A Business Tax Advisor is more than just a tax professional. It is a trained financial expert in tax laws. Every business welcomes tax season every year and whether this season makes you happier or makes you fall prey to unpleasant tax related experience, it all depends on how well your business tax advisor is prepared. ATO facilitates with self tax-lodgment services but still why business owners needs a professional business tax advisor! Well the answer is straight forward. By employing a business tax advisor you can save a lot on finances during taxation period and have up to date record maintenance so that there will be no last time record-pulling and doing it by yourself. Moreover, a professional tax advisor can help in seamless company’s auditing. Keeping updated tax regulations information and meeting all the standards are some qualities that make a tax professional a good business tax advisor.

Roles and Responsibilities of a tax advisor

  1. Tax planning cannot be done overnight as it is year-long continuous process in any business. A business tax advisor advices the company on its tax planning and discusses various strategic points to control your taxes.
  2. A business tax advisor may work as your tax preparer and look after the tax lodgment process from scratch till end. It is recommended that if your business tax is taken care by your business tax advisor than your personal taxation should also be handled by the same professional so that overall tax savings can be coordinated.
  3. Lodging a tax file does not relieve your tax advisor from its responsibilities. Any business can be notified for getting audited at any time. This may land you in difficult financial situation if not prepared beforehand. Having a Business Tax Advisor beside you can help escape from any unexpected situation swiftly. The Business Tax Professional will represent your company in front of the ATO.

With BookSmart Accountants, you can enjoy hassle free business taxation process. Your business accounts are in safer hands of BookSmart Accountants. We provide after-office hours service (Saturdays inclusive) and can happily visit you to discuss your business tax requirements.

Contact us at 1300 200 106 to have a brief discussion on your taxes and book an appointment as per your convenience.



Running a business is not an easy task. The experience of running a business is full of highs and lows and includes variety of experiences, challenges and requires lots of creativity, motivation and enthusiasm. In the enthusiasm and passion, a business owner encounters realities they might rather not. However, some experiences cannot be avoided while one must prepare for others.

  • Delegation and trust enhance healthy company growth: With the growth in company business one must learn the art of delegation and imbue company culture with shared trust and this can be done by hiring the best candidates and defining their roles and trusting each staff to perform their role.
  • Plan your things: You must work for today and plan for everything else. Regardless of the things whether you business operation are running smooth or not, you should spent some time on your contingency plan. Spend some time with your administrative staff and find solution to what if scenarios and documenting them for future reference.
  • Be careful with partnership: You need to be extra careful while choosing your partners as choosing a right partners can bring a lot of opportunities, resources and capital for your business and poor partnership can leads to a great difficulty.
  • Learn from the failure: Every business encounter less favourable results at some point. When you do, build on the experience. Critically analyse everything that happened, look for solutions to the failures which led to failures and implement them in future
  • Record Keeping: A good record save time and reduces stress if a discrepancy in a transaction arises, good records allow its easy correction
  • Client acquisition continues even after a client is signed: You not only need to continue to court your clients once they sign, you must maintain an ongoing funnel of potential clients. Spare some time for the client maintenance and client recruitment.

Contact HS Bookkeeping Services at 1300 664 796 for all your bookkeeping!


As we all know that the end of the financial year is almost here to assist you to manage your tax time, below are 5 tips for your tax return so that tax time is easy for you.

Dividend Income:  

Some businesses send interim and last returns so provide these statements to us.
Both the dividend transaction and the amount of the franking credit (if relevant) are a part of your assessable earnings.

Constraints and the terms on the dates might be complicated for many, but we are able to easily clear this up for you. Use the transaction date instead of record date to find out when you obtained the results. But make sure you tell your accountants clearly about these dates as sometimes these could straddle between two financial years.

Depreciating assets:

You can also claim an immediate deduction on your assets that cost less than$300 else we can claim depreciation for you on the asset by using rates as prescribed by the ATO. We might ask you about the extent of any private use.

Hobby or business losses:

If you have invested in a quasi-business activity (such as a hobby farm or venture), and you have generated losses this year, you cannot just deduct the loss against your other income (such as salary and wages).  Unlike negative gearing on property and shares, you are required to quarantine these losses for later use unless you satisfy specific criteria.
We can apply any such losses you have to offset against your other income if you satisfy at least one of following four tests:
– Assessable income test
– Profits test
– Real property test
– Other assets test.

Distribution Statement:

In the case of investing in managed funds or securities, we need to review each distribution statement for you as there may be dividends and franking credits, capital and losses shown.
You should be aware of foreign taxes paid on offshore income as we might be able to claim foreign tax offsets for you.

Membership subscriptions.

Don’t forget to let us know if you want to claim a deduction for membership associated with your investments. Where you gain investment income, the entire amount of the subscription can be claimed as deduction as long as the membership is relevant.

For more information, call BookSmart Accountants Cranbourne at 1300 300 106 and talk to the experts!!



In GST (Goods and Services Tax), 10% broad-based tax is levied on almost every goods, services and items widely sold or consumed in Australia. Let us give you an overview about role and some aspects of GST. If the annual turnover of your business is $75,000 or more then Yes, you need to register for GST otherwise not. Your company must be registered for GST within the time frame of 21 days after the threshold of $75,000 is reached. There are few businesses like taxi and rider-share drives which need to be registered for GST regardless of their annual turnover. On the contrary, Not-for-Profit organisations can register for GST till the threshold amount of $150,000.
Registration for GST can be done online with ABN (apply if you do not have one via the Australian Business Register or ABR.

How it works?
As mentioned above, the present GST rate is 10%. If any goods or services are charged $100 e.g. then the customers need to pay 10% over the charge paid to you against the goods or services i.e. $110. This additional amount in the form of GST is meant to be paid to the ATO (Australian Taxation Office).

As a business owner you must also be buying resources to be sold. The GST paid to get resources supplied to you can be claimed back as a credit. The GST accounts are balanced at the end of each GST period which is usually done quarterly. The difference between the GST hence collected on your sales and the GST credits you received must be calculated. This difference of amount is the net GST payable to the ATO.

Businesses with annual turnover less than $75,000 are also encouraged to register for GST because they might be spending extensively on supplies and would like to claim their GST credits from the ATO*.

(* Only applicable if the GST credits exceed the GST charged on goods and services)

To get assistance for such financial matters in your business, please book the earliest appointment with one of our financial experts at BookSmart Accountants at 1300 300 106.


Tax offsets also sometimes referred to as rebates, directly decrease the amount of tax to be paid on your own taxable income.

Generally, offsets are effective in reducing your tax to be paid but by themselves they cannot get you a refund.

Health Insurance

Your entitlement to a private medical insurance rebate or tax offset depends upon your income. If you have private medical insurance:

•    the amount of private medical insurance rebate you have entitlement to receive is reduced in case your income is more than a specific amount

•    we will calculate how much private medical insurance rebate you have entitlement to receive when you lodge your tax return.

Most of the times this offset is directly claimed from your health fund provider. If you haven’t done so, we will then claim it when working on your tax returns.

If you receive Government Benefits

The beneficiary tax offset is available if you receive certain Australian Government allowances and payments.

You usually pay no tax for the year if you:

•    only receive any qualifying benefits and allowances, and

•    you have no other taxable income.

•    do have other assessable income you might still need to pay some tax.

•    have no tax payable, the beneficiary tax offset is not available for use.

If you maintained an invalid or invalid carer

You might be entitled to a tax offset if you have maintained an invalid career who was either your spouse or child aged 16 years or older or sibling aged 16 years or older or or spouse’s child aged 16 years or older or spouse's sibling aged 16 years or older or parent or spouse's parent and they should have received one of the following:

•    a disability support pension under the Social Security Act 1991

•    a special needs disability support pension under the Social Security Act 1991

•    an invalidity service pension under the Veterans’ Entitlement Act 1986.

Income tests

Income tests are commonly used to work out an individual's eligibility for a variety of tax offsets and benefits, which often can reduce the amount of tax you may have to pay.

We use numerous items from your tax return when applying income tests. You need to make sure that you complete all items that apply to you in the income tests section of your return.

A number of offsets, advantages and obligations are evaluated using a family income threshold. If you have a spouse, you should incorporate your spouse's income within the relevant section of your tax return.

Based on your circumstances, any of the following tests may be used to evaluate your entitlements:

•    Adjusted taxable income (ATI)

•    Rebate income

•    Income for Medicare levy surcharge purposes

•    HELP and SFSS repayment income

•    Super income tests

Low income earners

You might be eligible for tax offset if you are a low-income earner and you are an Australian resident for taxation purposes.

You do not need to claim this offset. We are going to work it out for you when you lodge your taxes. The offset are only able to decrease the quantity of tax you pay to zero and it does not reduce your Medicare levy.

If your taxable income is less than $66,667, you will get the low income tax offset. The maximum tax offset of $445 applies if your taxable income is $37,000 or less. This amount is reduced by 1.5 cents for each dollar over $37,000.

If you are under 18 as at 30 June of the income year and you have unearned income, your low income tax offset cannot reduce the tax payable on this income.

Medical expenses

The net medical expenses tax offset is being phased out.

From 2015-16 until 2018-19, claims for this offset are restricted to net eligible expenses for disability aids, attendant care or aged care.

Net expenses are your total eligible medical expenses minus refunds from Medicare, National Disability Insurance Scheme (NDIS) and private health insurers which you or someone else, received or are entitled to receive.

This offset is income tested. If you are eligible for the offset, the percentage of net medical expenses you can claim is determined by your adjusted taxable income (ATI) and family status. The period you lived in a zone in the current income year must include the first day of the income year.

There are 3 more offsets and rebates which are Senior Australians and Pensioners, Super related tax offsets and Zones and overseas forces. We will be discussing these in our next blog.

Call Tax Accountants Cranbourne at 1300 300 106 today to your tax returns.

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