When you are first getting your business up and running, there is a never-ending list of tasks to complete. Besides finding a location, hiring employees, and dealing with dozens of other details, you need to ensure that you are prepared to handle your tax responsibilities.
Instead of dealing with costly tax penalties, you should consider hiring a tax accountant to help establish your start-up.
Receive Help with Your Record Keeping
Starting a business is going to require a lot of record keeping. While an accountant may not handle your books, they can help you establish your record keeping methods. They can ensure that you remain organised.
For example, an accountant may assist with recording transactions and payments. They can also determine which records are required by law for your business.
Determine Your Tax Burden for Your Staff
If you plan to hire workers, you will have a few additional tax responsibilities. Employers need to deduct tax from their employee’s pay and send it to the Australian Taxation Office (ATO). You also need to pay super contributions and fringe benefits taxes.
A qualified tax accountant in Brisbane can help you understand these responsibilities. An accountant can assist with calculating the tax to withhold from each paycheck.
Reporting and Paying Tax Prepayments
You should begin planning how you intend to fulfil your tax requirements as soon as you start your business. Tax prepayments allow you to stay on top of your tax obligations by making payments into your tax bill account.
An accountant can explain how to calculate and submit these prepayments. Each quarter, you will need to submit a business activity statement (BAS), which details the taxes that you withhold from your worker paychecks and the instalments that you submit to the ATO.
Planning for Future Business Growth
Along with helping you deal with your tax responsibilities when establishing a business, a tax accountant can continue to assist with your tax-related financial issues.
For example, they can help plan for your future business growth, ensuring that you continue to comply with your tax responsibilities as you hire more employees or expand into new regions.
Working with a tax accountant also saves you time. You may not have the time needed to learn complicated tax laws. Failure to comply with these laws may result in disaster for your business. Even if you employ an accountant, outside assistance allows you to focus on other aspects of your business.
Every business needs help, especially when they are first getting up and running. To avoid any issues with tax compliance, consider working with a qualified tax accountant. Hiring an accountant is a simple process that is easy to overlook when you are dealing with all the challenges of running a business.