Single Touch Payroll
Are you struggling to manage your employee payroll? With the introduction of compulsory Single Touch Payroll (STP) for almost all employers as of July 1, 2019 – and the possibility of hefty fines for non-compliant businesses – managing your payroll correctly has never been more important.
Total Tax and Accounting solutions, based in Forest Lake, provides installation and administration of a payroll software system that will free up your time without impacting negatively on your employees’ payments. You can also rest assured that we will monitor and manage your tax and superannuation obligations for all staff.
Tax Returns and Advice
While tax may be something we all have to pay, your accountant can certainly structure your income to minimise the amount of tax you pay. This applies to both personal tax returns and business tax returns. Total Tax undertakes regular monitoring of changes to tax legislation, provides our Individual Tax Checklist to ensure you understand the documentation you need to retain throughout the year and can help structure your finances for optimum tax savings. Our personalised tax return preparation service for businesses and individuals will allow you to maximise your tax-deductible items and minimise your tax expense.
Auditing
If your Self Managed Super Fund (SMSF) is non-compliant, you could be forced to pay a tax rate of 45%, rather than the usual 15% that superannuation funds incur. Total Tax provides SMSF auditing services to ensure compliance and save you up to 30% in tax expenses. In addition to SMSF auditing, Total Tax also undertakes Trust Fund auditing, which is required by law in certain cases.
Bookkeeping
Are you spending too much time in your business chasing payments and organising your books? As a business owner, you are highly skilled in your area of expertise, but if that expertise isn’t related to accounting or bookkeeping, chances are you either avoid your bookkeeping duties altogether, or spend far more time than necessary on the task – time that could be spent utilising your skills to increase profits! Total Tax offers a comprehensive bookkeeping service to Forest Lake businesses so you can focus on growing your business.
Superannuation
Are you tired of paying increasingly large management fees for your superannuation fund? Depending on the amount you have in your superannuation fund, it may be more cost-effective to transition to a self-managed superannuation fund (SMSF). Total Tax can set-up your SMSF and undertake regular audits to maintain your fund’s compliance – non-compliant funds can result in 45% tax on superannuation income instead of the standard superannuation rate of 15%!
Business Development
Are you so busy running your business that you have no time to create accurate financial statements or manage your debtors and creditors? Without accurate reporting, how can you be sure that your business is headed in the right direction? Or that it has sufficient cashflow to survive? Total Tax provides cashflow statements, debtor management, creditor management, due diligence, business valuations, business development and advisory services to help your business thrive.
