Faq

Frequently Ask Questions

Welcome to our Frequently Asked Questions (FAQs). Select a subcategory of FAQs below to navigate to topic areas of interest to you. If you can't find your answers here, please contact us using the contact form on the Contact page.

An accountant can make your life easier, whether you are an individual or a small business, by allowing you focus on what you do best. Think of a good accountant as an investment not a cost, the time and money saved will outweigh the fees and the overall stress of managing your accounts yourself. For example, accountants know what deductions to claim, the records you would need to keep and suggestions for the future reducing your taxable income and the tax payable.

 

From a business perspective, they can also help you understand your employee obligations and payroll, operating expenses and categorisation and GST.  They can assist you to identify your direct costs and profit margins on the goods and services you provide to increase profits. An accountant can do this by setting up good processes and system and utilising software like Xero or MYOB, so you and your accountant can access real time information for decision making purposes and planning. Engaging a professional accountant and tax agent ensures trivial things are not missed, reducing the risk of costly business errors.

 

Find out for yourself the benefits of collaborating with a good accountant and business advisor. Let us chat.

When making decisions about your finances, it can be overwhelming, especially for big decisions that will impact you and your family in years to come. At Accounting Edge, we pride ourselves on our ability to break down complex information into its simplest form, so you can understand the facts and information without getting lost in the confusing details.

 

At Accounting Edge we provide the full service from Bookkeeping, BAS and Tax lodgement, Financial Reporting, Budgeting, Tax Planning, ATO debt management.  We also cater for Self-managed Super Funds (SMSF) using industry specific software for the accounting, reporting, tax preparation and lodgement. Additionally, we facilitate the audit for your SMSF, taking the stress out of the whole process.

 

At Accounting Edge, we provide the perfect combination of technical knowledge, genuine business experience and down-to-earth, friendly advice. We also understand that having access to professional advice when you need it is invaluable and can be another stress reliever when an answer is just an email away. We do return phone calls and we do follow up on any outstanding matters.

At Accounting Edge, you can be sure that our tax agents are registered and therefore legally allowed to offer tax services. Also, our agents are degree qualified in accounting and are members of CPA Australia or IPA. As both accountants and tax agents, we can prepare and file your tax return, but also advise you on the tax implications of your future business decisions and manage compliance issues like your QBCC annual licencing obligations. With Accounting Edge, you can be assured that you are with a team legally allowed to manage the tax affairs and tax returns of both individuals and businesses alike.

Appointments are always the way to go to ensure someone is available to meet with you. However, Accounting Edge is a walk-in office and we don’t require you to book an appointment for individual tax returns. Provided that you bring in all the relevant documents to your walk-in appointment, we will be able to have your tax ready for lodgement by the end of the meeting. This meeting is inclusive in our fee as part of information gathering for your tax return.

 

However, if you are a sole trader or small business owner, this could be a little more complicated to finalise your return as there may be more questions and documents required. Therefore, we would advise calling to arrange an appointment and discuss what you would need to bring when you meet with us.

At Accounting Edge, we use the following software:

  • Xero Accounting & Tax
  • MYOB AccountRight
  • QuickBooks
  • Reckon
  • Tax Assist

Accounting Edge can be of benefit to you whether you are just starting your business, feeling stuck, or keen to grow. We help with the small things like providing a check list of what you need to have in place either before or immediately after start trading.

 

At Accounting Edge, we can also give advice in choosing the structure of your business or changing the structure as you grow. If you are a sole trader, partnership, trust, or company, having the right structure ensures you are not paying too much tax in addition to protecting yourself, your assets, and managing risks. Professional advice is necessary if you wish to find the right business structure for your business.

Corporate Compliance is ensuring your business meets any laws, regulations, standards, or codes with which businesses must comply. At Accounting Edge, we have a service where we take care of this process for you, ensuring that you meet tax deadlines among other corporate compliance requirements. Having someone who understands these requirements helps to avoid unnecessary worry and work on your part.

At Accounting Edge, we can assist with your SMSF accounting and tax compliance. We offer a complete SMSF service which includes:

  • Completing your data entry and preparing your trial balance, financial statements, and member statements on an annual basis.
  • Collating and ensuring all documents required for the audit process are provided to the auditor.
  • Consulting with a licenced and independent auditor on your behalf to obtain an annual audit report.
  • Preparing and maintaining the capital register, investment reports and annual minutes for the Fund.
  • Preparing and lodging your annual SMSF tax return.

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