BT Corporate Advisory offers a comprehensive array of taxation, accounting, and business advisory services customised to meet the needs of small to mid-sized businesses across diverse industries.
Accounting Solutions for Businesses
As a distinguished chartered accounting firm with a rich history spanning over 20 years, we understand that contemporary businesses demand comprehensive support that extends beyond mere tax preparation. Our comprehensive business advisory services encompass a wide array of critical business facets, ranging from meticulous tax planning and compliance to precise bookkeeping and data-driven business intelligence. This holistic approach ensures that your business is well-equipped to not only achieve its objectives but also maximise profitability in a dynamic economic landscape.
Business Accounting Services
Our income tax services for businesses, coupled with our business advisory services, are designed to provide holistic support to your business. Here’s an overview of what’s involved:
Bookkeeping
Business services
Payroll management, income statements, cash flow statements, accounts payable & receivable, and due date reminders.
XERO
Business Intelligence
AI-powered analytics to optimise business performance, financial reporting and forecasting.
ASIC
Australian Securities and Investments Commission
Advice and compliance.
BAS
Business Activity Statements
GST compliance, GST credits, BAS preparation and lodgement.
PAYG
Pay as You Go
PAYG accounting, activity statements preparation, lodgement and payments.
SMSF
Self-Managed Superannuation Funds
Setup, management, compliance, investment strategies, retirement and estate planning.
Business Advisory Services
Tax planning and compliance
Strategic guidance on tax planning and compliance to enhance business financial performance.
Risk management
Strategies to mitigate risks and ensure compliance with relevant laws and regulations.
Business planning and strategy
Identifying growth opportunities and improving overall business operations.
Financial forecasts
Valuable insights on business performance, growth, and untapped opportunities.
Mergers and acquisitions
Due diligence, business valuations, and negotiation. Applications for funding for growth and expansion.
Succession planning
Financial expertise and guidance on tax implications, legal structures, and estate planning.
Accounting, Taxation and Business Advisory
Ensuring Compliance and Maximising Financial Success of Your Business
Our role as tax accountants and financial advisors is to provide businesses with constant support and guidance that inform and empower them to make smart financial decisions, enabling them to grow, thrive, and navigate the challenges of today’s economy.
Our team takes care of all aspects of business income tax preparation, including recordkeeping, financial statements, tax deductions, tax filings, tax planning, compliance, and documentation. We ensure that our clients remain in compliance with tax laws and regulations while minimising their tax liability and maximising savings.
Our accounting team works closely with our clients to understand their unique business needs and challenges. We offer strategic guidance on various business aspects, including financial management, budgeting, cash flow, business planning, risk management, growth strategies, and more. Our business advisory services are aimed at helping businesses make informed decisions, improve profitability, and achieve long-term success.
Having a reliable and knowledgeable accountant by your side is crucial for the success of your business. Partnering with us, you can take control of your business’s financial future with our personalised advice and expert guidance in business accounting, taxation, compliance, and related matters. Our tailored solutions are designed to meet the unique needs of each client, ensuring that you receive the support and guidance you need to achieve your business objectives. With our team of experienced professionals, you can rely on us to navigate and overcome the challenges of business taxation and compliance, ensuring the stability and resilience of your business’s financial future amid the ever-changing economic landscape.
Contact us today to schedule a consultation and begin your journey towards wealth-generating and stress-free financial management of your business.
Starting Your Business Right
Understanding Tax Implications of Business Structures
All businesses operating in Australia must comply with the tax laws and regulations set by the Australian Taxation Office (ATO) and ensure that they file their tax returns and pay any taxes owed on time. The type and amount of taxes a business must pay depend on several factors, such as the business structure, the type of business, and the amount of income it generates.
As Chartered Accountants, our role is to help business owners and entrepreneurs identify and meet their tax obligations. We ensure their tax strategy is aimed at maximising returns, minimising tax, improving cash flow, and supporting wealth creation from their business or investment opportunities.
If you are starting a new business, it’s essential you understand that your tax obligations, amongst other things, will depend on your business structure. Therefore, selecting the right structure at the start of your business journey is critical and depends on your business needs, size, and objectives.
The most common business structures in Australia are:
- Sole Trader: this is the simplest form of business structure in Australia where an individual operates as the sole owner of the business.
- Partnership: a partnership involves two or more individuals who operate a business together and share profits and losses.
- Company: a company is a separate legal entity from its owners. It can be owned by shareholders and managed by directors.
- Trust: a trust is a business structure where the trustee holds property or assets or operates a business for the benefit of others (beneficiaries). A trustee can also be one of the beneficiaries.
Different business structures have different tax obligations and liabilities. For example, companies are required to pay corporate income tax on their profits, while sole traders and partnerships are taxed on their personal income. In addition to income tax, businesses may be required to pay goods and services tax depending on their specific circumstances. Some businesses may also be eligible for tax deductions and other benefits, such as tax credits, which can help reduce their overall tax liability.
In terms of liabilities, sole traders and partners are personally liable for the debts and liabilities of their businesses, meaning their personal assets can be used to pay business debts. On the other hand, in a company or trust, the liability is limited to the assets of the company or trust.
Finally, the cost of setting up and running a business structure varies. For example, sole traders and partnerships are generally cheaper to set up and run than companies and trusts.
Understanding the differences between business structures when setting up a new business is vital. It ensures your business objectives are met, and you are not subjected to unnecessary costs and requirements. As your accountants and business advisors, we can guide you in choosing the right structure for your new business.
We provide a comprehensive range of business accounting services designed to support businesses at every stage of their journey, whether they are just starting or are already established. Connect with our accountants today to gain insights into how our expertise in accounting, taxation, risk management, and compliance can contribute to your business’s success.
