Tax and Accounting
Keeping your accounts in great shape all year round so tax-time goes to plan
As a Business in the 2020’s era of innovation and transformation:
You need an Accountant who:
Understands your business model and personal objectives,
Advises you on the relevant tax legislation for your activities, and
Keeps your accounting system in great shape so you can obtain the most value from their expertise.
Our Tax and Accounting services are advisory focused. We are always on the lookout for ways to save you tax and alert you to avoid costly problems you weren’t aware of. If you approach us for your annual tax return, we’ll approach it as a tax planning exercise to benefit you, the business owner. We think ahead.
Tax is only part of the far bigger picture of running your business to achieve the best financial outcomes.
Our clients operate in constantly changing markets and have to come up with highly unique services and products. They raise large amounts of start-up capital and grants, track high volumes of sales and manage project revenue, so they need to keep a close eye on their budgets and cash flow.
However, when it comes to accounting, so many businesses by-pass professional tax advice and use outdated software that doesn’t align with their business needs. If your accounting and tax is difficult to manage it can inhibit your business growth.
Our approach means all aspects of your accounting are managed throughout the year, not just at ‘tax time’.
By using cloud-based business software to maintain accurate, real-time financial data. And by making monthly or quarterly reporting part of the package. That way, your accounts are kept in great shape and tax-time goes to plan.
Xero Gold Partners
The Electra Frost Accounting team really know their way around cloud-based business software. By integrating Xero with other business applications we create efficiencies and drive growth for our clients. Xero partner firms earn Gold status when they’ve maintained a large number of client files with complex attributes. Gold Status is an achievement that reflects our high level of experience with customers using Xero.
How does this benefit you?
As Xero Gold partners we can:
- Help you with all aspects of Xero implementation for your business
- Assist you in migration of your data and setup of cloud applications
- Provide training in using the software
- Guide you in how to use the functions in Xero to better understand how your business is performing; and
- Advise you of the range of Xero add-ons that may benefit and add value to your business
We work in partnership with Xero and various apps in the Xero Marketplace to ensure you have the most up to date advice, information on government legislative and taxation changes, upgrades and software updates.
Say goodbye to that pesky paperwork, tricky Excel formulas, version upgrades, maintenance, system administration costs and server failures.
We can serve you more efficiently and effectively than ever before.
Year-end tax services:
- Pre 30 June tax planning meetings and tax saving strategies implemented
- Preparation of Financial Reports, including Profit and Loss Statement and Balance Sheet.
- The Income Distributions and Dividend Statements.
- Tax returns for Sole Traders, Partnerships, Companies and Trusts and entity groups
- Consultations to explore ways to improve your outcomes and minimise tax risks going forward.
- Designing an appropriate solutions package to streamline your reporting for the current tax year
You deserve more than a bean counter
Australia’s tax system is becoming increasingly complex, and businesses need timely solutions without getting bogged down in complicated tax law. Our practical, cost effective approach to tax advice is easier for you to follow and implement.
We understand that clients want to get to the solution quickly. So, we formulate clear, concise advice to manage your tax risk, your local and international tax issues, and develop strategies to utilise tax concessions and planning opportunities. We attempt to rectify any compliance problems before preparing your returns.
Our highly qualified tax specialists are commercially minded and provide business advice on tax issues ranging from restructuring to capital gains tax, from property investments to cryptocurrencies, from transfer pricing to employee share planning, and more.
Tax plans should be reviewed and updated on an ongoing basis.
If a tax law recently changed or changes are imminent, we consider the implications against your plan. We place significant emphasis on professional development training and regularly attend specialist tax training with our clients’ situations in the forefront of our minds.
Most importantly, we take the time to understand what’s going on in our clients’ businesses to achieve the best possible tax outcomes and minimise risks.
We are fantastic to work with.
But don’t just take our word for it, take theirs!
I found Electra after trying three different (recommended) accountants and she has been looking after both my personal and business matters for several years now.
Electra and her truly fabulous team have always looked after my affairs in a rigorous and systematic manner.
Every member of the small team at Electra Frost Accounting is endlessly patient and great at explaining tax matters in layman’s terms. I feel in great hands with them because they are knowledgeable, highly reliable and work prudently, yet striving for the best results.
Their approach is modern and streamlined, their fees are transparent, and everyone goes the extra mile, providing precious peace of mind for clients.
Giordana Cocco, Umbilico Pty Ltd
Electra and her team have become an important part of my business
Electra Frost Accounting and I go back to 2013, when I made the decision to jump off the corporate ladder and start up a copywriting agency. Electra explained business structures and set-up my company with ASIC. Since those early days, Electra and her team have become an important part of my business. Whether it is providing advice on taxation, superannuation, GST and expenses to completing my annual company and personal tax returns. I’m now less terrible with numbers!
As an added bonus, Electra specialises in creative industries (which I am in) so understands the type of work I undertake. Whenever a fellow writer or creative type ask me for an accounting recommendation I always say, Electra Frost!’
Chris Gillies, Jam Tin Copy Pty Ltd
It has been the most wonderful experience working with them. I run a small business and have tried numerous other accountants but nobody else has had the professionalism and efficient online tools to give me the best customer service around. I highly recommend them.
Aaron McLisky, Cinematographer
We have worked with Electra Frost Accounting for over ten years and are very happy with the service. Electra and her team have been an integral part of the journey of our business, including the growth we’ve experienced in the last few years. They have ensured that our financials are always in good shape when it comes to reporting time, of course, but I’ve also appreciated their time and patience when it comes to teaching us new systems and alerting us to better ways of managing our financial situation. We highly recommend Electra to our creative business clients, as we work exclusively with creative clientele, and will continue to do so.
Monica Davidson, Creative+Business
How do Australian businesses pay income tax?
In Australia, small to medium sized businesses are typically operated through private companies, partnerships or trusts. They may be operated through a structure of associated entities. Small businesses also include sole traders (individuals); some sole traders later restructure when their business grows. Income tax is levied on taxable income. Taxable income is assessable income minus allowable expenses. Another way to arrive at taxable income is to adjust the Net Profit of a business for certain income and expenditures which are treated differently for tax purposes. No tax is payable on a loss, and losses can be carried forward to offset taxable income in a future year. Companies and sole traders (individual) are taxed on their taxable income. Companies lodge tax returns and pay either a 27.5% or 30% flat tax on their taxable income with no tax-free threshold. The sole trading income included in an individual’s taxable income which, if the taxable income is above the tax-free threshold, is taxed at the individual’s marginal rate of income tax. Partnerships and trusts lodge a tax return to declare their net income for tax purposes, but they do not pay tax on their income. Instead, shares of the net profits and gains are distributed to specified individuals or other entities who are the partners or beneficiaries. The share of income to be distributed will depend on the partnership agreement for a partnership, on the unit holder agreement for a unit trust or on the annual trustee resolution for a discretionary trust.
How can a business save tax?*
Here is the answer
Other than income tax, what other taxes do Australian business pay?*
Here is the answer
How are the assets of a business accounted for?*
Here is the answer
What financial reports does a business need to have and why?*
Here is the answer