Accounting & Tax

We live by numbers, in fact, we are fascinated by them. 

What We Do

At Suttie Financial Group we know how busy your life can be working from 9-5.

During tax time, we work outside business hours on nights and weekends to find a time that’s right for you.

Our team can advise and assist you with basic bookkeeping requirements for the types of accounting software available.  SFG offers regular training to ensure clients can competently input and reconcile data in their accounting systems.

Apart from preparing tax returns we also provide specialist advice on capital gains tax, GST, FBT and various other taxes.  Our staff have a wealth of experience and knowledge in providing quality advice and are here to answer all your questions. 

So whether you are an individual or a small business we have you covered.

accounting and tax

What We Offer

Tax Returns

We prepare tax returns for companies, trusts and partnerships as well as individuals. review your specific accounting files, for example MYOB, Quick Books, Cloud and such, update and balance forward your own files, whilst preparing your financial statements and tax returns

Payroll & Workers Compensation

We can prepare your annual payroll tax and workers compensation summaries and advise on what needs to be included in your calculations.We also can review which payments to contractors may be deemed to be subject to payroll tax and workers compensation, and advise on more effective ways to deal with contractors.

Capital Gains Tax (CGT)

We review and advise on any Capital Gains Tax matters which may affect you during the tax year. By assisting you in planning strategies to minimise any potential payable capital gains tax from asset sales

Tax Audits

We are happy to deal with any tax audit situation We often review your existing financial statements and advise on issues which may give rise to an audit. often review your existing financial statements and advise on issues which may give rise to an audit are always available, both during and after an audit, to discuss issues which may arise as a result of the audit

Why You May Be Seeking A Business Structure Advisor?

You may be an individual, or a business person financially planning on retiring, restructuring, expanding overseas or perhaps admitting new ownership or funding. All these significant financial decisions in your life and in your business can make or break your future. Tax advisory and other financial planning are crucial to ensure your profits are maximised.

For clients commencing a business, we provide advice on: 

  • Business structuring (including partnerships, trusts, companies and self-managed super funds),
  • registering for ABNs,
  • GST,
  • Workers Compensation,
  • Pay As You Go Withholding (PAYGW) and Payroll Tax. 
  • Can discuss planning and operations, 
  • The importance of cash flow 
 

For established businesses, SFG can assist with conducting:

  • Internal audits
  • Reviewing the performance of your business and;
  • Discussing specific avenues you can employ to improve the profitability of your business.
 
 

Naturally, if you are looking to sell your business SFG can assist you by exploring how you can maximise the selling price of your business and present all your options to legally minimise any tax on the sale.

Resident tax rates 2019–20

Please note the following:

The above rates do not include the Medicare levy of 2%.

For previous resident tax rates visit the ATO website for more information

Taxable income

Tax on this income

0 – $18,200

Nil

$18,201 – $37,000

19c for each $1 over $18,200

$37,001 – $90,000

$3,572 plus 32.5c for each $1 over $37,000

$90,001 – $180,000

$20,797 plus 37c for each $1 over $90,000

$180,001 and over

$54,097 plus 45c for each $1 over $180,000

FAQ

Accounting and Tax frequently asked questions and answers.

Most people need to lodge a tax return each year. This will depend on your age, situation, income and expenses. A tax return must be lodged if you:

  • Have paid any tax during the financial year
  • Have earned more than $18,200 in the financial year
  • Paid child support,
  • You are a minor earning over $416, or;
  • You are a sole trader working with your own ABN

Residency for tax purposes is different from immigration residency, so you’ll have to make a fresh determination when you do your taxes. Even if you are the citizen of a foreign country, you may, in fact, qualify as an Australian resident for tax purposes.

If you’re a foreign resident for tax purposes, you must declare on your tax return any income earned in Australia, including:

  • employment income
  • rental income
  • Australian pensions and annuities
  • capital gains on Australian assets

You may also need to lodge a return or non-lodgement advice if you have a HELP (Higher Education Loan Program) or TSL (Trade Support Loan) debt.

If you’re an Australian resident for tax purposes, you generally have to declare all income you earned both in Australia and internationally on your Australian tax return.

There are a couple of different tests the ATO uses to assess whether an individual is an Australian resident. This includes:

  • The resides test. Looks at how you organise your life in a foreign country, such as opening bank accounts, to come to the decision of whether you reside in Australia according to the ordinary definition of the word
  • The domicile test. Is your permanent home in or outside of Australia?
  • The 183-day test. Looks at whether you’re present in Australia for more than half of the working year
  • The superannuation test. Looks at whether you’re a member of a superannuation fund

There are several methods that you can use to minimise your accounting fees. Here are our top 5 suggestions:

  • Keep your records up to date. It is much cheaper to employ an administration person or bookkeeper than to pay an accountant to fix up your records.
  • If you do your bookkeeping, make sure that you receive training, and you ask us any questions you may have.
  • Speak to us before organising any Business Finance, Lease, Hire Purchase or Loan. Most GST errors occur with the recording of financial liabilities and repayments. It is much faster and cheaper for us to set these things up at the start, rather than amending your Business Activity Statements and accounting records at the end of the year.
  • Use the services of our bookkeeping section or a professional bookkeeper. They are likely to be able to save you time by doing the work quicker than you could do it yourself.

The simple answer is that there is no “best” way. Most people hate that answer. However, it is true.

There are two factors to consider:

  • The size and structure of your business; and
  • The personalities of you and your staff.

The second is perhaps more vital to the first. That’s because there are some systems available.

For example, if you’re the sort of person that hates computers, there’s no point in using a computer-based system unless you are willing to change. If you hate filing, then a paperwork-intensive system will only demotivate you.

It is essential that you discuss your options us if unsure

This question is more complicated than many people think. So that is why we strongly recommend you contact us or arrange a meeting to discuss in detail.

Here are some important factors to consider:

  • Your risk management strategy, including your exposure to litigation risks and the need for asset protection
  • The expected size, growth and income of your business
  • Whether or not you have a need for a nationally registered business name, e.g. If you want to operate under one name in more than one state
  • Who will be involved in owning the business and whether or not you plan to introduce equity partners or shareholders in future
  • Your career and work plans for the future, e.g. When you plan to retire, how long you plan to work for and if you are expecting to have time off
  • The structure of your family and whether you have beneficiaries to whom you wish to distribute income
  • The availability of reduced tax rates and other tax concessions (e.g. Capital Gains Tax concessions for Individuals) and how you plan to spend the money you earn.

Over the last few years, the Australian Taxation Office (ATO) processed 90% of all returns from tax agents within 14 working days (Mondays – Fridays). Some delays can be experienced with data matching between the ATO, Centrelink and other government agencies. If you haven’t received your refund within 21 days, contact us, and we should be able to check for you.

Have a question that’s not answered here? Contact us!