Why a Tax Account is Something Every Central Coast Small Business Needs

1. Why a Tax Account is Something Every Central Coast Small Business Needs A tax accountant is a crucial helper for every fledgling business. As an employee, most of the tax information is kept away from you – but once you are in charge of your own operations and are starting to raise some revenue, the burden of tax compliance and accountability will fall upon the small business owner. As accountants on the Central Coast, we have seen too many promising small businesses struggle under the weight of managing tax in addition to their day-to-day work operations. This is why we have tailored our services to the needs of our local community, so that you can thrive and focus on helping your business grow. Our primary services to small and large businesses on the Central Coast include: 1. Managing and Optimising Tax Deductions Any business can claim back some of their tax on their return if it can be proven to have been spent on goods and services necessary for the operations. Many owners fail to recognise just how much they are able to claim, and what records they need to keep to ensure that these claims come back positive without error. As tax accountants to Central Coast businesses, we are aware of the various awards and structures which govern tax deductions across many industries, and we will guarantee that the hard work of keeping up to date with tax legislation is done for you. We recommend starting an

2. ongoing relationship with a tax accountant so they can advise you of which purchases can be safely made and deducted, as well as what documentation needs to be kept. If these records are all in an organised place, there will be no hassle to applying for deductions for your business operations. 2. Avoiding the Telltale Signs Which Can Lead to an Audit Small businesses can occasionally, and very unintentionally, create “red flags” for themselves through their day-to-day operations, which eventually will result in them getting audited by the ATO. These audits are determined by factors such as revenue, expenditure, tax payment and other criteria, and as the ​Central Coast tax accountants​, we want to make sure that our clients avoid the pitfalls which will lead them to get audited. If an audit does find incorrect or missing information, this will result in a heavy fine to the business, but even if there is no error to be found, the auditing process can be time consuming and stressful for a business owner. Our goal as your Central Coast tax assistants is to help you avoid red flags so that your business doesn’t get caught up in an audit, or if it does, to support you along the process. 3. Promote Business Health and Sustainability For many of our clients, we have also been able to provide beneficial help and advice to ensure their business sees ongoing growth and sustainability. As accountants for the Central Coast area, we have seen business start, grow, shrink and fall – we recognise the patterns, trends and best practices which might not be immediately obvious to a first-time business owner. With our guidance, you can make your commercial decisions with more confidence, working towards a large, reputable and stable business. If you need further advice from a Central Coast Tax Account about deductions or avoiding audits for your small business, get in touch with our friendly team today on (02) 4396 4322. Source:​chapmansaccountants.mystrikingly.com