Accountant Central Coast
Make It Simple With The MYC Partners Accountant And Tax Agent Teams in Woy Woy
Looking for a talented Central Coast team for your accounting, SMSF or getting the best Tax Returns you can?
Whether you’re an individual or an organisation, everyone will need accounting and tax services to varying degrees. The team at MYC Partners Accountant provide experienced, professional accounting services for both, but what does that actually mean?
Our Accountants are experts at managing the raw financial data that they feed an accounting system, and interpreting the story this data tells them about the financial position a business or person is in. This includes important details like:
- What your cash flow is, and potential obstacles
- Whether you’re making a profit or not
- What the current value of your assets and liabilities are
- Which parts of your income or business are making money, and which are draining profitability
- How you can legally minimise payable tax
- What tax planning and changes can be made to improve results each year
Accounting Services Tailored to Your Unique Needs
Running a successful business requires more than just number crunching – financial strategies tailored to your industry. We provide specialised services to help unique professions track finances and comply with regulations.
Accounting for Lawyers: Our legal accounting services help your firm operate more efficiently. We assist with billable hour tracking, client trust fund accounting, and financial reports to keep your practice productive. Trust us to handle the financial details so you can focus on your cases.
Tradies Accounting: Our tradie accounting services provide the insights you need to run a profitable business. We’ll track your job expenses, invoices, payments and more to generate financial reports on your profitability. With us as your accounting partner, you’ll have the financial visibility to take your tradie business to the next level.
Woy Woy Tax Returns and Compliance
A tax return is a series of forms that must be filled out and submitted to the Australian Tax Authority (ATO) that informs the government about how much income you have earned and how much tax you have already paid, so they can determine whether to issue a tax refund or a tax bill.
Tax returns must be filed annually by every person and organisation if they earn income and/or pay taxes during the financial year, including:
- Sole Traders
- Non-Government Organisations
- Not-For-Profit Organisations
- Social enterprises
A Registered Tax Agent at MYC Partners Accountants in Woy Woy can prepare and lodge your tax return, and offer tax planning advice for the next financial year. This ensures you’ll comply with legal obligations and with a better tax refund you’ll likely see more money back in your pocket each year too.
Independent Auditors & Central Coast Audit Accountants
In the context of Accounting, an Audit is a detailed investigation and evaluation of the financial reports of an individual or organisation. These are conducted by an independent Auditing professional separate from the organisation, who will examine reports and data to produce an unbiased Audit assessment.
Auditing services are required by a range of businesses and entities, including:
- Self-Managed Superannuation Funds (SMSFs)
- Individuals and businesses requiring a Tax Audit
- Organisations earning over $1 million in revenue
- Some finance lenders, when businesses are seeking loans
- Non-Profit Organisations, associations and charities
The quality and accuracy of an audit can have serious legal and monetary impacts, attracting expensive fees when they take longer than they should – at MYC Partners our Auditing team strive to make sure you don’t have to sacrifice quality for time.
Ownership and Business Structures
An ownership or business structure refers to its legal structure. The way you structure your company or organisation heavily influences your operations, especially when it comes to tax, legal and reporting obligations.
These structures include, but are not limited to:
- Sole Trader
- Limited Company
- Indigenous Corporations
- Joint Ventures
Our tax accountants have a wealth of knowledge and experience with different ownership structures, regularly collaborating with our Business Advisory experts to keep our clients compliant and hitting profit goals.
Bookkeeping Woy Woy
Bookkeepers are the experts who support organisations with financial administration and keep accounts up to date by recording financial transactions. All business owners can benefit from professional bookkeeping services, especially those who are time-poor or don’t have an in-house team to manage it. Bookkeeping usually involves regular duties such:
- Recording and organising transactions
- Reconciling accounts and bank statements
- Sending and receiving invoices
- Payroll assistance
- Cash flow monitoring
- Preparing financial reports to submit to tax agents, BAS agents, business advisors and auditors.
From sole traders to large corporations – our Bookkeeping Central Coast team not only offers exceptional services to clients but the wealth of knowledge our Bookkeepers have is continually supported by the Accounting specialists they work with every day.
Business Activity Statements -BAS lodgement and preparation
If you are a business earning income over $75 000, you’re required to register for the Goods and Services Tax (GST) and begin submitting Business Activity Statements (BAS).
Your BAS will report on income, GST, PAYG instalments, and other taxes payable. In order to lodge a BAS, you’ll need to see a Registered BAS Agent.
Sole traders, companies, and other organisations who qualify for GST based on income will need BAS lodgement services regularly. In some cases, you may need your BAS Agent to provide other services, including:
- Accounting services and advice
- Representation in ATO matters
- Assessing eligibility for government schemes
- Designing and implementing compliance systems and reviewing current ones
- Reporting on and advising on a range of tax-related areas like PAYG tax, GST, Fringe Benefits Tax and Capital Gains Tax
Your BAS needs to be submitted either monthly or quarterly, depending on the size of the business. MYC Partners BAS Agents are incredibly skilled, providing the right advice on BAS submission frequencies and business improvement strategies to our clients.
PAYG Instalments & PAYG Withholding
If the income generated by a business or organisation results in tax liability – owing payable tax to the ATO – then you will need to get set up with the Pay As You Go (PAYG) System. Clients need assistance setting up and managing PAYG if they:
- Need help choosing between the instalment rate or setting their own for greater flexibility
- Have employees and pay other businesses for services that do not hold an ABN, and need to collect tax from them via PAYG Withholding to meet tax obligations
- Are a business or organisation earning more than $2000 in income, though they may be exempt where the tax owed is less than $1000 or are eligible for offsets
- Have been notified by the ATO that they are required to start making PAYG instalments
- Want to sign up for and make PAYG instalments voluntarily to assist with tax liability management, regardless of income generated
- Are a Trust, Partnership, Primary Producer, Special Professionals or Consolidated Groups which can have that have different PAYG obligations and considerations
The bottom line is that no one wants to confront a huge tax bill at the end of the year. Our tax accountants can offer professional advice and assistance with PAYG will help lessen financial burdens and cash flow issues.
Income Activity Statements – IAS lodgement & preparation
If your company or organisation isn’t registered for GST, you’ll be required to submit Income Activity Statements (IAS) throughout the year instead of a BAS. In some cases, a business may be required to submit both a BAS and IAS.
Though some entities may be required to submit more often, an IAS generally needs to be prepared and submitted quarterly by:
- Businesses and entities who aren’t registered for GST but do have PAYG, PAYG Withholding and Fringe Benefits Tax obligations
- Trustees of a trust
Having Income Activity Statements professionally prepared by the best tax accountants and Registered BAS Agent at MYC Partners saves our clients time and money and ensures they meet legal compliance requirements
SMSF Accountants Woy Woy
Managing superannuation privately is made possible through a Self-Managed Superannuation Fund. Setting up an SMSF takes an average of 3-5 weeks to complete, and individuals can choose to do it solo or with up to 4 family members. This is an attractive option for people who:
- Want a higher degree of involvement when it comes to asset choices and investment strategies
- Are interested in the potential for legally reducing payable taxes each year
- Want to have their families superannuation and income streams (in some cases) managed in a cohesive effort
- Can commit to the legal, financial and administrative obligations involved in running an SMSF
- Have the time to manage their SMSF, with the average person spending around 2 hours per week
- Have a high level of interest in self-managing their retirement funds or employing a professional to do so
While an SMSF can deliver higher returns, more control and attractive tax concessions – they can also have higher risks when managed poorly. They require annual auditing and a host of other financial and legal reporting to stay compliant and functioning well.
MYC Partners accountants provide both advice and services for clients setting up and managing Self-Managed Super Funds to make sure they perform well and comply with legal requirements.
Don’t just get by - get results with the best Central Coast Accounting team
At MYC Partners we understand that running a business and staying up to date with tax is a huge time investment for a lot of our clients, but it’s a crucial part of success.
Being able to record, organise and understand your financial information is absolutely necessary to keep your finances in great shape and to make sure you’re complying with income reporting and tax laws – but you don’t have to do it alone.
Give our friendly team of professionals a call or send us an email, and we’ll start planning the next steps for you.
Need accounting help? Our team can assist. Contact us for an obligation FREE consultation.