FREQUENTLY ASKED QUESTIONS

Help! My tax returns are overdue! What is your turnaround?

This really depends on what information you have ready and available. We understand the pressure of an overdue tax return and we work as quickly as possible to complete your returns. We see our accounting as an art form and we want you to have the highest quality return while reducing your tax. If you have all of the information we need and can quickly answer our questions, we can usually have you sorted within a few weeks.

I'm new to small business. How can you help me?

We sure can. We are experts in small business and can help you set up the correct business structure from the start. We can help you set up a system to manage your bookkeeping and financial management. We can provide you with a range of services from bookkeeping to software training to performance advice. If you have employees, we can help you manage your payroll and superannuation obligations. We can register you for GST and answer any question you have about tax deductions. If you want to set a budget or track your finances, then we can help you with that too.

What records do you require to prepare my tax return?

If you store your data electronically (which you should), then we will need access to that. If you have a cloud accounting package, such as Xero or MYOB, you can have us access your data directly from the software. We generally will need a copy of bank statement at June 30, so we can check it all balances. We will need copies of any new loan documents and large asset purchases if you have them.

We have you covered, we have an end of financial year checklist designed for your business structure which our team will happily send to you at the right time.

How much do you charge for a tax return?

This is a tough question as no two businesses are the same. Every business is different and has their own specific needs and obligations. We take a detailed look at your business and will likely as you some questions. Generally speaking a sole trader tax return might cost between $500 to $1000 (plus GST) and a Company and Trust will likely be $1500 to $4000 (plus GST).

It all depends on how well your books are kept, the number of employees, if you have payroll tax, are you GST registered, do you need a Fringe Benefits Tax return, is your superannuation up to date. Your returns may be simple, or they may be complex and nuanced, it all depends on the business.

How can I keep my accounting fees down

Automate any processes you can to save time and effort.
Use accounting software, especially cloud-based software, to save time and give you better access to your data.
Have a professional bookkeeper who can easily and efficiently keep your finances in order.
Ask us questions before big purchases or large financial decisions or changes. This may prevent costly mistakes.

What is the best way to keep my records?

Electronically, it saves both you and us time and money. If you are GST registered, it’s critical to your records stored electronically.

We recommend the use of an accounting package such as Xero or MYOB, which we can train you to use and will save you a lot of time and effort. Talk to one of our consultants to find out what a cloud accounting package can do for you and your business.

I'm not based in Perth. Can you still help me with my tax return and other financial needs?

Absolutely. Thanks to the wonders of the internet and cloud accounting we are able to see your accounts in real time. As long as you have an internet connection we can help you with your Australian accounting and taxation needs, no matter where you are. We currently have clients all of Perth, regional western Australia, Queensland and New South Wales.

What accounting software package is best for me?

No two businesses are alike, and no cloud software is the same either. Different software is better suited for different types and sizes of businesses. Most of our clients use Xero or MYOB and some use Reckon. One of our experts would be more than happy to talk you through the benefits of a particular software solution.

What help outside of my tax can I get?

We offer a wide range of services from asset protection reviews, to payroll advice, to cashflow projections. You simply might be having a financial challenge in your business. We think we are the best people for you to talk to first about your business needs. We might be tax accountants, but we are also small business owners ourselves and we work with small business owners like you every day. We consider ourselves more than accountants, we are general business advisors. If you have a question, just ask. If it’s not in our expertise, we will refer you to someone we know and trust to support you.

What is Accounting for Small Businesses' background?

We have been in business since 2003 and so have been working with small businesses for fifteen years. We started up AFSB after realising the impact the introduction of GST in 2000 had had on small businesses. Many accounting practices didn’t want to work with small business due to the extra cost and complications of GST. Small businesses weren’t in a position to spend much on compliance and weren’t seen a profitable for accountants. We wanted to help give small businesses a change and to help the win. Small business is the heart of the Australian economy and they deserve respect. We consider small business to be a specialist form of business due to its unique challenges, problems and opportunities. We wanted business owner to be able to prosper and to continue to do what they love.

What's the best business structure for me?

That really depends on you and your unique situation. We have a specialised consultation service which set to specifically help you look at your options. It takes about an hour and we walk you through what structure best works for you. We will help you find a structure that protects your assets, gives you the best tax outcomes, makes sense for your future plans and keeps your investors happy. If you want more information on business structures, head over to our Business Structures Advice page.

Do you work with other advisors?

Yes, depending on what you need. We may need to talk to your financial planner about your superannuation contributions. You might be selling your business and need a valuation. You might be organising your compensation insurance for your workers and need certain documents. Maybe you are buying your dream house and we need to laisse with your finance broker. You might be updating your will and your lawyer needs specific financial information.

We have built up a network of fantastic advisors over our 15 years of business, people we trust to support you. We can even recommend you a good gym and where to get a great cup of coffee. If you don’t already have an advisor, we are more than happy to help you with our recommendations.