Business Accounting for Small Business
Zero Tax offers small business accounting on the Sunshine Coast. We are here to support you with all aspects of your business setup and ongoing obligations.
Hassle-free innovative accounting solutions
With a deep understanding of the financial and legal challenges involved in running a business, Zero Tax provides innovative accounting solutions that help you achieve your business goals and put yourself ahead of the game.
When you work with a professional accountant, you’ll have peace of mind knowing that your taxes, finances and all the complicated numbers are being taken care of by a specialist.
Additionally, having your accounting organised and up to date can give you real-time overviews of your business health and performance. This is extremely valuable to any business owner, since it provides accurate insights into a company’s financial status, allowing well-informed decisions to be made.
Professional business accounting
Our business accountants on the Sunshine Coast have extensive expertise and knowledge and always work with your company’s best interests in mind. We offer the highest quality of accounting and taxation services for individuals, partners, companies and trusts.
Whether you are setting up your new business or looking at improving your accounting processes, Zero Tax can assist you and your company at any stage of your business development.
Starting a new business?
Starting a new business is an exciting and daunting experience for everyone. You will need to plan and prepare for the financial responsibilities that come with the new venture.
If you are struggling with the financial side of your new business, don’t worry. We know that it can be quite overwhelming and that’s why we are here to take some of the load from you.
Schedule a call with us and we’ll walk you through all the necessary steps and relevant aspects involved in setting up your business and how we can assist you throughout your journey of running and growing a healthy and successful business.
Too busy or too far to meet?
Don’t worry! We also provide online accounting services.
Demystify your tax obligations
When you have any questions about tax rates, refunds, rebates, or whether they apply to you or not, do not hesitate to contact us. Zero Tax is committed to the highest levels of customer service and availability to discuss any concerns you may have.
Our services are not limited to getting you or your business the maximum possible refunds, but it also involves advanced tax planning and minimisation strategies to reduce and manage any potential tax liability.
Why Zero Tax is people's preferred accountant
Zero Tax was very prompt, very responsive, and very efficient. I’ve never had such great service from a tax agent. Bravo!
After being failed by our last accounting firm I found Brad at ZeroTax by asking for recommendations on the Community notice page on FB. Brad has resolved all of my tax related obligations in a fast & efficient manner while saving me money also. Brad at ZeroTax is what you hope to find when looking for an an accountant.
I have known Brad Kearney for some time now through my workplace and was always very impressed with his work as an accountant and his strong ethics as a person. As soon as Brad embarked on his personal venture of Zero Tax, I immediately asked him to do my tax work. Not only did Brad complete my work in a timely manner; it was of the highest professional standards. I have absolutely no hesitation in highly recommending Brad/Zero Tax to anyone and have already done so to many. If you are looking for a personable, communicable, honest accountant with the highest degree of professionalism and integrity - Brad and Zero Tax is your go to. He cares about his clients and is much more than 'just' an accountant as he gets to know your business which allows him to advise clients on an in-depth level. Thanks again Brad. Deborah Small
My first time with ZeroTax and I can definitely recommend them. Brad helped me with my tax return and made the process very easy with no stress, while answering all my questions thoroughly. I will be back next year! Thank you again!
Exceptionally professional advice and services provided to me both as an individual and a company. Brad has gone above and beyond with his accounting services. I have had the chance of working with several different accounting services over the years and being burnt by poor services is never fun. But my faith in accountants has been well restored after working with Brad at ZeroTax. His knowledge and articulate attention to detail is something that puts him ahead in the world of accounting. Could not say enough good things about ZeroTax - A-class!!
I contacted Brad from Zero Tax because my previous accountant would take days, if not weeks to get back to me. I can contact Brad at any time on his mobile or email and he gets back to me straight away. He came up with some great ideas to save on tax and he also ended up cheaper than my other accountant. He is extremely knowledgeable about all things tax and can give you an answer on the spot. I can't recommend Brad highly enough.
According to the ATO, you are a small business if your turnover in previous years or your estimated turnover for the current year is less than $10 million.
The referring “turnover” is actually the annual turnover, which is “all ordinary income you earned in the ordinary course of running a business for the income year plus the annual turnover of any entities you are connected with or that are your affiliates”.
So, the small business status and eligibility for concessions and loans have to be assessed year by year. This means that you may have been a small business in previous years, but not anymore and vice-versa.
When deciding on a business structure, firstly, you have to consider the type, size and management aspects you have in mind for your business.
Each business structure has different key aspects, requirements, obligations and critical areas, such as taxation, expenses and ownership. Therefore, it is crucial to understand carefully what is involved in each business structure so you can choose the best solution for your scenario.
Starting simple usually is a good approach and down the road, as your business grows, you can always revise and change your business structure if necessary.
The Australian Government has created a tool to help you work out what business structure might be the best for your case, but remember it is always recommended (including by the Australian Government) to seek professional advice before making a final decision.
If you are a Sole Trader, Trust or Partnership and plan to trade under your own name, you don’t need to register a business name.
On the other hand, if you plan to trade under a different name, even if the name you will operate with is only slightly different from your own, or your business structure is a Company, you will need to register a business name.
You can register your business name with the Business Registration Service or with the ASIC (Australian Securities and Investments Commission).
You must register for GST:
- when your business or enterprise has a GST turnover (gross income from all businesses minus GST) of $75,000 or more – see Working out your GST turnover
- when you start a new business and expect your turnover to reach the GST threshold (or more) in the first year of operation
- if you’re already in business and have reached the GST threshold
- if your non-profit organisation has a GST turnover of $150,000 per year or more
- when you provide taxi or limousine travel for passengers (including ride-sourcing) regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
- if you want to claim fuel tax credits for your business or enterprise.
The “Business Activity Statement” (BAS) applies to businesses registered for GST and it has to be filled out quarterly if the business has a GST turnover above the GST threshold.
The “Instalment Activity Statement” (IAS) is similar to a BAS but it applies to the prepayment of your future tax liability for the upcoming year based on your prior year lodged tax return.
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