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.

Limiting Tax Deductibility on New Empty Lands

New vacant land tax measures

A new ‘vacant land’ measure limits the deductibility of costs incurred on or after 1 July 2019 (i.e., from the 2020 income year) that relate to holding vacant land, even if the land in question was first held before that date.
Importantly, however, the new provisions include (amongst other exceptions) a ‘carrying on a business’ exception. This exception means that the limitations will not apply to the extent that the ‘vacant land’ is used, or available for use in carrying on a business, including a business carried on by either the taxpayer (i.e., the owner of the land) or by a specified related entity.
Further, an additional business exception also applies where ‘vacant land’ is leased at arm’s length for use in any business (i.e., not just a business of the taxpayer or of a related entity).
In addition, land is considered to be “available for use” if it is held for future use in a business currently carried on by the taxpayer or is made available to a specified related entity for future use in a business that entity currently carries on.