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Month: November 2025

How to register for an ABN & GST: what every new business must know

Posted on by Kirpa Tax

How to register for an ABN & GST: what every new business must know

Commencing a new venture in the thriving Australian market seems an exciting plan. But it may feel overwhelming due to several formalities and tasks involved. The initial step towards starting a company or sole tradership is ABN and GST registration. But many startups face obstacles due to a complex application process, which is time-consuming and demanding. But don’t worry, as you can seek ABN and GST Registration Services Epping from professional accountants. They play a pivotal role in helping businesses commence their operations with these registrations. They manage the technicalities of the process and ensure your focus stays on the goal, which is the growth of the business.

Key Information about ABN & GST you should know

  • As an Australian business, you should know why an ABN is a must for you. It stands for Australian Business Number and is a fundamental identifier of your business. Besides, it is required for tax purposes and to meet ATO regulatory compliance. If you have started a venture as a government contractor, you would need this number too. Furthermore, it is required to open a bank account for managing financial transactions. An ABN Registration Accountant Epping prepares and lodges the necessary documents to reduce mistakes and time. Having an ABN for your company gives you access to government services. It also allows your business to claim tax refunds and credits.
  • Like ABN, a GST number is also required for most Aussie businesses for legal operations. It refers to goods and services tax, which is a broad-based tax of 10% on goods sold and services offered. Every business with a yearly GST turnover of 75k AUD needs to register for a GST number. In specific circumstances, such as if you ride a taxi, you need to register for this number. You can even register for this number even if your turnover is below the mandatory threshold. Registration is done through ATO by the GST Registration Accountant Epping. Failing to file GST can lead to penalties and backdated payment of GST.

Get New Business Support from Experts of Kirpa Tax

Registering for ABN seems a simple chore, but it is actually not. It can lay the ground for the futuristic growth of your business, so it’s essential to get every detail right. From choosing the right structure to determining if GST is required, Kirpa Tax Accounting firm guides you explicitly. Get guidance from our experts at every step of business registration and complete it precisely. We serve you beyond Epping ABN and GST Registration Services by inviting you to explore our range of Accounting services. They are designed to manage your business transactions with proper bookkeeping and accountancy.

Additionally, we provide taxation services tailored to the unique structure, size, and type of businesses. We assess your business financial statements to prepare and lodge tax returns. It ensures you meet tax compliance with the Australian Taxation Office (ATO). So, beyond just registration for ABN and GST, you can seek professional services from expert accountants. This keeps you focused on core business activities to excel in them smoothly.

FAQ’s

What is an ABN, and why do I require it?

ABN is the Australian Business Number, which sets a unique identification for your firm in Australia. Consult with ABN Registration Accountant Epping of Kirpa Tax to apply for it.

What is GST, and why do I need it?

It’s the Goods and Services Tax, which is imposed at 10% on most items sold in Australia. Consult the GST Registration Accountant Epping if the annual turnover of your business is 75k or more.

To whom should I contact for GST and ABN registration?

Kirpa Tax Accounting firm offers ABN and GST Registration Services Epping to all types of businesses. We are leading accountants serving small and medium-sized businesses.

How should I get my business registered for ABN and GST?

Kirpa Tax is a registered accountant offering ABN and GST registration services to startups. We ensure your application is accurately filled out with all necessary details.

Is there any penalty for registering for an ABN?

You won’t be able to claim GST credits if you fail to register for an Australian Business Number. It makes it challenging for you to deal with other trades and open a bank account.

What services does Kirpa Tax offer other than ABN and GST registration?

We serve beyond Epping ABN and GST Registration Services to small businesses. We are certified business accountants and tax consultants to comply with ATO regulations.

Why should I choose Kirpa Tax ABN and GST services?

We are the expert accountants well-versed with varying business types and structures. We have explicit knowledge of applying for ABN and GST numbers for small and medium businesses.

ASIC annual review fee explained for small business owners

Posted on by Kirpa Tax

ASIC annual review fee explained for small business owners

If you run and want to keep your business at the top of yearly obligations, the ASIC annual review is a key aspect. You should meet the regulations compliance as per the Australian Securities and Investments Commission. However, navigating a stringent process can be daunting, especially if you don’t know about it. ASIC Annual Review Accountants in Epping are there to help you and provide information about the fee. Expert ensures that your business remains compliant while you focus on what matters to you the most. They can efficiently handle various aspects of your annual compliance requirements. Let’s delve deeper into relevant information, why this service matters, and how much it costs.

Importance of Completing Annual ASIC Review

Every business registered with ASIC needs to complete an annual review around the date of its registration. Australian Securities and Investments Commission, send your company’s statement and invoice regarding the fee. There are two key aspects and goals of ASIC review, such as:

  • Verifying your Business Details are Precise, such as directors, shareholders, etc.
  • Ensuring that your Company’s directors record solvency resolution

Epping ASIC Compliance Accountants check the statement, pay the required fee, and lodge any changes if needed. They initiate the process on behalf of your entity and fix it if something goes wrong. Annual review fee for a proprietary company is 321 AUD and is effective from July 2024. The fee for a public company is 1346 AUD, which is higher than for proprietary entities. Whereas the review fee for a super fund trustee company is 65 AUD.

ASIC Annual Review Services offered by Expert Accountants

You can consider professional ASIC Company Annual Review Services Epping by consulting accountants. They play a crucial role in accomplishing and validating the process for your business. Find out below how accounting experts can contribute to completing the process.

  • Reviewing Financial Statements

Accountants are well-versed in reviewing yearly financial statements of companies. They review your books and ensure that all financial-related compliances are met efficiently.

  • Solvency Resolution Guidance

Accountants provide explicit guidance about solvency resolution by identifying any financial distress. They can provide you with strategic financial analysis to develop turnaround plans.

  • Up-to-Date Company Details

Your accountant acts as an ASIC Registered Agent Epping, to review and update the company’s details. This includes the registered office address, company name, directors, secretary, and shareholders’ details.

  • Lodgement of Annual Review

Accountants on your behalf lodge the annual review statement confirming that the information ASIC holds is precise. They act as intermediatory and ensure compliance is met efficiently.

  • Annual Review Fee Payment

The fee for the ASIC annual review is paid by the company, not the accountant. Though one often manages the payment process and facilitates payments on behalf of your business.

Choose Kirpa Tax Accounting firm for ASIC Annual Review

We are leading ASIC Annual Review Accountants in Epping, specialists in ASIC compliance. We receive and manage all correspondence on your behalf sent by the Australian Securities and Investments Commission. With us, you can ensure timely lodgement and fee payment to help you avoid costly penalties. Kirpa Tax ensures that nothing falls through the cracks.

FAQ’s

Why should I pay the ASIC annual review fee for my businesses?

You need to pay a yearly fee to ASIC for keeping your company registered and compliant as per Australian law. You can pay the fee through the ASIC Annual Review Accountants in Epping.

How much is the fee for an ASIC annual review?

For proprietary companies, it is 321 AUD, public companies need to pay 1346 AUD, and special purpose companies 65 AUD. Get comprehensive guidance from Kirpa Tax regarding the fee structure.

When should I pay the fee for the ASIC annual review?

Epping ASIC Compliance Accountants highly recommend paying the fee within 2 months of the registration date of the business. You should not miss the fee payment to avoid penalties.

Is there any penalty for not paying the ASIC annual fee?

Yes, you have to pay a late fee, which is 100 AUD for one month and 415 AUD for more than one month. Consult Kirpa Tax to get a reminder for fee payment and avoid costly penalties.

Can I pay the ASIC annual review fee in advance?

You can pay the fee in advance for 10 years to avail a discount from ASIC. Call Kirpa Tax for ASIC Company Annual Review Services Epping.

Is the ASIC annual review fee deductible for tax?

This fee is generally considered a tax deduction for businesses. You can get a tax refund with the timely lodgement of your company tax return.

Why should I choose Kirpa Tax Accounting firm?

Kirpa Tax Accounting firm is an ASIC Registered Agent Epping to handle the process of ASIC annual review. We have years of experience in serving companies for ASIC compliance.

Company formation (PTY LTD) vs Sole Trader: which is right for you in Australia?

Posted on by Kirpa Tax

Company formation (PTY LTD) vs Sole Trader: which is right for you in Australia?

In the competitive Australian business market, commencing a business with the right structure is essential to make it grow. If you compare a sole trader and a company, you would likely discover many options to consider. However, this could seem like a challenging decision to make. Therefore, Accountants for Business Setup in Epping can assist you in navigating important considerations. They can help you find key differences between operating a sole trading firm and registering a company. Also, you will know about legal liabilities, taxes, cost for business setup. Subsequently, you will know about the right structure of your business and how to manage it well.

Comparing Company Formation & Sole Tradership

A sole trading firm and a company have different working to manage day-to-day operations. Hence, it’s worth understanding what each structure really means. This can help you in making an informed decision and empower you with the right knowledge. So, let’s begin with Sole Trader, which has a simple structure as you are the business. You can start it quickly and flexibly, being personally liable for debts, tax obligations, and finances. Your personal assets would be at risk if the business fails.

Business Setup Accountants in Epping can also help you to start a separate legal entity, which is a company. It is run by directors and owned by the shareholders, with the advantage of limited liability. It means your personal assets are protected from business debts, and it comes with more compliance. Also, the company exists regardless of changes to its directors and shareholders. You can also avail tax benefits, which are filed separately from its shareholders.

Get Business Startup Advisory Services in Epping from Experts

After knowing the basic difference in both business structures, know how they overlap across other areas. In the context of setup, tax, and liability, there are key differences. So, let’s find out about each of them below.

  • Legal Liabilities

In sole trading, liability is unlimited as your personal assets might be considered for debt payment. In a company, shareholders are not liable for the company’s debts, and liability is limited. Thus, risk in sole proprietorship is higher due to personal assets involvement. But lower in the company, as liabilities are limited.

  • Arrangement & Working Costs

The setup cost for sole trading is minimal due to free ABN registration, whereas ASIC registration is charged for a company. The cost of maintaining compliance is lower due to limited filings and lodgments. Company tax filings by Epping Business Setup Accountants are charged on a service or fixed-priced basis.

  • Business Taxation

In sole tradership, personal tax slab is applicable, which is 45% for income above 190000 AUD. You don’t need to file a separate business return for sole trading. Company tax is charged @ 25% base rate and 30% for others, and you must lodge a company tax return.

Ask for expert help from Kirpa Tax Accounting for business setup

Choosing a business structure is not just about cost and liability. It’s all about aligning your goals and expected achievements. You can get Epping Business Startup Advisory Services from Kirpa Tax to make the right decision.

FAQ’s

What is the key difference between a sole trader and a company (PTY LTD)?

A sole trader operates as an individual firm means you and your business are the same. A company is considered a separate legal entity with limited liability and a different tax structure.

How can an accountant help me choose the right business structure?

Accountants for Business Setup in Epping assess your goals, risk level, and future expansion plans. Thus, Kirpa Tax recommends the right business and tax-efficient structure.

What services does Kirpa Tax provide for setting up a new business?

We handle ASIC registration, apply for TFN and ABN, and set up PAYG and GST with bank account guidance. Business Setup Accountants in Epping also provide you with accounting and taxation services.

Can you manage all legal registrations for the setup of a new business?

Kirpa Tax Accounting ensures full legal compliance by managing the entire business registration process. We handle ABN, TFN, GST, PAYG and manage financial accounting for businesses.

What are the tax obligations by the ATO for sole traders and companies?

For sole traders, the individual tax rate is applicable, whereas for companies flat rate is applicable. Epping Accountants for Business Setup minimizes your overall tax burden with precise accounting.

Why do I need expert business advisory services?

Business Startup Advisory Services in Epping from Kirpa Tax provide you with valuable insights and help navigate challenges. It helps you in making informed decisions for setup and business growth.

Can Kirpa Tax provide ongoing support after business setup?

We provide you with expert accounting support, preparing BAS, and tax lodgement. We guarantee that your business fulfils with ATO regulations.

SMSF (Self-Managed Super Fund) setup: complete process for Melbourne accountants

Posted on by Kirpa Tax

SMSF (Self-Managed Super Fund) setup: complete process for Melbourne accountants

Planning for retirement seems an exciting thing, but it has never been so easy. It is a self-managed super fund that allows you to control your retirement savings. However, managing an SMSF is not everyone’s deal since it needs utmost attention, financial complexities, and tax compliance understanding. Therefore, relying on an SMSF Tax Accountant Melbourne is good to maximise its potential. Experts offer support at all stages of SMSF management, right from setup to compliance and winding up. Moreover, it is crucial to keep precise financial records to comply with regulations and specific fund management. An SMSF accountant can provide a comprehensive range of services.

Importance of SMSF Accounting Services Melbourne

It is crucial that your SMSF adhere to rules and regulations to avoid legal consequences. There are rules and guidelines set by the Australian Securities and Investments Commission (ASIC). There are positive aspects and downsides, as it allows for a personalized investment strategy. But managing an SMSF is time-intensive because you will be responsible for making all financial decisions. Hence, the role of a tax accountant has significance as one can provide an arrangement of services, counting:

  • Detailed Records of Assets Purchased

It is necessary to meet compliance and effectively manage assets bought. SMSF Accountants Melbourne should keep a detailed record of asset descriptions, such as investment type, name, and shares. Also, the date of acquiring the asset with the cost of acquisition is mentioned in the records. It helps you to meet ATO requirements for accurate SMSF record keeping. Accountants also keep digital storage of records for ease of access and backup.

  • Submitting & Preparing of BAS

If your self-managed superannuation fund is registered for GST, you need to lodge a Business Activity Statement (BAS). It is needed when an SMSF is set up to carry out business such as share trading and real estate development. Non-compliance with this requirement can impact your tax concessions. Therefore, your accountant lodges BAS for the SMSF to ensure compliance with the ATO. This enables you to claim GST refunds and business expenses.

  • Annual Tax Returns Filings

Preparing an annual tax return is crucial for an SMSF, which is performed by a Melbourne SMSF Tax Accountant. Professionals gather data such as financial statements, income, expenses, and other relevant documents. Accountants also identify tax obligations, including income and other taxes. They should prepare and submit tax returns for SMSF using the NAT 71226 form. SMSF accountant files the tax return with the Australian Taxation Authority (ATO).

Contact Experts for Melbourne SMSF Accounting Services

Navigating the complexities of managing an SMSF might feel overwhelming task. Therefore, you should consult with Kirpa Tax Accounting today to make the process. From setup to accounting, taxation, and winding up, you can get expert guidance. For SMSFs, managing taxes and accounts is crucial to meet compliance as per ATO regulations. Also, SMSFs need to be audited annually, which requires examining detailed financial records. Also, during the winding-up process, final fiscal statements are required to complete the procedure. Hiring us ensures everything is managed efficiently from beginning to end.

FAQ’s

Why do I need an accountant for a self-managed superannuation fund?

An SMSF Tax Accountant Melbourne ensures your funds meet the compliance, tax regulations, and reporting. Consult Kirpa Tax for preparing financial statements, lodging tax returns, and getting strategic advice.

What is involved in accounting services for SMSF?

SMSF Accounting Services Melbourne include fund setup, accounting, tax preparation, compliance review, etc. This also encompasses coordination with SMSF auditors for meeting compliance.

How can an accountant help me with the setup of an SMSF?

You can get expert help from an accountant to set up an SMSF by preparing trust deeds, funds registration with the ATO. SMSF Accountants Melbourne also helps in setting up a bank account for an SMSF.

What are the ATO regulations for managing SMSFs?

Each SMSF should prepare annual financial statements with the help of expert accountants. You must lodge an annual tax return and have an independent SMSF audit every year.

What happens if I fail to complete SMSF obedience?

Non-compliance may result in financial consequences of hefty penalties by the ATO and loss of tax rebates. Kirpa Tax ensures that you meet compliance through Melbourne SMSF Accounting Services.

Why is reviewing an SMSF necessary for me?

Reviewing your SMSF quarterly or annually to track performance and ensure compliance. It helps you make timely decisions for taxation and investment.

How is SMSF taxed by the Australian Taxation Office?

SMSFs pay 15% tax on income and can get concessions on capital gains and pension income. Melbourne SMSF Accountants Kirpa Tax manages tax returns and provides accurate financial reporting.

How to set up a family trust in Victoria: step-by-step guide

Posted on by Kirpa Tax

How to set up a family trust in Victoria: step-by-step guide

Family trust is like a bucket that holds your assets and manages them well. They are managed by a designated person known as the trustee of the trust. One determines how the income from these assets will be shared among beneficiaries. However, setting up trust is not a straightforward road, as it is a strenuous process. Therefore, seeking Family Trust Services in Melbourne is necessary to make the legal procedure smooth and precise. Tax accountants play a key role in establishing trust by providing expert guidance. From drafting a trust deed to managing legal formation, and optimizing taxes are managed by accountants. They provide stepwise guidance to form trust without any glitches.

ATO & Legal Requirements for Trust Establishment in Victoria

Once you have decided to set up a family trust, it’s time to execute your plan. In this phase, Family Trust Accountants Melbourne shares information about legal requirements. See below the required legal steps to form a family trust:

  • Selecting the Trustee

A trustee may be an individual or a group of people, or a company, to manage your assets. A corporate trustee is often preferred as trustee for added legal protection to assets.

  • Forming a Trust Deed

Without a trust deed, it is impossible to establish a family trust because it outlines how the trust operates. It listed the names of beneficiaries and the powers of the trustee.

  • Settling the Trust

Trust is created officially when a settlor provides an initial sum of money to the trustee. It could be anything, e.g., 10 AUD, which is considered as first asset of the trust.

  • TFN & ABN Application

ABN & TFN are required for Family Trust Accounting Services in Melbourne to file annual returns. Accountants lodge tax returns and accounting reports using these numbers.

  • Trust GST Registration

GST number is required if the trust’s business is expected to be 75000 AUD or more in the fiscal year. GST registration for a trust ensures it complies with Australian Taxation Office regulations.

  • Opening a Bank Account

A separate trust bank account is required to maintain a record of income and expenses. It is necessary to keep the trust bank account separate from the personal accounts of beneficiaries.

  • Paying Stamp Duty

In Victoria, you need to pay the stamp duty and the fee paid for the trust deed. Melbourne Family Trust Accountants give specific advice on stamp duty payment for family trusts.

Register your Family Trust Precisely with Kirpa Tax

Understanding on to establish family trust can help you to follow the right procedure. It benefits you with legal income splitting through distribution among family members. Also, you can protect your assets as well as do wealth planning. But there are several mistakes to avoid during the registration process. That’s where you need reliable Melbourne Family Trust Services from these experts. This is a leading accounting firm with expertise in trust registration, preparing trust deeds, managing accounts, and tax returns. Seeking professional advice from experts ensures that the trust deed is compliant as per ATO regulations. 

FAQ’s

Is there any cost relating to family trust registration in Victoria?

A trust setup requires a legal procedure that is mandated by the government, so it costs between 1000 and 2000 AUD. Hire Family Trust Services in Melbourne from the Kirpa Tax Accounting firm.

Why do I need an expert tax accountant for trust setup?

It is highly recommended to ensure that your trust is structured precisely with all completed formalities. Family Trust Accountants Melbourne, like Kirpa Tax, are leading trust setup service providers.

Are family trust and discretionary trust the same in Victoria?

In Victoria, Australia, a family trust is also referred to as a discretionary trust. It is due to the power of the trustee having discretion to determine income sharing among beneficiaries.

Can I appoint a beneficiary as trustee of my family trust?

A trustee and beneficiary of a family trust can be the same person as part of its legal structuring. Kirpa Tax Accounting Firm provides key advice to you in this context.

How can accountants prepare a trust deed for my family trust?

Kirpa Tax draft trust deed, including trust name and parties involved in the structure. Also, we provide Family Trust Accounting Services in Melbourne for accounting & taxation.

Is there an advantage to using an accountant for a family trust?

Melbourne Family Trust Accountants ensure legal compliance, optimize trust tax, and provide expert advice. Consult the Kirpa Tax Accounting firm to get these services for your trust.

What documents should I provide you as my trust accountant?

Provide financial statements, beneficial details, and receipts to get precise accounting services. We provide you with reliable taxation and accounting services at Kirpa Tax.

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