Taxation Accounting Services

Taxation & Accounting – Your Local Tax Accountant in Sydney

It’s rare for anyone to be a fan of tax time. However, with the right taxation accounting support, you can look forward to reducing your tax liabilities and maximising your deductions to get more back.

Our team of experienced tax accountants in Sydney is here to simplify your tax matters. As Chartered Accounts with years of experience, we’re able to assist you with lodging personal and business tax returns. Furthermore, we are constantly keeping our knowledge in local taxation laws up to date, letting you rely on accurate taxation advice to help you achieve your financial goals.

Tailored Tax Accounting Services

At Verus Accountants, we pride ourselves on providing personalised tax accounting services that meet the unique needs of our clients. Whether you’re a business owner or an individual seeking expert tax guidance, we offer comprehensive solutions tailored to your specific situation.

Business Tax Accountant

Running a business involves numerous tax obligations and complexities. Our dedicated business tax accountants specialise in understanding the intricacies of corporate taxation. We assist you in optimising your tax structure, managing payroll tax, fringe benefits tax, and Goods and Services Tax (GST), and ensuring accurate financial reporting.

Our team at Verus Accountants are made up of Chartered Accountants, which means we have greater qualifications and experience that allows us to work better than general accountants to work with businesses.

Business Tax Returns (preparation and lodgement of the following tax returns; company, partnership, trust, super, and sole trader).
Preparation of profit and loss, and balance sheets.
Preparation of ABAS Statements for businesses.
Bookkeeping and accounting.
Cashflow projections, forecasting and budgeting advice.
Minimising tax liabilities within ATO.
Preparation and lodgement of fringe benefits tax returns.
Advising on software systems for Accounting ( MYOB, Quicken, Spreadsheets, SAP, etc).
Maintenance of Payroll System.
Arranging tax audit for companies.
Arranging audit for Super Funds.
Advisory in relation to Business development and growth.
Fulfilling ASIC compliance requirements.
Comprehensive tax planning.

Verus Accountants also provide business advisory services to help businesses reach their financial goals.

Personal Tax Accountant

Our personal tax accountants are well-versed in handling the tax affairs of individuals like yourself. We take the time to understand your financial goals and devise tax strategies that align with your objectives. Whether you need assistance with income tax returns, investment property deductions, or capital gains tax, our personal tax accountants are here to provide expert advice and minimise your tax burden.

Personal Tax Returns (preparation and lodgment of income tax return).
Advice on various deductions and rebates available.
Preparation of BAS statements.
Maintenance and finalisation of accounts.
Tax planning advice
Advice on fringe benefits tax and superannuation.
Preparation of investment property returns.
Preparation of tax returns pertaining to other investments.
Preparation of tax returns pertaining to investments and foreign source income.
Refunds of tax returns.

Why Hire a Tax Accountant?

Our tax accountants in Sydney can prepare and lodge your tax return to help you save time and avoid the hassles of dealing with your finances. With our expertise, we can ensure that your taxes are completed to the ATO's lodgement requirements.

Tax Expertise and Experience

Tax laws and regulations are complex and ever-changing. A tax accountant specialises in understanding these intricacies and staying up to date with the latest developments. They possess the knowledge and experience necessary to optimise your tax strategy and ensure compliance.

Time and Cost Savings

By entrusting your tax matters to a skilled professional, you can save valuable time and resources. A tax accountant efficiently handles tax preparation, filings, and planning, allowing you to focus on core business activities or enjoy peace of mind in your personal financial matters.

Maximise Deductions and Minimise Liabilities

A tax accountant knows the ins and outs of the tax code, enabling them to identify eligible deductions, exemptions, and credits that can significantly reduce your tax liabilities. They work diligently to help you maximise your tax savings while remaining fully compliant with the law.

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FAQs.

What does a Tax Accountant do?

Tax accountants assist individuals, businesses and organisations with the goal of maximising their deductibles and minimising the tax they need to pay; through expert financial advice, assistance with financial planning and preparing the client’s financial statements and tax returns.

Tax accountants are professionals with qualifications in accounting, finance or business to help individuals and businesses complete their tax obligations in a way that reduces their burden and is compliant with the Australian Taxation Office.

Do I need a Tax Accountant?

As an individual – if you’re earning lower than the average income in Australia from a single employer, your individual tax account will probably be simple enough to fill out yourself.

However, if you are an individual looking to maximise your tax deductions and/or lodge a tax return for multiple sources of income then you are most likely going to need a tax accountant.

These are some other reasons why you might need to seek out an individual tax return accountant:

You have investments and/or assets. (E.g. stocks, real estate, crypto, commodities, or bonds.)
You are an independent contractor for a gig-sharing company.
You make money internationally.

As a business or corporation, it’s crucial that you see a qualified tax accountant to help you look after all the additional challenges, financial planning and documents that these entities require in a business account tax return.

How to set up a Business Tax Account?

Sole traders or proprietors can use their TFN or Tax File Number when lodging their business tax returns.

All other business structures (partnerships, limited liability companies, corporations, associations, trusts and co-operatives) need to set up an ABN or Australia Business Number to process their business taxes.

You can do this online through the Australian Business Register, over the phone with the ATO or by applying through a registered tax accountant like Verus Accountants.

Seeing an accountant helps ensure everything is set up correctly and in the most efficient, cost-effective manner.

(Companies and corporations must also create an ACN or Australian Company Number legally to assist the Australian Securities & Investments Commissions to keep track of what companies do. However, this is not used for tax purposes.)

What information does my Accountant need for Business Taxes?

Last year’s tax return
Business’ financial statements
Inventory information
Bank statements
Income records
Bills and receipts from all business expenses (e.g. rent, electricity, stationary)
Payroll records for all your employees and contractors (salaries, wages, superannuation, PAYG, bonuses, etc.)
Company assets
Information on any loans
Tax depreciation schedules for any relevant assets your business owns (equipment, machinery, motor vehicles, computers, etc.)
BAS/IAS statements and payments
Stocks, bonds, and property investments
Gains or losses through business investments
Information on any charitable contributions

Your business structure will also determine the point of reference your accountant will need for your business tax account.

For sole traders:

Tax File Number (TFN)

For partnerships, companies, trusts and other business structures:

Business’s Tax File Number (TFN) and ABN (Australian Business Number)

This process is even simpler when you digitalise your reporting and bookkeeping.

What does an Accountant need from me for a Tax Return?

Your personal tax return from last year
Tax file number (TFN)
Information on your assets and debts
Information on your investments and any gains or losses made (e.g. stocks, property, bonds)
Salary, bonuses and superannuation
Other income streams
Depreciation schedule on any investment property owned
Work-from-home expenses
Other work-related expenses
Information on any charitable contributions