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Category: Business Plan

Comply with ATO’s tax-related requirements by using experts insights

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Comply with ATO’s tax-related requirements by using experts insights

Whether you are an individual earning through a job or business, you are liable to pay taxes. ATO is the authority in Australia that collects taxes on behalf of the government. So, you should comply with the guides and regulatory instructions of this central authority. However, understanding tax-related processes and filing returns is complicated. Also, you need to maintain various records relating to your income and expenses. So, you need a professional like Kirpa Tax Accounting to work for your payment plan. This results in the smooth processing of tax levied on your income earned. Also, you can comply with records maintenance with ATO to have effortless tax computation and planning.

Why do you need to make a payment plan for taxes?

Irrefutably, you have to pay your taxes in full amount to ATO without any fail to avoid penalties. However, if you are experiencing any financial hardships, you can set up a payment plan. This enables you to pay the tax amount in small installments to authorities. However, you must pay the set amount weekly, fortnightly, and monthly. To work your payment plan, it is important to compute general interest charges (GIC). If you pay your tax debt on time, it can reduce the applicable interest rates. Hence, you can comply with tax regulations to avoid penalties and other consequences.

Who can setup a payment plan with ATO?

Depending on the circumstances, you may not be eligible to opt for a payment plan. However, you don’t need to feel disappointed as we are here to guide you further. One important aspect in this realm is to maintain all your records up to date with ATO. This allows the authorities to assess whether you can repay the tax debt in manageable installments or not. The payment plans are available for individuals, sole traders, and companies. So, we navigate the best plan for you and help to lodge the suitable one as per applicable interest charges. However, there are several things you should keep in check before applying for an ATO payment plan.

Know the eligibility requirements for a payment plan

Australian Taxation Office might ask you if you can manage the debt repayment. The ATO can put a request for access through a reference letter to check your financial records. If you are an individual, ATO can assess your income and expenses. In the case of a business, you have to provide details about your profit and loss through income statements. Also, for businesses, the eligibility criteria will include evaluation of:

  • Cashflow

  • Debt arrangements

  • Availability of funding

  • Assets and liabilities

  • Gross profit margins

The final words

There are several things to consider when it comes to setting up tax payment plans. So, Kirpa Tax Accounting can help you comply with taxes and assist in choosing the best plan. We also help you to maintain all your records up to date with ATO for easy debt repayment assessments. So, reach us now and discuss your needs for the best tax advice.

Factors to consider regarding claiming expense of motor vehicles as deductions

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Factors to consider regarding claiming expense of motor vehicles as deductions

As per the Australian Taxation Office, claiming vehicle related deductions during income tax filing is permitted. However, things are not simple to manage as several aspects relate to this. Not every individual who owns a car can file a claim under income tax. But if you are using your vehicle for work purposes, you can claim the cost related to it. However, for claiming motor vehicle deductions, it should be your personally owned car. If the car is owned by your employer and is included in your salary package, you can claim nothing. Kirpa Tax Accounting helps you navigate procedures to claim vehicle-related expenses.

Procedure I – Cents Per Kilometre of Travel

You can claim expenses based on a set rate of your traveling for business. By following this method you can only claim the cost for a maximum of 5000 km per year for each vehicle. But if your travel for work exceeds 5k kilometres, you cannot use this method. We are here to assist you to maximize your refunds which include travel expenses and depreciation. However, you have to prove the km traveled on which you can claim the expenses. You can keep the record in a work diary and use the information for filing your income tax return. You can compute deductions by multiplying 5000 by 85 cents for the 2024 tax year. In 2025, this will exceed 88 cents.

Procedure II – Use a Logbook

This method enables you to claim expenses as per business use percentage of vehicle expenses. You must keep the record of travel in a logbook for at least 12 weeks. Through the records of the logbook, you can claim expenses relating to travel by using your car. However, your logbook must have a record for journeys made in the car over the 12-week period stating:

  • The period of the logbook beginning and end

  • Odometer readings at the beginning and end of the trip

  • Total number of kilometres traveled

  • Business percentage for the logbook period

Expenses you cannot claim for the vehicle as per ATO

We also inform you about the expenses you cannot claim for vehicle deductions. However, in case you want to raise a query to ATO, we serve you with letters drafting. You can get the required information from income tax authorities if you are not satisfied with any expense claim rejections. However, you cannot claim some of the deductions such as:

  • Using a vehicle to travel from home to work and back

  • Using a vehicle during overtime due to unavailability of public transport

  • Using a vehicle to do minor tasks on the way such as picking up mail

The final words

As you can see how the legal procedure by ATO works for motor vehicle deductions. So, at Kirpa Tax Accounting we help you throughout the process of filing your income tax precisely. We are professional tax accountants and have expertise in individual and business tax filing.

A handy guide about various tax deductions by the experts

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A handy guide about various tax deductions by the experts

Paying tax in Australia is necessary if you are earning income from any source. However, you are permitted to claim deductions for expenses incurred during working. Also, you should submit proof regarding work-related deductions. But for this, you have to meet some criteria and the expenses must relate to the job. This makes the task complicated for you that’s where you may need expert assistance. Hence at Kirpa Tax Accounting, we provide you guidance on occupation specific deductions for comprehensive understanding. This would certainly help you to file an accurate tax return and to claim applicable deductions.

Business grants Victoria

The government of Victoria in Australia offers grants as cash awards to motivate businesses. These grants come directly from government and local councils for eligible businesses. Most small businesses are supported by the government in the form of low-cost advisory services. Hence, you may be eligible for a grant in specific circumstances such as exporting, research, and development. However, Victoria business grants received are taxable and you should mention it as quantifiable income on your business tax returns. We provide you insights on non-taxable grants which fall under the non-exempt income category.

Self study expenses

If you are studying and it is directly linked to your work, you can claim expenses related to it. You should undertake the course which must encompass formal qualifications to meet the below criteria.

  • It must improve the skills you need in the existing job/occupation

  • It should result in or likely to boost your income

However, you are not eligible for tax deductions if your education program is not connected to your current job. But you can claim below-mentioned self-study expenses such as:

  • Accommodation expenses subject to overnight distance from home

  • Declining value of depreciating assets you are using

  • Paid fees for courses and tuition

  • Parking fees paid at training venues

  • The cost incurred for stationery and textbooks, etc.

Deductions on work-related tools

Deductions are applicable on the cost incurred for tools and equipment related to your work. If the tools are used for both work and private uses, you need to divide the claim. Generally, the cost of the tool determines the amount of deductions you can claim.

  • You can claim a deduction on items that cost less than 300 AUD or less and are not a part of the toolset

  • You can claim a deduction if the cost of tools is greater than 300 AUD and from a part of a set

  • You are also permitted to claim deductions on repair and insurance of tools

The final words

Anything you spend to earn an income can get into the category of tax deductions. It is referred to as a legitimate claim and you are entitled to get tax advantage. Consult with Kirpa Tax Accounting if you find it complicated to understand your tax deductions eligibility. We are the experts to provide you with guidance on occupation specific deductions. So, reach us now and discuss your tax planning for the best savings.

Business plan consulting – Why these services are important?  

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Business plan consulting – Why these services are important?  

Whether you are aiming to grow your business or seeking to establish a new one, business consulting is important. You may need to implement this strategy at every phase of your business venture. You should prepare data-driven marketing to fool-proof financial plans with the help of Kirpa Tax Accounting. We are the business plan consultants Wollert capable of meeting your requirements to ensure a smooth business transition. We render these services to help you achieve the strategic goals of your business through our valuable advice. We render tailored advice based on business influencing factors, type, and size of your business.

What do we do for your business?

Delivering informed insights into company processes, operations, and finance-related issues is our core objective. We specialize in setting up new businesses by advising them about legal documentation for incorporation. Every business in Australia needs to comply with levied taxes as per set rates. Also, advanced tax planning is key to avoiding unnecessary flaws and inconsistencies. Furthermore, business plan services Wollert helps you to find sources of funding required for business. It encompasses the forecasting of profit and loss for businesses to make risk assessment and management. We have deeper information and expertise to handle all the business-related processes.

Our expertise in business plan consultancy

We are an outsourcing firm offering a wider array of solutions tailored to suit your needs. We have proven industry expertise in planning of new ventures, business development, and market analysis. Hence being your business planner Wollert, we cover the following activities:

Startup Business Planning

Implementing a startup plan is a different thing than from business development. If you are a proposing new venture, you need to make budget planning and fund sourcing. So, we can help you with:

  • Developing business goals for startups

  • Identifying risk framework

  • Registration of new business

  • Accounting & tax planning

  • Application of TFN & ABN

SME Business Consulting

SME is the abbreviation for small-medium enterprises that may have been operating for several years. Our Wollert business plan services for SMEs consist of:

  • Creating an Action Plan for SMEs

  • Strategic advice on business crises

  • Navigating funding options for SMEs

  • Advising on tax and legal compliance

  • Advising on business enhancement

Large Businesses Consulting

Large enterprises consisting of more than 250 employees also require business consultancy. Whether manufacturing products and services or engaged in e-commerce, these businesses too need to focus on:

  • Refinement of business strategies

  • Implementing continues business planning

  • Products and services diversification

  • Seeking business expansion opportunities

  • Computing and filing business tax Wollert

The final words

If you plan to invest in a new business or want tax and accounting services for an existing one, contact us. Kirpa Tax Accounting is the best business planner Wollert has the industry’s best expertise. We can help you to form new business corporations, tax planning and investing, identifying fund sources, business registration, and more. So, never hesitate to consult us today and meet your financial needs for seamless business operations.

Pros of engaging an accounting expert in personal GST registration and taxation

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Pros of engaging an accounting expert in personal GST registration and taxation

The intricate landscape of Goods and Services Tax in Australia is complex to understand. It’s a broader term for a tax rate of 10% applicable on goods sold and services. This tax is applied to individuals and businesses who are engaged in the sale of any type of goods. Being a registered business, you are considered a tax collector on behalf of the government. Hence, you have a clear liability to pay the collected tax to ATO with GST return filing. So at Kirpa Tax Accounting, we help you with GST lodgement Wollert as professional tax accountants.

Benefits you can avail through our GST services

You must understand the regulatory framework of Goods and Services Tax. Since, you need to comply with ATO regulations, using the insights of professionals proves beneficial. It could be a strategic move for you due to below advantages you can attain.

  • Proper GST compliance fulfillment

We work as backup support for meeting GST compliance to avoid penalties and fines. However, you should have the right classification of goods and services that fall under this taxation system. Our proficiency as the best personal tax accountant in Wollert helps you to make precise identification and classification. This mitigates the risk of wrong calculation and interpretation of financial data related to GST. Also, we assist you with registration for goods and services tax following the statutory provisions.

  • Tailored advice for business structure

Every business has its unique identification relating to structure, type, and size. Therefore choice of the right business can make an impact on GST implications. We are here to provide you with optimal advice on the suitable structure of the business. This encompasses scaling of business operations, projected turnover, and business goals. Also, GST registration and tax lodging require an additional range of documentation. So, prepare financial statements, and company details, and enclose identity proofs through personal tax services Wollert.

  • Timely GST return submission

GST compliance always expands beyond the registration process of your business. It requires the implementation of timely return filing to ATO to avoid penalties. Hence, we play a pivotal role in ensuring that your business lodge returns on time. We carefully analyze the tax levied on products you trade in and compute accurate amounts. Thus, ensuring to file your GST returns accurately and within the stipulated timeframe. Also, we conduct regular GST audits which reduce the likelihood of mistakes that result in penalties.

  • Resolving complex matters

Besides the Wollert GST lodgement, we have an in-depth understanding of the dynamic landscape of the taxation system. Hence, if your business encounters some complex issues like credit reconciliation, non-compliance, and reverse charges, we are here to help. Being experts, we possess a wealth of knowledge to navigate the best possible solutions to these problems.

The final words

Your collaboration with Kirpa Tax Accounting is not a mere relationship to file GST returns. But, we help you with personal tax services Wollert along with handling GST for your business. Thus, serving you with the best tax and accounting solutions. 

Grow your small business successfully with Wollert accountants

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Grow your small business successfully with Wollert accountants

Commencing and running a business requires a visionary approach to execute its functions efficiently. Accounting is an integral function of every small business when managing various operations. Hire Kirpa Tax Accounting as your small business tax accountants Wollert to handle legal and financial issues. Regardless of running a small firm, it is necessary to streamline financial data and records. Also, tax from the income earned must be submitted to the Australian Taxation Office (ATO). At that point, you need someone answerable to manage your business accounts productively and responsively.

Opt for a variety of accounting services for your small business

Being your specialist small business accountant Wollert, we are experts in many fields. So, you should think about the exact service required and get it faster than expected. Appointing us as your accountants would enable you to get the repetitive tasks completed on time. It certainly saves you from stress and make sure to get accurate accounting and tax services. With us, you can get:

  • Bookkeeping

We help your small business with tracking and recording expenses, incomes, purchases, sales, receivables, and payables.

Tax Preparation

We manage tax-related information for your business and ensure your business complies with ATO regulations.

Tax Planning

We do tax planning for your business which lets you save money in the future. We analyze income, expenses, and financial investments to identify potential tax savings.

  • Financial Management & Reporting

We are good accountants in Wollert who compile information about your company’s accounts. We mention in-out cash flows in standardized financial reports for your business.

  • Business Registrations

For your new business, we help with the registration process by applying your TFN and ABN. We guide you throughout registration by assisting in document collection.

Get our service with full reliability and expertise

Reliability and expertise are two key elements of our service that make us stand out. We serve you for taxation and accounting services with our full skill and competence. We deal with business finances, taxes, GST, and planning with streamlined resources. Thus, bringing a structured framework for your business to update its operations. Also, you can rely on your tax specialist in Wollert to file your business tax returns with real financial figures. We use modern and tax software applications which are programmed with cloud technology. You can have better access to your data online and can view your submitted tax returns. Hence, we keep transparency in our work to update you regarding your tax planning and accounting.

The final words

Consult with resourceful and approachable small business tax accountants Wollert to meet your needs. Kirpa Tax Accounting provides the best advice on tax preparation, planning, and accounting to small, medium, and growing businesses. Also, we are experts in serving a variety of businesses like sole trading firms, partnerships, trusts, and private companies. Hence, depending on your needs you can call us to have the right service available at your doorstep. Reach us to discuss your specific tax-related queries with our experts.

Business advisory services – What should you need to know

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Business advisory services – What should you need to know

Selecting a location and putting hefty financial investments are not enough for a new startup business. To see it grow, you should have a plan of action to implement. Staying ahead in business is not a luxury anymore in this competitive era. Therefore, you need experts who can help in driving your business with easy setup and planning for growth. Consult Kirpa Tax Accounting for leading business advisory services Epping to meet your needs. Our firm is equipped with experts in the business field which helps you to achieve set goals. We not only provide consultation with tax and accounting but serve several purposes:

      • Strategic planning

        • Decision making

          • Optimizing business operations

            • Managing accounts & finances, etc.

          An outline of business advisory services offered by us

          We provide services that are not just limited to assistance in company registration Epping and sustainable operations. But we cover several aspects which are related to fiscal and legal matters of companies. So, if you are going to establish a company, our team of accountants and tax consultants can serve you with:

          Business establishment strategy

          Australia is the best destination for setting up an entity as a national and foreign investor. Hence, our team of professionals is ready to guide you regarding the entry stage of business and planning for growth and expansion. We can help you to register a company in Epping depending on its nature and business objective. It also helps prepare an investment plan for your company that caters to its growth. Moreover, we handle aspects of regulatory approvals such as applying ABN and TFN for business taxes. Our experts guide you about legal documentation needed from concerned authorities and check the approval status.

          Tax preparation & accounting

          The Australian taxation system has gone through several changes over the years. So, understanding the dynamic realm of taxation is crucial for new startups. Hence, we provide you with comprehensive guidance about tax regulations and accounting. We not only prepare tax returns for your company but ensure time submission of taxes like GST. We also advise you on withholding taxes and make you familiar with tax credits, deductions, and exemptions. We manage your financial data to accurately prepare accounts books, balance sheets, profit & loss, etc.

          Why choose us?

          Consulting our experts for Epping leading business advisory services brings you ample of knowledge and expertise. We possess an in-depth understanding of market trends, fiscal strategies, and planning. Hence, we can make your business establishment process smooth and efficient. Also with precise accounting and taxation services, we optimize cash flow, reduce operational costs, and improve profitability.

          The final words

          Hiring a business advisor like Kirpa Tax Accounting provides you with the best advantage. We not only streamline your company registration Epping for startups but also render ongoing support for financial stability and legal compliance. So, reach us today and fulfill pivotal processes for a successful business setup to have growth potential. Have one-on-one conversations with our expert business advisors.

          Why you need a full-proof plan and strategy for incorporating new business firm?

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          Why you need a full-proof plan and strategy for incorporating new business firm?

          Amid the pandemic, competition in the business world has become fierce undoubtedly. More and more companies are entering into the trading sphere to meet consumer needs. That’s where it becomes essential to have a full-proof plan if you are commencing a new business. Planning is the road-map for your business which doesn’t let you lost along the way. Therefore, hiring business plan consultants Epping should be your priority. At Kirpa Tax Accounting, we help in the successful incorporating of your small business firm. We are the experts having years of expertise in this realm and have successfully supported many businesses.

          What is a good business plan for you?

          Business planning is not just an act of verbal communication and sharing of ideas. But it’s a piece of documents and papers that outline how you achieve your professional goals. It entitles the information about products you deal with, finances, and marketing strategies. Also, it outlines how you commence the operations and update your trade as the business grows. Hence, instead of stopping yourself from taking action and circling back to the initial point, you should consult professionals. Our business plan services Epping lets you see the bigger picture, plan, evaluate financial needs, and make tax plans.

          Reasons you need to have a business planner Epping

          Planning for every business regardless of its type and size is essential to evade risks relating to finances and legality. Thus, it is good for successful business incorporation and smooth operational handling. Check below the reasons why you should have a business planning consultant on your side.

          • Initial setup and commencing

          Businesses are not set up in a quick string of time. It requires time to initiate the process of registration, licensing, and fund investing. Therefore, you need specialists who can help you with these core processes. Depending on your business nature, the experts help you in registering and licensing. This covers the guidance about documents required for registration and sources of fundraising.

          • Tracking money flow

          For every new business, tracking and controlling the money flow is essential. It is a process to make business secure and profitable. Also, you need to identify professional guidance on business tax Epping to align your financial liabilities. Paying your taxes on time prevents your business from risks of penalties and derives tax advantage. So, it’s a part of budget planning for your business and to prevent unexpected events.

          • Taking crucial decisions

          Decision-making is a crucial part of any business process. Especially for new setups, it is important to determine specific goals to determine their growth and expansion. Also, evaluating the financial situation of your business helps in making profit and loss forecasting. So, make plans for expected costs incurred and profits that you are expecting to make.

          The final words

          Get business plan services Epping from Kirpa Tax Accounting and set yourself up successfully in a competitive world. So, depending on your vision and mission, we help you to incorporate your business with the required services. 

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