Contact BVMS Chartered Accountants
Your Local Accounting Experts, Ready to Assist
Get In Touch
Here’s how you can reach us
- (08) 8541 0300
- Office Hours 8.30am - 5.00pm
- Book to see one of our team
Locations
Waikerie
Loxton
Parkside
Nuriootpa
Berri
Common Questions
Most Popular Questions
This will depend on the type of advice you’re after and the complexity of your situation. However, the cost of obtaining professional advice has the potential to save you money in the long run if you receive the correct advice at the beginning of your project.
Generally, any expenses that you incur to earn taxable income are deductible. Our experienced team can assist you in determining the correct deductions for your individual circumstances.
Whilst many people prepare and lodge their own tax via online services, accountants are qualified professionals, regularly undertaking professional development and keeping on top of recent tax law changes and changes to deduction entitlements. Receiving professional tax advice can help you save on tax, maximise your refund – and the cost is deductible.
Generally, you will only need to be registered for GST if you have a business, and your turnover is (or is expected to be) around $75,000 per year. However, GST can be more complex so we would always suggest seeking professional advice from an accountant before commencing a business.
A Business Activity Statement (BAS) summarises a business’s GST, PAYG Withholding and other tax liabilities for a specific reporting period and must be lodged with the ATO by the due date.
Cloud-based accounting software can be accessed from any computer in the world that is connected to the internet. It’s highly accessible and enables your accountant to access and monitor the same file that you use, and they can provide regular advice or assistance with any problems in your file. There’s no need to provide any backups at the end of the financial year and you can access your file on any device that connects to the internet (PC, phone or tablet). Cloud-based software is very secure if strong passphrases and multifactor authentication is enabled by all users.
Yes, it is compulsory for all employers to report their wages and superannuation information to the ATO via Single-Touch Payroll (STP) enabled software. STP enabled software is cloud-based, and makes end of financial year reporting and the provision of income statements (formerly called group certificates) to employees a fully electronic process.
There is no “one size fits all” answer to this question as there are a number of factors that need to be taken into consideration when determining which structure will best fit your needs. A qualified accountant can provide you with professional advice to assist you to make a decision about a business structure that not only meets your current needs but considers your future plans and wishes as well.