Central Coast Accountants Focused on Growth

The transition involves choosing the right company structure, registering the company, transferring business assets to the company, planning for capital gains tax on transfer (small business rollover relief may apply), updating contracts and customer arrangements, and adjusting personal income arrangements through the company. We work through each step.

Working from home tax claims include a portion of utilities, internet, phone, depreciation on home office equipment, and possibly a portion of occupancy costs depending on circumstances. The ATO has specific methods for claiming (actual costs, fixed rate). Accurate records are essential.

The typical list includes BAS preparation, annual tax returns, financial statements, payroll where staff are employed, and meeting ATO compliance obligations. Beyond the standard, value comes from advice on structure, tax timing, vehicle and equipment depreciation, and planning for growth or succession.

For owner-operators, super becomes a deliberate decision since there's no employer contributing on your behalf. Personal concessional contributions reduce tax and build super. The right level depends on cash flow, business reinvestment needs, and other competing priorities. We coordinate with your financial planner.

Business sale planning starts with the structure of the sale (share sale, asset sale, business sale), the eligibility for small business CGT concessions, the timing of sale relative to retirement and super contribution caps, and the post-sale plan. Getting structure right years before sale matters more than fixing it at the last minute.

The ATO has minimum record-keeping requirements (generally five years) covering income, expenses, GST, payroll, and asset purchases and disposals. Good record-keeping makes BAS preparation, tax returns, and any future ATO review straightforward. Cloud accounting platforms have made this much easier.