Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing and reporting these transactions to the ATO, Government Agencies and third parties. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing an entity’s operations, financial position, and cash flows.
As we are Certified Practising Accountants (CPA) we can meet your financial and tax reporting requirements as well as assist in the implementation of suitable accounting systems.
Statutory & Special Purpose Financial Reporting
Statutory Reporting is the act of generating and reporting financial information and providing this information to other stakeholders as required.
Companies, Trusts, Superannuation Funds and Not for Profit Organisations are the entities required to disclose their financial information.
Statutory Financial Statements, also known as Special Purpose Reports, typically include:-
- Profit & Loss Statement
- Balance Sheet and
- Notes to these statements
All reports are produced on an annual basis.
From time to time these reports are requested by Government departments or lending institutions.
It is important that proper records are maintained, as such it is important that an accounting software is used. We can assist in the purchase, set-up and training on how to use accounting software. The accounting software will give you valuable information when making business decisions and meeting your business and tax obligations.
Single Touch Payroll
Single touch payroll is the way employee earnings, tax withheld and superannuation are reported to the ATO and other Government departments. This information is transmitted by the accounting software every time the worker is paid.
ASIC maintains a register of Companies. Each company has an ACN as well as an ABN. It is important that any changes to Company details are promptly advised to ASIC.
In Queensland, individuals (sole traders, partners, trustees), and companies must hold a QBCC licence to perform and or contract for most types of building work.
A licensee should submit an annual report that demonstrates that their business is financially sound.
Payroll tax is a state based tax which is payable monthly when employing workers and contractors. It is a percentage of amounts paid to workers and contractors both directly and indirectly. It only applies when the payroll threshold is reached.
We can guide you through the ways to meet your payroll tax obligations and ways to minimise the amount payable
Workers Compensation Insurance
Workers Compensation Insurance is a compulsory state-based work related injury insurance cover for workers and contractors.
Business owners are not covered under this insurance and therefore should arrange their own income protection insurance policy.
We can guide you through the ways to meet your workers compensation insurance obligations.