When starting up a small business, there are already too many factors to consider before your even start thinking about tax at the end of your first financial year. Unfortunately, we’ve seen too many small businesses struggle under the pressure of their first 12 months, and sometimes meeting the taxation responsibilities is the final straw. Without proper understanding of how tax is handled for all classes of NSW small businesses, many eager startups either end up paying too much tax compared to their competitors, or run into avoidable hassles due to not laying a solid groundwork. As accountants on the Central Coast, we’re well experienced with helping small businesses establish a good financial base with solid practices surrounding tax and tax calculations. Here are the top considerations which we can bring to your small business.

• Ensure You are Making the Most out of your Tax Deductions

Codes and awards for tax deductions are complex and can vary depending on the industry or the services provided, and this extra burden is not something many small business owners are worrying about in their first year of operations. As the tax accountants to Central Coast businesses, we parse these regulations to ensure that you are getting your money back for business purchases and save on your yearly tax return. The best tax accountants are the ones which are with you every step of the way, so you know which purchases can be offset with deductions, and you have all your records kept in a safe place for easy handling at tax time. In the long run, a good team of tax accountants means that your business saves money that it would have otherwise spent on taxation.

• Avoiding the Red Flags which can get a Business Audited

When the tax department spots certain criteria within a business’s operation, revenue or expenditure, they may have to send over a team to audit the books to make sure no foul play is at hand. As Central Coast tax accountants, we want to make sure all our businesses are playing by the rules, avoiding these red flags, and not being audited without need. If an audit finds incorrect information such as poorly held records or undocumented expenses, this can result in large financial penalties to a business. But even if the records are clean and comprehensive, audits can be time consuming and the onus is on the business to create and provide the required records, and this will take time out of your daily operations. We work to iron out potential red flags before they appear, and thus alleviate the stress which could come from an audit.

• Plan for the Future

With our experience as accountants for the Central Coast, we have seen various success stories and pitfalls which small businesses in our area have come across in the past. Thus, we are eager to form constructive partnerships with our local businesses to provide advice that will help your business grow. We have experience with businesses of all stages, whether you are just starting out, looking to expand, or aiming to make the week-to-week operations more sustainable.

 For additional information or help that Central Coast Tax Accountants can provide, contact us today on (02) 4396 4322.