1. Experience: Experience is one of the most crucial factors that you should take into consideration while choosing your Sydney Accountant. You would certainly not like to entrust your company’s financial needs in the hands of inexperienced accountants. Whether it is the preparation of annual financial statements or business activity statements, only experienced accountants will be able to help you achieve results.

2. Reputation: Experience should not be the sole factor in choosing an accounting firm. Its reputation in the market place should also be considered. Stay away from the less reputable accounting firms if you do not want to end up being a frustrated client.

3. Ability to Meet All Your Accounting Needs: Your Sydney accountant should be able to meet all your taxation, accounting and business needs. If your Sydney accounting firm does not offer these comprehensive services, then you will be forced to deal with multiple advisors. Your accounting firm should be able to help you with everything from tax audits and bookkeeping to cash flow projections and business plan preparation. This will save you from a lot of unnecessary hassles. By identifying a Sydney accountant that is capable of taking care of all your financial needs, you will be able to focus on the other important aspects of running your business.

4. Cost: You should also make sure that the accounting firm that you engage offers all its taxation, accounting and business services at a competitive price. These days, every business should review its expenditure to ensure that it is receiving value for money.

5. Reliable Accounting Service: The reliability of an accounting firm is very important in the modern business environment. There are times when you may need to promptly respond to the needs of your various stakeholders. A Sydney accounting firm that offers a reliable client service will allow you to meet your deadlines within the time restrictions placed upon you.

These are just some of the important areas that you should take into consideration prior to engaging a Sydney accountant or Sydney accounting firm.

Outsourcing the bookkeeping function provides the business with expertise and experience that may not be available within the business. Accounting can be difficult at times, it is therefore important that the individual entrusted with the bookkeeping has an extensive accounting background, as well as more than just  a general understanding of the latest accounting software packages. When the business owner engages a professional bookkeeper, they are providing themselves with a specialist who will utilise their expertise to the advantage of the business. This ensures that the bookkeeping needs of the business are conducted efficiently and most importantly, accurately.     

When choosing a bookkeeper, the business owner should verify the experience of the individual and confirm that they hold the appropriate registrations and memberships with the relevant accounting and taxation organisations. The bookkeeper that is chosen should be constantly updating and improving their skills and knowledge. Ideally, they should understand the value of personalised service and be highly skilled and efficient in order to provide the services required by the business owner. A bookkeeper who takes pride in working closely with their client will ensure that they are in the best position to satisfy their client’s needs.

Listed below, are a few of the many benefits that may be accessed by a business via the outsourcing of the bookkeeping function:

Keeping the business owner updated: The bookkeeper will take over the responsibility of tracking and meeting the numerous payment and lodgement deadlines imposed by government authorities. They will prepare and review the business accounts for errors or omissions and provide the business owner with updated and timely financial reports.

Reduced staff supervision: An experienced bookkeeper is capable of working independently with limited supervision. This reduces the time a business owner needs to devote to staff supervision, which will result in additional time spent on running the business.

Reduced wages expense: The appointment of an external bookkeeper will improve the cash-flow and profitability of the business, as it eliminates the need for the business to employ a full-time internal accountant.  

Improved flexibility: An external bookkeeper will provide the business owner with the flexibility to create a bookkeeping schedule that is appropriate for the business.

Liaise with external accountants: The appropriate bookkeeper will be capable of dealing directly with external accountants, to assist them with preparing and lodging the monthly, quarterly and year-end compliance documentation required by government authorities.

As you can see, there are many reasons why a business owner should consider the outsourcing of their bookkeeping and business services needs. Many business owners have benefited immensely from making such a decision. If the business owner wants to eliminate the hassles associated with the implementation and supervision of the bookkeeping process they should consider outsourcing with a reputable accounting and bookkeeping firm.

If you would like to view our bookkeeping services please click here: Bookkeepers Sydney

Taxpayers should only supply their TFN to certain people, including the Tax Office, Centrelink, their super fund, bank or financial institution, and their employer.

The tax office has warned that if anyone asks a taxpayer for their TFN via email or phone call, they should not provide any information and should contact the Taxation Office on 13 28 61.

While the Taxation Office does contact taxpayers via email and SMSs to promote new services and notify of lodgement due dates, it will never request via these mediums for a taxpayers to disclose or confirm personal details such as their TFN, name, date of birth, address, passwords and bank account details.

If such information is required by the Taxation Office, a request will be mailed to the taxpayer’s postal address.

• Preparing the property to allow new tenants to move in (except for the initial tenant);
• Inspecting the condition of the property during or at the end of tenancy;
• Repairing the property for damage or wear and tear caused by tenants or while it was available for rent;
• Maintaining the property (ie. cleaning & gardening), while it is tenanted or available for rent;
• Collecting the rental income; and
• Visiting the real estate agent to discuss property related matters.

Domestic Overnight Travel

Where a rental property is located far from where the taxpayer resides, it may be reasonable to expect the taxpayer to stay close to the property overnight while making an inspection.

If this is the sole purpose of the trip, the taxpayer will be entitled to claim the travel expenditure incurred to visit the property.

Overnight expenditure such as meals and accommodation will also be deductible.

“This is a chance for people with undeclared income, for example interest earned offshore, to contact the Tax Office and sort out their affairs. The offer is open until 30 June 2010.”

A similar offer was made by the Taxation Office in 2007 which produced in excess of 3,000 disclosures with a total of $306 million in undeclared income.

Taxpayers accepting the new offer will incur a shortfall penalty of 10% if their undeclared offshore income exceeds $20,000 in a tax year.

The Taxation Office will not impose the shortfall penalty on undeclared income of $20,000 or less for that year.