Small Business Accountant Mornington

Specialising in sole traders looking to take the next step toward business growth.

Feeling overwhelmed by accounting complexities?

As a small business owner, I understand the challenges you face.

Hi, I’m Julie, your local tax accountant.  I pride myself on taking the time to understand your unique business and work in partnership with you to make decisions and meet ATO compliance requirements. I have spent a lot of time planning and executing the launch of my own business and I as a business owner I understand how hard it is to juggle the many aspects of business ownership.

Step into partnership with me, a dedicated tax guide who elevates businesses to the next level. You will receive support, timely advice and the tools and understanding you need to make decisions

With a Monash University degree in Business and Commerce and a decade of specialised accounting experience, I have honed my skills in accounting and business lifecycle, tax law, the ATO and audits.

I am passionate about small business and I always aim to go above and beyond to forge dedicated, trust-based relationships.

My goal is to work with you as an ally to help you reduce stress, overwhelm, and frustration throughout the year!

Client testimonials

My Small Business Tax Services

Trust distributions to adult children

The ATO have advised that they are scrutinising arrangements where parents benefit from the trust entitlements of their adult children. 

While the ATO acknowledges circumstances where adult children by way of these arrangements repay expenses incurred in relation to their upbringing and other family costs, this will be closely monitored.

Do I need to register for GST?

You are required to register for GST if your annual sales reach $75,000. 

Many businesses register for GST earlier because they are required to, like Uber drivers, or due to contract terms, or because they are approaching the turnover threshold.

Once you are registered for GST you need to bookkeep the GST on your income and expenses, and lodge a Business Activity Statement (BAS) to the ATO.

I can help by registering your business for GST, reviewing your account GST codes and lodging your BAS

Fuel Tax Credits

If you use a truck with a gross vehicle mass of 4.5 tonne or more in your business, you may be eligible to receive a refund of the excise tax and customs duty included in your fuel expenses.

You will need to be registered with the ATO for fuel tax credits and you will receive the refund on your BAS.  I can help you with the registration and the record keeping requirements including:

fuel card statements, tax invoices for other fuel purchases, odometer readings, logbooks and GPS data to determine any ineligible activities.

Business Advice

I can help reduce the tax you pay on your hard-earned business income by working with you through out the year to ensure that you have accurate business records and claimed all eligible deductions.

I can also help you with tax planning prior the end of financial year to reduce your taxes.  This might mean meetings to decide on family trust distributions, or if now is the time to invest in a new asset, and discuss the future depreciation.  I can help you prepare for your finance application by providing financial statements and interim reports.

As your business advisor, I see your business development, and know when it may be time for you to restructure your business.  Many business owners start out as a sole trader and then progress into a company or a company trustee and trust entity.  I can set up these entities for you and explain the pros and cons of making this change.

Company tax rates

Companies which qualify as a base rate entity are taxed at 25% for the 2022 and later financial years.  The changes to the company tax rates over the past 5 years has resulted in increased complexity when calculating the company franking credits.  I can explain this to you when we have our business advisory appointment and review the company financial statements and tax return.

BAS Due Dates 2024

QTR 1   28 October 2023

QTR 2   28 February 2024

QTR 3   28 April 2024

QTR 4   28 July 2024

Company Losses

A short-term measure to support small businesses through the difficult 2021, 2022 and 2023 financial years is claiming a temporary loss carry back tax offset.  The offset is refundable, to the extent that the company has available franking credits and income tax liabilities from recent years and will not be available after the 2023 financial year.

Bookkeeping

I understand that bookkeeping can become overwhelming and I am flexible in the ways we work together.  Business records can be kept on spreadsheets, accounting software like Xero, MYOB and Quickbooks - even the paper ledger book.  If things get out of hand or too hard to reconcile, I can help you catch up for end of year tax time, create account categories that make sense for your business and teach you how to make things easier in the future.  It is my goal to help you feel confident and supported with your bookkeeping.  If you want to outsource your bookkeeping entirely, or you are bigger business with multiple employees, you will need to find a bookkeeper that works with you each week or fortnight.  I can work with your bookkeeper to ensure that the end of year tax adjustments are reflected in your accounting software.

Fringe Benefits Tax

Company directors are required to determine whether a Fringe Benefits Tax return needs to be lodged before 22 May 2024 (Fringe Benefits Tax Assessment Act 1986).

A wide range of benefits, paid to or received on behalf of directors, employees or associates can attract Fringe Benefits Tax.  The most common is the personal use of a company owned car.  Other Taxable Benefits my include loan benefits, travelling expense benefits, and entertainment benefits. 

Each year, we will review your circumstances and select the FBT calculation method that will minimise the total cost of providing Fringe Benefits to yourself and any employees of your business.

An option to reduce the Fringe Benefits Tax payable to NIL is to ensure that the business is fully reimbursed, to the value of any Fringe Benefit provided.  We will determine the amount of the reimbursement inclusive of GST, based on your completed schedule.