Accounting is a highly-regulated profession, with a lengthy list of different laws you will need to comply with
In addition to “big-ticket” requirements, accounting regulations also require a range of different reports and statements to be submitted on a quarterly or even monthly basis.
For your business to remain compliant with Australian financial reporting laws, you will need to comply with these mandatory monthly reports and submissions.
Of course, a lot of things happen in businesses like yours. It isn’t uncommon for these monthly compliance activities to be calculated incorrectly, or to even fall between the cracks altogether, leading to a sizeable penalty!
Call our business accountants in Melbourne for monthly compliance services
Our team of Melbourne accountants take care of monthly compliance for you, allowing you to focus on doing what you do best: running your business!
BAS and IAS reports are how Melbourne businesses like yours report their GST, PAYG withholding and other monthly tax obligations to the ATO.
Keeping up with your BAS and IAS can be a hassle, especially with all the other things on your plate.
Our BAS and IAS accountants take that work off your hands, creating timely and regular statements that comply with the ATO’s regulations and which help you avoid penalties.
In Victoria, if your monthly payroll costs reach or exceed a certain amount, you will have to pay payroll tax.
This is an additional tax paid monthly.
Our accountants in Melbourne will help determine whether your business needs to pay payroll tax, how much and will ensure that you receive all the refunds that you’re entitled to.
Monthly tax compliance services
While not technically part of monthly compliance, this is a monthly task that many businesses opt for in order to keep their affairs in good order – especially if they choose to do much of their accounting in-house.
Our experience business accountants can audit your tax situation at the end of every month if requested, identifying mistakes and errors.
Want to arrange monthly tax compliance services for your business? Call our accounting team today.
Quarterly compliance services
Fail to meet these quarterly compliance tasks, and you may be faced with a hefty fine. Our accountants ensure that your quarterly compliance requirements are met.
Instead of paying all your tax obligations in a single lump payment (which can affect your cash flow), PAYG instalments allow you to pay in quarterly installments.
Our team of small business accountants can register your business for prepaid PAYG income tax. We will do all the legwork that comes with this, such as estimating annual income and calculating whether you meet the entry criteria.
If you don’t meet the minimum super guarantee (currently 9.5%) for your employees, you may have to pay the Super Guarantee Charge (SGC).
This charge makes up the difference, and is calculated using the shortfall, nominal interest and administration fees.
Our business accountants in Melbourne can calculate your SGC for you and provide statements to the ATO. If need be, we can look after super payments for you, helping you avoid SGCs to begin with!
Annual compliance services
It isn’t just your yearly tax return – there are also a range of other annual compliance tasks our team can help out with.
WorkSafe certified rateable remuneration
Your annual rateable remuneration is the combined amount paid to all your workers: wages, salaries, allowances, LSL, bonuses, back pay, you name it!
This total value can influence your WorkCover premium, and is calculated by WorkSafe.
If you feel the resulting number is inaccurate, our team can recalculate for you and certify that it’s an accurate picture of your rateable remuneration.
FBT Annual return payments
Fringe benefits like allowances, company cars and employee discounts have a unique tax attached to them.
We’ll add you to the lodgement program and help you navigate the legalese, explaining in plain English exactly which benefits you offer to your employees will be taxed.
We do it all
Our business accountants in Melbourne do much more than just run the numbers…
We understand that accounting can be hard to wrap your head around. That’s why we make it our mission to make your business accounting as effortless as possible.
Our team will take care of everything.
In addition to completing all your monthly compliance tasks, our dedicated team of experts can also help you minimise your business tax obligations, calculate deductions and ensure that your business is completely compliant in every single area:
Audit and assurance
Entity setups and registrations
Annual financial statements
Fringe benefits taxes
We will sit down with you to discuss your annual, quarterly and monthly compliance obligations. Once we’ve figured out what compliance activities you need to perform, our team will create an accounting services package that accounts for your business’ unique compliance requirements.
Accounting for all sorts of businesses
We serve a diverse clientele, including small, medium and large businesses in a variety of industries. Plumbers, retailers, manufacturers… each of our clients is unique, with different financial requirements, taxes and mandatory compliance activities.
Thanks to our broad skillset and wealth of experience however, we’re able to take care of it!