Accounting & Tax Services 

Tax is painful and we know you’ve got better things to do, but the sad fact is as a small business you have to comply with lots and lots of legislation, never ending deadlines, and mountains of paperwork. 

 

That’s where we come in.

 

We work with you to take the hassle out of your tax obligations. By utilising the latest technology our tax specialists will have you feeling in control in no time. 

 

We’re pretty proud of our tax process and we think it’s the best in the business. It’s so good we can have your taxes sorted within 14 days from Business Activity Statements, Financial Statements, Income Tax Returns, Fringe Benefits Tax and ASIC agent services, we’ll make it so easy for you that you’ll wonder why you suffered for so long.

No matter how big or small you are our accounting and tax services have you covered. Our end to end solutions ensure you’re always up to date, and in control of your taxes leaving you to focus on what you do best.

Speak to one of our tax specialists in a free, no-obligation 30 minute session, so you can experience the Watson & Watt difference.

Financial Statements are one of, if not the most important management tool in your business.  They are not only a legislative requirement, they also;

 

  • Provide information on past performance
  • Provide the basis to forecast future performance
  • Tell you whether increasing your price or selling more goods/services is right for you
  • Tell you how much Tax you need to pay now and in the future
  • Tell you who owes you money and who you owe money to.
  • Tell you how many of which product/service you need to sell to make a certain profit amount
  • Tell you if your customers are happy, if you have the right staff, and if your processes are working well or not.

 

Our financial statement preparation service ensures that your financial statements are accurate, timely and informative so they can be used to help you Grow Your Business and Reduce Your Tax.

 

Because your financial statements are so important, we don’t like to wait until the end of the financial year to get involved.  We recommend we review your financials at least quarterly but ideally monthly.  This way we can ensure you can make decisions about your money with confidence and speed like our Business Consultancy clients can with their monthly reports.

We prepare financial statements for all entity types such as companies, trusts, partnerships, sole traders and self managed superannuation funds (SMSF).

Tax Law is becoming increasingly complex, and with the penalties for getting it wrong becoming more heavy handed, it has never been more important to complete your tax returns correctly.  With the ATO using the data in your return to build a profile about you and your business and benchmarking you against yourself and your industry peers, the ATO identify trends in your revenue, expenses and income tax.

With a wealth of experience, outstanding reputation with the ATO, and 14 day fast track service, Watson & Watt prepare and lodge income tax returns for businesses and individuals, companies, trusts, partnerships and self managed superannuation Funds (SMSF).

By using us to complete your tax returns, not only can you benefit from the extended due dates for tax agents, but you also benefit from knowing an experience professional has completed them to help you sleep at night.

If you’re in business you know only too well the requirements the Australian Tax Office has placed on you to be their tax collectors.

 

As a consumption based tax, GST is generally not a tax paid by businesses, but a tax paid by individuals and collected by the businesses, on behalf of the government.  Although GST is not your cash, it sure doesn’t feel nice transferring it over to the ATO 28 days after the end of each quarter.  But did you know that BAS submitted by tax agents electronically on behalf of their clients have extended due dates by about four (4) weeks?  Delaying the payment by four weeks can have a significant benefit to your cash flow.

 

BAS preparation & lodgement are a core component of our compliance and consulting services.  Many of our clients choose to package their BAS preparation with their financial statement, income tax returns, and business consulting services to ensure that experience professionals have handled the information throughout the year.  This reduces the work (and cost) of the year end tax returns and provides you with the numbers you are looking at each day are correct.

Fringe Benefits Tax was introduced in Australia in the mid 1980’s to take the fun out of doing business.  It also stopped creative business owners remunerating their employees with non-cash benefits (like providing cars and paying school fees etc) which were not taxed as income to the employee, but allowed as deduction to the employer (You can see why the Government wanted to put stop to it).

 

These days FBT has evolved to encompass a whole host of traps for businesses. Simple things like the location a sandwich is consumed in means the difference between having an FBT liability and not having one (we aren’t even joking, this is a real part of FBT legislation).

 

We help businesses navigate the complex and at times nonsensical and inexplicable inequities within the FBT regime to ensure they are not only compliant but reducing the cost of doing business, whilst being able to retain and attract the right staff.

We provide both advisory services to structure employee benefits before they are incurred and compliance services to deal with completing an FBT return once a benefit has been provided. Our FBT service is so good, it’s saving small business owners thousands every year. Check out our free eBook here to see how you can too.

If you’ve got a private company, or are a director or a shareholder in one, then you have an obligation to report various information to ASIC and any changes in that information.  It’s part of the company’s obligations under the Corporations Act 2001.

In addition to reporting to ASIC, the company also has the obligation to maintain a corporate register.  This register is to contain any minutes,and resolutions made by either the directors or shareholders, any forms submitted to ASIC and the details of change in directors or shareholders.

Our Corporate Secretarial service allows you to outsource the maintenance of this register to us, meaning more time for you to work on your business and less time worrying about compliance.

You work hard for your money, so we don’t want you giving to the Tax Man unnecessarily.

Tax isn’t a mystery, we help you plan your taxes in advance, so you know what type of tax is due, when, and how much.

4 Tax Strategies

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