FAQ



FAQ


The taxation and finance industry is a highly complex one with technical jargon that can be confusing. Our clients, particularly new ones, often come to us with questions regarding the industry. Here are the most common ones we have encountered. For any further queries, feel free to get in touch – we are happy to help answer any questions you might have.

Tax and Accounting

Which accounting system is the best?

The most suitable accounting system for your business depends on several factors such as:

  • Business structure and size
  • Type of business offering
  • Reason for software use i.e. payroll, invoicing, etc.
  • Familiarity with technology
  • Budget

Some of the most widely-used accounting softwares are Xero, MYOB and Quickbooks. However, any other cloud-based accounting systems that are easily accessible in real time will get the job done. Exceptions are when large businesses have developed their in-house accounting systems. The system should ideally show your Trial Balance, Balance Sheet, GST Ledgers, General Ledger and Profit and Loss Statements.

Premier Taxation Services can aid your business in identifying the most suitable software for your business and financial requirements.

The exact documents needed to prepare tax returns depends on the type of returns required. The following are the common documents and information required of most tax returns:

  • Bank statements reconciled to the end of the year
  • All business or investment-related hire purchase, lease and loan documents
  • Income details for income from investments, capital gains, interest or business
  • Expense details related to your income earnings
  • Copies of business activity statements lodged together with any working pages
  • Previous tax returns
  • Previous accountant details (if applicable)

There is no one-size-fits-all, it depends on your business size and structure, and the preferences of yourself and your staff. The two options are computer-based and paperwork-intensive systems.

At Premier Taxation Services, we pride ourselves on delivering quality with quick turnaround times. Our turnaround times for our services are as follows:

We prepare the tax return within a week time from date of receipt of necessary documents. (Subject to the business complexity)

Premier Taxation Services offer highly personalised services tailored to your business. We do this by first getting to know your exact business requirements. In our initial consultation, we go through the basics and lay out a preliminary action plan on how we can help your business. We assist you in understanding the numbers behind your business and ensure your recordkeeping and accounting system is suitable. Where it is not, we help you identify the most suitable system for your business.

Business Advisory

I don't want complex plans, I'm looking for a simple and easy-to-implement business plan. How can you help me?

Premier Taxation Services agree that the most complex of plans are fruitless if they are not able to be implemented. The core of the business plans we develop is based on results and returns on your investment. We gather information from you regarding your business processes, after which we hold a workshop for further discussions and identification of strengths, weaknesses, opportunities and threats. We then draft up the agreed plans for your business to follow over the next 12 months.

A few key people that should be on a business growth team include your accountant, influential employees, and even an independent chairman to oversee the implementation process. Marketers, lawyers and finance and HR experts can be included when needed.

There are numerous factors that need to be considered when determining the best structure for your business. Premier Taxation Services work to fully understand your business before recommending actions for business growth. Contact us to arrange for a free initial consultation.

The focus for marketing companies is branding and advertising campaigns, and are often focused solely on digital solutions. Our business advisors on the other hand work closely with you to understand your business thoroughly. Where marketing companies promote the existing business, our business advisors aim to identify any weaknesses that should be rectified before marketing the business. While we may suggest re-branding, there are many other effective marketing strategies which cost less and are easier to implement such as integrating your website with your other business systems. Because Premier Taxation Services business advisors do not implement these suggestions for you, we are truly objective in developing the most appropriate and effective business plan for your business.

Costs and Fees

How are your fees calculated?

The fees depend on the type of service required and the complexity of your business requirements. We typically calculate them by the number of hours required to be spent on the job by our consultants.

We have various payment methods and options to suit your circumstances.

There are many ways you can keep your accounting fees down. These include:

  • Keeping your records up to date
  • Using a professional bookkeeper or ensuring you receive training to do your own bookkeeping
  • Getting your accountant to set up the recording of financial liabilities and repayments to prevent GST errors