What is the difference between a Chartered Accountant and a regular accountant in Australia?

A Chartered Accountant (CA) has completed additional postgraduate training and practical experience beyond a standard accounting degree, and is credentialled by Chartered Accountants ANZ. This qualifies them to handle complex financial matters including tax planning, business structuring, SMSF auditing, and financial advisory work. A regular or general accountant holds a degree but typically does not hold the CA designation. At Verus, all our principals are Chartered Accountants, which means you receive specialist-level advice rather than generalist bookkeeping. This matters when your financial decisions have lasting tax or structural implications for your business or personal wealth.

How much does a tax accountant cost in Sydney?

The cost of a tax accountant in Sydney varies based on the complexity of your return and the services required. For a straightforward individual tax return, fees typically range from $150 to $400. For business tax returns (company, trust, or partnership), fees generally start from $500 and can rise significantly depending on the volume of transactions, payroll, and additional compliance work involved. At Verus, we offer transparent, fixed-fee pricing and a free initial consultation so you know exactly what to expect before you commit. Engaging a registered tax accountant rather than lodging yourself often saves more in deductions and maximises your return compared to the cost of the service.

What business structure should I choose when setting up a company in Australia?

Choosing the right business structure in Australia is one of the most important decisions you will make, as it affects your tax obligations, personal liability, and ability to grow. The four main options are: Sole Trader (simplest, lowest cost, but no liability protection), Partnership (shared ownership, each partner liable), Company (separate legal entity, limited liability, higher compliance costs), and Trust (flexible for asset protection and income distribution, but more complex to manage). For most SMEs and growing businesses, a company or discretionary trust structure offers the best balance of asset protection and tax efficiency. The right choice depends on your revenue, industry, number of owners, and long-term goals. Our chartered accountants at Verus can walk you through all options in a free consultation and set up the structure that works for you.

What is an SMSF and how do I know if one is right for me?

A Self-Managed Super Fund (SMSF) is a private superannuation fund you manage yourself, giving you direct control over how your retirement savings are invested. Unlike retail or industry super funds, an SMSF allows you to invest in a broader range of assets, including residential and commercial property, shares, and term deposits. An SMSF is generally worth considering if you have a combined super balance of at least $200,000 to $300,000, a long-term investment strategy, and the time to meet your trustee obligations. The ATO requires SMSFs to be audited annually and to comply with strict reporting rules. At Verus, our SMSF accountants manage the full setup, ongoing compliance, and annual audit requirements, so you can focus on building your retirement wealth without the administrative burden.

What is the difference between Xero and MYOB, and which is better for my business?

Both Xero and MYOB are leading cloud-based accounting platforms in Australia, but they suit different business needs. Xero is generally preferred by small businesses and startups for its clean interface, strong third-party app integrations, and real-time bank feeds. MYOB tends to suit businesses with more complex payroll requirements, multiple entities, or those that prefer a locally developed platform with strong ATO integration. At Verus, we are certified Xero Advisors and MYOB Partners, meaning we can implement, optimise, or migrate your accounting software regardless of which platform you use. Our team will assess your business size, payroll complexity, and reporting needs to recommend the right fit, so you are not paying for features you do not need.

What is a virtual CFO and does my small business need one?

A virtual CFO (vCFO) is an outsourced financial expert who performs the strategic functions of a Chief Financial Officer without the cost of a full-time executive hire. For small and medium businesses that need high-level financial planning, cash flow management, KPI tracking, and strategic advice but cannot justify a full-time CFO salary, a virtual CFO service fills that gap. At Verus, our virtual CFO service is available on demand, giving business owners access to strategic financial guidance when they need it most, whether that is during rapid growth, a restructure, a funding round, or when navigating a complex tax position. If you are a growing SME spending more time on financial decisions than on your core business, a virtual CFO is likely worth considering.

How can I legally reduce my business tax in Australia?

There are several legal strategies Australian business owners can use to reduce their tax liability. These include: choosing the right business structure (companies and trusts can offer significant tax advantages over sole traders); making pre-tax superannuation contributions; timing income and expenses around financial year end to manage taxable income; claiming all eligible deductions including home office, vehicle, equipment, and professional development costs; using small business tax concessions such as the instant asset write-off; and ensuring your business is split across family members or entities where appropriate. Tax minimisation is a specialist area and the rules change regularly with ATO updates and Federal Budgets. At Verus, our chartered accountants provide proactive tax planning as part of our annual service, not just at lodgement time, so you are always positioned to pay what you owe, and nothing more.

What is financial modelling and why does my business need it?

Financial modelling is the process of building a structured representation of a business's financial performance, typically in a spreadsheet or financial tool, to forecast future outcomes and support decision-making. A good financial model lets you test scenarios, for example what happens to your cash flow if revenue drops 20%, or whether you can afford to hire two more staff in the next quarter, before committing real money. Businesses commonly use financial models for raising investment, applying for finance, planning acquisitions, and managing cash flow through growth periods. At Verus, our financial modelling service goes beyond spreadsheets. We combine accounting expertise with strategic insight to build models that are commercially relevant, clearly presented, and designed to hold up under scrutiny from investors and lenders.

Do I need an accountant to set up a company in Australia?

Technically, you do not legally require an accountant to register a company in Australia. You can register directly through ASIC and set up an ABN through the Australian Business Register yourself. However, the registration step is only a small part of setting up a business correctly. Most business owners who go it alone without professional advice end up choosing the wrong structure, missing key compliance obligations (payroll, BAS, ASIC annual reviews), or setting up their books in a way that costs more to fix later. An accountant ensures your structure is right from day one for your tax position, liability protection, and growth plans. At Verus, we handle the full setup process for companies, trusts, and SMSFs, including ASIC registration, ABN and ACN applications, and accounting software implementation, so nothing falls through the cracks.

What is the difference between a bookkeeper and an accountant in Australia?

A bookkeeper manages the day-to-day recording of financial transactions, including invoicing, payroll, bank reconciliation, BAS preparation, and accounts payable and receivable. An accountant takes this data and uses it to prepare financial statements, lodge tax returns, provide tax advice, and guide broader business strategy. Many businesses need both. In practice, a bookkeeper ensures your records are accurate and up to date, while an accountant interprets that data to minimise tax, support growth decisions, and meet compliance obligations. At Verus, we provide both services under one roof. Our bookkeeping team works in Xero, MYOB, and Reckon, and our chartered accountants use that clean data to deliver accurate reporting, strategic tax advice, and business advisory support tailored to your goals.

EOFY Tax Planning Checklist for Small Business in Australia (FY2026)

Why EOFY Planning Matters: The 30 June Deadline

In Australia, the financial year runs from 1 July to 30 June. Tax is calculated on income earned and deductions incurred within that period. Once 30 June passes, the window closes. Most business owners think about tax at return time, which is months too late. The planning conversations that actually reduce your tax bill happen in May and June, not October.

1. Pay Superannuation Before 30 June

This is the single most time-sensitive item on the EOFY checklist. Super contributions are only deductible in the financial year in which they are received by the super fund, not when you transfer from your bank account. Process super payments by mid-June at the latest to give clearing houses time to settle.

What to check before 30 June:

Are Q4 SG contributions (April to June) scheduled to be received before 30 June?
Have all quarterly contributions been paid on time?
For self-employed: have you made personal deductible super contributions up to the $30,000 concessional cap?

For a full guide on personal super deductions, read our article on Superannuation Contribution Tax Deductions.

2. Review and Prepay Deductible Business Expenses

Deductible expenses incurred before 30 June are claimed in FY2026. For a business on the cash basis of accounting, the timing of payment matters.

Expenses worth prepaying before 30 June:

Business insurance premiums (12 months in advance is deductible if prepaid before 30 June)
Professional subscriptions and memberships (accounting software, industry associations)
Rent (one month in advance is generally deductible)
Marketing and advertising services
Training and education costs directly related to current income
Website and software subscriptions

3. Write Off Bad Debts Before 30 June

If your business is on an accruals basis, you have included invoiced amounts in your assessable income when the invoice was issued. If a debtor is unlikely to pay, you can reduce your taxable income by writing off the debt before 30 June. The write-off must be recorded in your accounting system before the financial year ends, not just mentally decided.

4. Review the Instant Asset Write-Off

For FY2026, eligible small businesses with aggregated turnover under $10 million can immediately deduct the full cost of eligible depreciating assets costing up to $20,000 per asset. The asset must be purchased and installed ready for use before 30 June 2026 to qualify for FY2026.

5. Review Trust Distributions Before 30 June

If you operate through a discretionary (family) trust, the trustee must make a resolution on how to distribute the trust’s income before 30 June each year. This is a legal requirement, not an administrative formality. If no resolution is made before 30 June, the trust income is taxed at the top marginal rate of 45%. There are no exceptions.

If you operate via a trust and are unsure whether your distribution resolution is in place, contact our Taxation and Accounting team immediately.

6. Personal Tax Planning Strategies Before 30 June

Personal super contributions. Make a personal after-tax contribution to super before 30 June, lodge a Notice of Intent to Claim a Deduction with your fund, and deduct the amount from your taxable income. Full details in our guide on Superannuation Contribution Tax Deductions.

Investment losses. If you hold shares or other investments at a capital loss, realising those losses before 30 June allows them to offset capital gains in the same year. See our guide on Capital Gains Tax for Small Business in Australia for how this works.

7. Get Your Bookkeeping Reconciled Before 30 June

None of the above strategies work if your books are a mess. Before 30 June, make sure: bank accounts are reconciled in your accounting software, all invoices issued for the year are recorded, all supplier bills for the year are entered, payroll is up to date, and super payments are recorded and matched.

Our Bookkeeping, Reporting and Payroll service can get your books reconciliation-ready ahead of EOFY.

EOFY Tax Planning Checklist: Summary

Action	Deadline
Pay Q4 super so it is received before 30 June	Mid-June
Make personal super contributions and prepare Notice of Intent	Before 30 June
Prepay deductible business expenses	Before 30 June
Write off bad debts in your accounting system	Before 30 June
Purchase and install eligible assets under $20,000 threshold	Before 30 June
Make trust distribution resolution (if applicable)	Before 30 June
Reconcile bank accounts and finalise bookkeeping	Before 30 June

Frequently Asked Questions

What is EOFY in Australia? EOFY stands for End of Financial Year. In Australia, the financial year runs from 1 July to 30 June. The 30 June deadline is critical for tax deductions: expenses incurred and super paid before 30 June are deductible in that financial year. Anything after falls into FY next year.

Can I prepay expenses before 30 June to get a deduction? Yes. Prepayments of up to 12 months in advance are generally deductible in the year of payment for small businesses. Insurance, subscriptions, and rent are the most common examples.

When must trust distribution resolutions be made? Before 30 June, without exception. If no resolution is made, the trust income is assessed at 45%. The resolution must be documented and dated before the year ends.

What is the instant asset write-off threshold for FY2026? $20,000 per eligible asset for businesses with aggregated turnover under $10 million. The asset must be purchased and installed ready for use before 30 June 2026.

Want to make sure you have not missed any EOFY tax planning opportunities before 30 June? Book a pre-EOFY review with our Chartered Accountants. Call 02 9980 1556 or visit verusaa.com.au. 973 Pacific Hwy, Pymble NSW 2073. Monday to Friday, 9am to 5pm.