Your One Stop Shop For All Of Your Accounting Needs
Hiring your own in-house bookkeeper can be costly, and in the case of most businesses, it is often unnecessary. Automate your online bookkeeping with Ross Accounting, to ensure that your financial records are kept up to date and that you have more time for leisure. We are certified bookkeepers who are committed to growing your cash flow.
We provide the following bookkeeping solutions:
- Recording Cash flow
- Debt Repayments
- Calculating GST
- Processing receipts, invoices and payments
- Reconciliation reporting
We use Xero bookkeeping and MYOB to maintain full transparency and accuracy over all of your financial records.
STARTING A BUSINESS
Setting up a business is exciting, however it can easily become extremely difficult if you are not well prepared from the start. Ross Accounting can help you plan for success by assisting you with making your key business decisions. Your choice of business structure depends largely on the type of business, the size, your personal circumstances and projected growth. Your business structure is integral to your success as it can determine your: tax liabilities, responsibilities, personal liability, asset protection and ongoing costs.
Types Of Business Structures:
1. Sole Trader
Before forming a company, you must first decide if a company’s business structure suits your needs. A company lets you conduct business throughout Australia as it is its own legal entity. This allows you to make use of special privileges, such as limited liability and corporate tax rates. Ross Accounting can help you navigate the intricate processes of company formations by handling your application and ensuring that you understand your obligations and all of the relevant details.
A trust is an obligation that has been imposed on a person or entity to hold property for the benefit of beneficiaries. Trusts are not separate legal entities and they are frequently used for asset protection and investment purposes. Whether you are considering asset protection or estate planning, Ross Accounting can provide you with legal and financial advice to ascertain what trust is most suitable for you.
We Specialise In The Following Trust Types:
- Fixed trusts
- Unit trusts
- Discretionary trusts
- Bare trusts
- Hybrid trusts
- Testamentary trusts
- Charitable trust
- Superannuation trusts
SELF MANAGED SUPER FUNDS
Self-managed super funds (SMSFs) are a great way to save for your retirement. A SMSF is different to other types of funds as the members of a SMSF are the trustees and run the fund for their personal benefit. This means that they are solely responsible for complying with the relevant law. Simply put, if you set up a SMSF, you are in charge. It’s a huge financial decision that requires time and skill. Ross Accounting specialises in establishing SMSFs, so come in and speak with our SMSF advisers to help you weigh up the pros and cons and whether it is the right decision for you.
Tax Returns cover the financial year from the 1st of July to the 30th of June and are due by the 31st of October. Lodging your tax return with Ross Accounting will effectively maximise your returns and ensure that all possible tax deductions are accounted for. We leave no stone unturned and we will fine tooth pick your lodgement to perfection. If you have multiple income sources, various investments, a business or have lots of deductible work-related expenses, then come and visit us and make your money work for you.
Deductible Expenses Include:
- Vehicle and travel expenses
- Clothing, laundry and dry cleaning expenses
- Gifts and donations
- Home office expenses
- Interest, dividend and other investment income
- Self-education expenses
- Tools and equipment
- Other: e.g union fees, income protection insurance, overtime meals and personal super contributions
Financial statements provide an in-depth snapshot of a company’s financial health for a given period of time by providing a collection of data regarding a company’s performance, current condition and cash flow. Ross Accounting handles the four main types of financial statements.
1- Balance sheets: List of the company’s assets, liabilities and equity ownership at a single time.
2- Income Statements: Your business’s costs, revenue and expenses over a period of time.
3- Cash flow statements: Movement of cash in and out of your business over a period of time and shows whether you can meet short term expenses.
4- Statement of Retained Earnings: Changes in how much money your business retains.
TAX ADVICE AND PLANNING
When filing for tax it is important to note that you are only as good as what you can prove. So start adopting the habits of hanging on to your invoices, receipts and bank statements. Ross Accounting can assist you with your tax advice and planning so you can exponentially grow your wealth and have more money to save, spend and invest in yourself and your family.
We Can Assist You With:
1- Maximising your take home-pay.
2- Increasing after-tax returns for your investments.
3- Structuring your home and investment loans.
4- Utilising tax structures – Capital gain reductions.
5- Incorporating proven tax-effective strategies.
MANAGING MY TAX DEBT
Let’s make a start by getting rid of your tax debt today! Ross Accounting strives to ensure that you become the best version of yourself, and quite frankly, that isn’t possible if you have not incorporated an effective way to systematically reduce and manage your ato tax debt. There are 5 simple golden rules that we stand by:
1- Tally your debts.
2- Get help.
3- Set a budget.
4- Prioritise your debts.
5- Consider refinancing or debt consolidation.
Speak to one of our experienced accountants to reduce your financial burden and achieve the standard of living worthy of you.
Understanding and complying with the current legislation is inherently linked to finance and that is why Ross Accounting offers tailored in-house legal services. Whether you need help buying a house, leasing a business, making a will, franchising or collecting a debt, Ross Accounting has you covered to ensure that you save money and are not caught between two different practices. We truly are your one stop shop for all your accounting, conveyancing and litigation needs, whatever they may be.
Touch basis with Geoff Versace today, our in-house solicitor.
PH: 9938 3799