Frequently Asked Questions at Tax Time
Over the past few challenging months the team at STS Accounting Group, have been working hard to ensure each of our valued clients and the broader community, understands and gains access to what they’re entitled to through the Australian Government’s COVID-19 Economic Response Package.
As we come to the end of the financial year now is the time to touch base and ensure you’re getting the very best tax and business advice.
We’ve put together a few common questions and answers which we hope will assist you to prepare for the new financial year.
What are the benefits of getting your tax return done by a professional?
Utilising one of STS Accounting Group’s expert accountants will ensure you tick every box when it comes to your 19/20 Tax Return. There are different tax deductions and credits available and having a professional manage your return ensures you get the most in your pocket, minimising the risk of errors. Our friendly accountants will assist you to file your return efficiently no matter whether you have a straightforward, single income OR you and your partner have multiple income streams, expenses and complexities.
What can individuals and businesses do throughout the year to make tax time painless?
In addition to using a friendly and reputable accounting firm, like STS Accounting Group, record keeping is the most important aspect to make sure your tax return is painless. Ensure all income and expenses you have that relate to your car, home office, travel for work, studying are all recorded throughout the year, including any small business activity. This makes it easy to find the answers to the questions we ask when it comes to tax time. We also have a straight forward Tax Checklist on our website www.surftax.com.au to help you to know what information we need.
What sets STS Accounting Group apart?
At STS Accounting Group our knowledge and expertise across the Surf Coast region of Victoria has positioned us to be the number one accounting firm in Winchelsea, Torquay and the surrounding areas. Our growth can be attributed to our friendly client service and our experience and expertise in small business accounting, taxation and financial services.
We are different to most traditional accounting firms and recognise compliance and tax returns are important, however, we also believe you want to grow your revenue, profits and business value, and our business advisory services and cost-effective method deliver real results.
Our clients span a wide range of industries and we have expertise in several niches including agriculture, trades, hospitality, childcare and beauty. Whatever your industry, we look forward to working with you to bring your financial and business goals to life.
What is your advice on recession proofing a business?
To ensure your business survives, and even thrives through this recession, you need to first ensure you clearly understand your current cash flow and business forecast. STS Accounting Group can assist you to identify your financial strengths and develop a plan to ensure you’re streamlining expenditure and capitalising on every revenue stream. It’s also important to invest in your client relationships to improve your repeat and loyal customers. It is also a good idea to reconfirm your Unique Selling Proposition, and focus on your niche – this will help you identify new customers more easily and affordably. STS Accounting Group is well equipped to assist you and your business through this recession, just talk to one of our friendly and expert accountants. One conversation can change your business and personal wealth.
If you have any questions about your COVID-19 entitlements, your 19/20 tax return or how to best plan for your financial future, we look forward to hearing from you.
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