactions and you’re comfortable using accounting software. Hiring a professional can save time, reduce errors, and help ensure compliance with tax regulations. Consider your available time, transaction complexity, and comfort with financial record-keeping. Many businesses start DIY and transition to professional help as they grow.
Update your bookkeeping records at least weekly; daily entries are ideal for high-volume businesses. At least monthly reconciliation of bank and credit card accounts is generally important for ATO compliance, BAS/GST accuracy, and catching discrepancies early. Regular updates help you meet tax obligations and make informed decisions. Requirements can vary; check ATO record-keeping guidance.
Bookkeeping involves recording daily financial transactions (sales, purchases, payroll). Accounting analyses this data to prepare financial statements and provide strategic advice. Bookkeepers maintain accurate records; accountants interpret that information to assess business health and guide decision-making. Bookkeeping is transactional and data-focused; accounting requires analytical skills and broader financial expertise.
Bookkeeping costs often range from about $125–$300 monthly for micro-businesses (e.g. under 25 transactions) to $300–$800+ for small businesses with BAS lodgement, depending on transaction volume and complexity. Costs vary with software-only solutions, freelance bookkeepers, or accounting firms. DIY options using cloud software like Xero or QuickBooks typically cost $20–$60 per month. Regional variations may apply.
Start‑Up Advisory
Start‑up advisory in Sunbury. Answers about structure, ABN, registrations, planning, obligations and how advice supports new businesses.
Yes, many advisers specialise in sectors such as technology, healthcare, retail, or professional services. Sector-specific advisers understand regulatory requirements, funding options, and market dynamics that general consultants may miss. Look for documented experience in your industry or a network of specialists who can support niche challenges.
Ongoing support often includes strategy reviews, financial monitoring, compliance updates, and access to adviser networks. Many relationships involve monthly or quarterly check-ins to review progress, adjust strategy, and address challenges. This allows timely guidance on grants, expansion, or operational improvements as the business develops.
Advisers help with registration for GST, PAYG withholding, and other tax obligations, and can support tax-efficient structuring (e.g. income splitting, deductions, R&D claims). They assist with ATO requirements, BAS preparation, and changing legislation. For tech start-ups, they often help with R&D tax incentives. Compliance rules change; work with your adviser and check ATO for current guidance.
Online services typically handle basic registrations; advisers provide strategic guidance on structure, tax optimisation, compliance, and growth. They can identify issues early, explain obligations beyond registration, and support you as the business evolves. This is especially valuable for complex ownership, multiple revenue streams, or plans to scale quickly.
Yes, experienced advisers often assist with pitch decks, financial models, and connections to investors (venture capital, angels, government programs). They can help identify options such as the Research and Development Tax Incentive (generally providing a tax offset equal to the company tax rate plus a premium on eligible R&D expenditure, subject to turnover tests and a $150 million expenditure threshold), Export Market Development Grants, and accelerator programs. Eligibility and rates depend on your circumstances; check current ATO and business.gov.au guidance or speak with a specialist adviser.
Engaging an adviser early—ideally during the conceptual phase—helps you avoid costly mistakes in business structure, tax structuring, and initial compliance. Advisers remain useful at any stage: when raising capital, scaling operations, or navigating regulatory changes. Early input on structure, funding, and compliance is often most valuable.
Look for relevant qualifications (e.g. CPA, CA) for financial matters, legal qualifications for compliance, and proven experience with Australian start-ups. Advisers who have guided businesses through similar growth stages and understand Australian regulatory requirements are valuable. Checking references and track record in your industry can provide additional assurance.
Start-up advisory costs vary with service scope and adviser expertise, often ranging from about $100–$300 per hour for general business consultants to $500+ per hour for specialists, or $1,000–$10,000+ for comprehensive packages. Many advisers offer hourly, retainer, or project-based fee structures. Confirm rates with local advisers, as pricing varies by location, expertise, and services required.
Finance & Other Services
Finance and advisory services in Sunbury. Answers about cash flow, forecasting, super, payroll, funding and broader financial support.
You generally have the right to clear disclosure of fees and charges, access to internal and external dispute resolution (including AFCA), and protection against misleading or deceptive conduct. Providers must hold appropriate licences, maintain professional standards, and address complaints through AFCA if you’re unsatisfied. ASIC oversees compliance. Rights and obligations can change; refer to ASIC and AFCA for current information.
Foreign Financial Service Providers (FFSPs) can offer services to Australian wholesale clients under transitional relief (e.g. extended to March 2027), with permanent exemptions under development. For retail customers, foreign providers typically need an Australian Financial Services licence to meet domestic regulatory standards. Rules and timelines change; check ASIC and Treasury for current guidance.
The Financial Accountability Regime (FAR), in effect from March 2024 for banking and insurance, requires senior executives to take personal responsibility for decisions and conduct. It supports accountability for breaches affecting customers and works alongside ASIC oversight. Requirements may be updated; refer to ASIC and Treasury for current information.
Consumer Data Right (CDR) lets you securely share banking data with accredited third-party providers through your bank’s app or website. You control what is shared and can revoke access at any time. CDR is expanding (e.g. action initiation, non-bank lending). Scope and timing can change; check CDR and your bank for current details.
Protections include ASIC regulation, mandatory AFCA membership, and the Financial Accountability Regime for certain institutions. The Consumer Data Right allows you to access and share banking data securely. ASIC monitors compliance and enforces penalties for misconduct. Frameworks evolve; refer to ASIC and AFCA for current information.
Buy now pay later (BNPL) services are increasingly regulated under the National Consumer Credit Protection Act as low-cost credit contracts, with mandatory requirements being phased in (e.g. from 2025). BNPL providers generally must hold a credit licence or authorisation and meet responsible lending obligations, including affordability assessments and hardship assistance. ASIC oversees compliance. Rules and timing are subject to change; check ASIC and Treasury for current information.
First, raise the complaint with the financial service provider through their internal dispute resolution process. If unresolved, escalate to the Australian Financial Complaints Authority (AFCA)—the independent external dispute resolution scheme. Providers must be AFCA members; you can lodge complaints online or by phone. See AFCA for current details. Regulatory requirements can change; refer to ASIC and AFCA for the latest guidance.
Check the Australian Securities and Investments Commission (ASIC) professional registers online to confirm whether a provider holds an Australian Financial Services (AFS) licence. An AFSL is generally required for businesses providing financial services; unlicensed providers may be operating illegally. Search by business name or licence number on the ASIC website before engaging any financial services.
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